Knowing how to sell your home in a buyer’s market can be tough. When the current environment is over saturated with homes, making your property stand out from the crowd is essential for a successful sale.
But how do you do this?
You’re in luck. We’re here to tell you.
SOLD! How to Sell Your Home in a Buyer’s Market
Here are our top tips for making a quick and lucrative sale in a buyer’s market:
Size Up the Competition Early On
It’s hard to make a huge profit in a buyer’s market.
If you can’t afford to wait to sell your home until things turn in your favor, you might have to settle for a lower final sales price. But, this does not mean you have to give your house away.
Work with your Realtor early in the process to discover what similar homes are being listed and sold for. This way, you can list your house at a fair and competitive rate.
Find Your Edge
When competition is high, it is important to highlight every unique feature of your home. Something that really makes your property stand out from the rest. So, to sell your house in a buyer’s market, take a step back.
Partner with your Realtor to really think about what makes your home special. Is it a detached garage? A larger lot than other homes on the street? Proximity to the best schools in the state? Once you find your edge, be sure to play it up in all the marketing materials.
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Clean and Stage Your Home
You want to put your best foot forward when trying to sell a house in a buyer’s market. Because of this, you will want to deep clean your home. This means things like moving appliances, steam cleaning the carpets, and power washing the pavements.
You will also want to stage your home so that potential buyers can immediately feel a connection to the property. The “Wow. I can see myself living here” feeling that staging a home creates will set you miles apart from the competition.
Deduct Repairs from the Price
Because there are so many homes on the market, your goal should be to close on a deal as quickly as possible. Because of this, you might not have time to make the repairs needed to your home.
So, to get around this, you can deduct the costs of the repairs from your asking price. For example, does your kitchen need a new dishwasher? Simply deduct the cost of one from the asking price. Does your roof need to be repaired? Do the same thing.
To many buyers, purchasing a “fixer upper” for less money is a very attractive option. If you go this route, you will be able to keep negotiations open and likely close the deal more quickly.
The Sell Low / Buy Lower Strategy
One thing to consider when trying to sell a home in a buyer’s market: you are likely soon to be a buyer as well. Because of this, many homeowners choose to employ a strategy called “sell low / buy lower.”
All this means is that they are comfortable accepting a lower offer on their current property because they are fully aware that this price will provide all they need when they attempt to purchase their next home.
However, for this strategy to truly work, you need to ensure that you are solidly in a buyer’s market and that things are unlikely to change.
Cut Back on Advertising
See if you can negotiate your Realtor’s commission based on less work. This is because in a buyer’s market, potential new homeowners are constantly seeking out property. So, as long as you advertise your home online, there is less need for more traditional marketing.
You might be able to require less work from your agent and therefore pay less commission. You might even try your hand at selling your home on your own to save yourself the commission entirely.
Romance the Buyers
Once you have a buyer interested in your home, you need to keep them on the hook. Because of this, it’s important to really attempt to get to know them. This way, you can understand their needs and create a pitch for your home that addresses each of them.
If they are a young family, you might want to play up the quality of schools in your area. If they are a retired couple, you might highlight the vibrant cultural life in the area (or the number of bedrooms for when grandkids visit!). This step is similar to “finding your edge,” but it’s simply finding your edge for each specific buyer.
Keep Negotiations Open
Your main goal is to sell your house for a good value. In a buyer’s market, you need to be more flexible with negotiations. Partner with your Realtor to really take a step back and think about what is non-negotiable for you before you even list your house.
This way, once offers begin to arrive, you will have the clarity and conviction needed to negotiate quickly and effectively. In a buyer’s market, people don’t like to wait around – so by doing the major decision making beforehand, you can save yourself time.
Take a Breath
Successfully selling a house in a buyer’s market takes a lot of time and energy. You really have to be patient and tenacious in order to see results. By knowing what to expect beforehand, you can save yourself significant amounts of turmoil and uncertainty.
If you decide to work with an agent, be sure to rely on her expertise throughout the process as well. Don’t be afraid to ask as many questions as you need to. The sale of your home might depend on it!
Ready to sell your home in a buyer’s market? So are our agents! If you list with Clever, our full-service Realtors will get the job done – all for just one flat fee. Call us today at 1-833-2-CLEVER or fill out our online form to get started.