Selling in a Buyer’s Market
Real estate industry experts anticipate a cooling in the housing market and a shift away from the seller’s market of the last two years toward more of a buyer’s market. Decelerated price growth, lower demand, and higher inventory will combine to give buyers more choice, more time, and better prices than they’ve had recently.
This slow down doesn’t mean, however, that sellers can’t sell their properties for a good price. You just may need to work a little harder to stand out and have a little more patience with the process. Here are some tips for selling a house in a buyer’s market.
Tip No. 1: Inspect and Make Needed Repairs and Updates
When buyer’s have a lot of options, your property can’t afford to have blemishes. It’s a good idea to invest in a home inspection to see what issues the property has and then decide whether or not to address them. Fixing problems beforehand will make your home more appealing to buyers, but if you choose not to, be prepared to address the issues in negotiations, including dropping the price.
It’s also a good idea to update the house to reflect current trends in your market. This can really help your home stand out in the crowd.
Tip No. 2: Stage the House to Maximize Appeal
Sellers often underestimate the value of staging their homes when they list them for sale. Making a good first impression is important, and a key element of that first impression is the buyer’s ability to see themselves living in the house. Your home should be staged in a way that enables buyers to envision the home as theirs. This includes sprucing up curb appeal.
Tip No. 3: Price it Right
Pricing is particularly critical when it’s a buyer’s market. Your property needs to be priced competitively to attract buyers. The worst thing you can do is price it too high, but pricing it too low isn’t great either because it causes buyers to question why you are so desperate to sell. To get the price right, look at comparables in your area and set your price accordingly.
Tip No. 4: Focus on Marketing
Your property needs to be as visible as possible in a crowded market, so marketing is critical. Invest in hiring a professional photographer to take pictures of the inside and outside of the house. High-quality photos are the cornerstone of your marketing efforts. Use them to list the home on MLS services and social media platforms, and regularly change the cover photo to refresh those listings. Open houses are also an important part of marketing efforts. Though they can be inconvenient, the potential reward is much greater than the inconvenience.
Tip No. 5: Offer Incentives to Buyers
One way to gain a competitive edge is to sweeten the deal for buyers by offering them an incentive to buy your property. Some common incentives to consider are paying the closing costs, including add-ons like leaving window treatments or furniture, and paying for repairs. These types of incentives can help solve a problem for buyers and entice them to buy your house.
Selling a house in a buyer’s market is challenging but not impossible. It’s all about standing out in the crowd. These tips can help you do just that.