Selling a home in a buyer’s market isn’t always an easy task, but that doesn’t mean sellers won’t be able to sell their home quickly at the price they want. Selling in a buyer’s market simply means that sellers need to be aware of a few key elements that will make selling their home an easier process.
Two of the biggest issues any seller faces is setting a fair price and placing their home on the market at the right time. To know exactly what price you should set on your home and the time you should sell your home, look at the comparables in your neighborhood. If the house down the street with similar features hasn’t sold in months, ask yourself why and even consider asking other sellers in your area. The time of year could be off (people typically won’t buy a home in winter) or it could be overpriced. Educate yourself on the properties around you, and you will be able to make your home more marketable.
Many sellers believe that they have to throw thousands of dollars of renovations into their home in order to sell it. However, this isn’t true and could wind up ridding a seller of any profit they may make from selling their home. Instead of investing in updates, consider revamping your home’s curb appeal instead. Maybe you need to do a little landscaping or remove a dead tree or bush to open up the area. Or, place potted plants near your door and you have an inexpensive update you can possibly take with you to your next home. With the right curb appeal, your home is more likely to grab interested buyer’s attention and will give them a more positive first impression.
While many home sellers believe that leaving their things around will make their home look more “homey” to buyers, it will actually do just the opposite. Buyers want to be able to envision your home as theirs. If your things are everywhere, that will prevent them from doing so. Rent a storage unit, depersonalize your home and reduce clutter before your home hits the market.
After selecting an agent that suits your personality and needs, consult with them on their suggested list price. Many homeowners tend to inflate the purchase price of a home based on sentimental value. Consider an educated 3rd party’s opinion before deciding on your list price.
In other words, think like a buyer. As the current homeowner, you have memories and emotions wrapped up in your home – memories and emotions that interested homebuyers simply won’t have. In order to better sell your home, set those emotions aside or else you may find yourself turning away every buyer that even mentions making updates or renovations to your home.
Your friend may have had a great experience with their agent but that doesn’t necessarily mean that their agent will be the best fit for you. Interview several agents and find the one that best fits your personality and needs.
If an interested buyer pitches a lowball offer, don’t get offended. A lowball offer is not a personal slight. The buyer is simply interested in negotiations and wants to see how little money they can really spend. Remember, in a buyer’s market every buyer has been told that they have leverage. Instead of losing your temper, counter or simply wait for a better offer. If that buyer is truly interested, they will come back with a more palatable price.
You may love the orange wall in your bedroom, but something more neutral will be appealing to a wider range of buyers. Consider toning down your personal style to make your home more widely appreciated. The cost of painting a few walls can return to you in spades if more buyers make offers on your home.
When preparing your home to sell consider these do’s and don’t before listing. They will make your property widely marketable and could reduce the time your home is on the market.
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