What is a Buyer’s Market?
A buyer's market happens when the supply of homes exceeds the demand. Due to an excess of homes compared to the number of buyers, sellers may encounter greater challenges in selling their properties, thereby granting buyers a distinct advantage. Although selling your home in a buyer’s market can be more strenuous, it’s not impossible. You can prepare for this competitive market with these 7 tips!
Tips for Selling Your Home in a Buyer’s Market
- Work with A Real Estate Agent.
By collaborating with an experienced Real Estate Agent, you can make more knowledgeable decisions about how to market your home. It’s also better to contact an Agent who is familiar with the area you are selling in so they can provide you with tips that are adjusted to your specific market. Our experienced Agents can help you sell your home and provide you with valuable information and strategies to sell in competitive market conditions.
- Set a Competitive Price.
Do a little research to find out what other sellers’ listing prices are (an experienced Agent can help you with this)! Although it can be tempting to set your price high, this could be detrimental to your listing in a buyer’s market. If you don’t get any offers and reduce the price, it can steer potential buyers away or allow them to lowball you. So, it’s best to set a reasonable price from the get-go that competes with other prices in the market. Depending on the demand in your specific neighborhood, it could even lead to multiple offers, thus driving the price up!
- Curb Appeal.
Let’s be honest – looks are everything. It may be necessary for you to do some touchups before your home goes on the market. This could mean landscaping, repainting the front door, power washing the driveway, or making minor updates to the exterior that fit with modern styles. You want to make your home as appealing on the outside as possible to draw buyers in. Even if the interior of your home is picture-perfect, it will do nothing for your listing if the exterior of the home isn’t presentable.
- Take Professional Photos.
Hiring an experienced photographer could be worth the investment to make your home appear as attractive as possible. Pictures are the first thing buyers will see when coming across your listing, so they should be appealing and professional. Making sure the lighting is right and the interior and exterior are polished and clean, could result in more offers.
- Make Repairs.
Although it may seem obvious, making necessary repairs to your home is essential. This will increase the potential for selling your home quickly. Having all the issues resolved can even be a reason for a higher asking price as well. Buyers want to invest in a home ready to be lived in, so get the home checked and repaired before it goes on the market. If you aren’t sure where to start, ask your Agent for recommendations on local area Home Inspectors. For a small fee, they’ll go through all the nooks and crannies in your house and provide you with a report on the findings, so you can be prepared and prioritize necessary repairs.
- Stage Your Home.
For Open Houses and home tours, staging your house can make the space feel comfortable and help potential buyers envision themselves in your home. You can hire a professional or tackle it yourself. The most important element is removing as much clutter as possible; items on countertops, excess photos, stacks of clothes, or extra armchairs. This is also a great opportunity to accentuate the best features of your home, whether it’s the cozy living room or spacious kitchen with an island, staging your house lets people see it in its best light.
- Market Effectively.
While your Realtor may handle most of the heavy lifting, make sure to use all the available resources to market your home. Oftentimes, the perfect buyer may already be in your network of friends and family! Think about your online platforms, social media, and other traditional marketing methods you can use and “get the word out” about your home. Mention the unique features so that it stands out. It’s also important to maintain open and consistent communication with potential buyers to secure their trust and interest. You can ask your Real Estate Agent to help you find the best method of marketing your home based on the area in which you live.
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Selling your home in a buyer's market may present its challenges, but with strategic planning and a proactive approach, you can navigate through the competition. By incorporating these seven tips into your selling strategy, you can position yourself ahead in a buyer’s market. You can contact one of our knowledgeable Real Estate Agents to help guide you smoothly through the process and get your home sold as quickly and efficiently as possible.
