In a buyers market, no one can really be more happy at the vast amount of inventory available than the buyer. But what if you are in need of selling your home in a buyers market? How do you stand out from the other properties that may look very similar to yours in appearance and price?
Here are are few tricks you and your realtor can do to keep your listing hot.
In a typical buyers market, a home usually has a longer “days on market” review and
negotiations change quite a bit. The term buyers market is when there is 6 months of inventory
and people aren’t getting their homes sold. Its a term that refers to the conditions of simple
supply and demand. There are just way more houses available than buyers. An expectation for
sellers, is to know that a home will not typically sell in 5-10 days, it may sit for a bit.
Despite the clutter, the key is to make your home look unique. Even if there are 12 others just
like it based on its development, no two houses have the same view, the same characteristics,
or appeal, so you want to lean on those areas of uniqueness.
A seller will want to put in the extra work to make the house look brand new. Renovating bathrooms, the kitchen, and some
appliances are the first step. In a buyers market, buyers know they can be picky, so you want to
overcome any objections about the property before they even walk in the door.
Your realtor will have some unique marketing strategies to roll out, and will most likely advise on
staging your home. Buyers are quite specific in their needs and desires, and a home that has
your personal touch may not be the taste of a buyer. For example, your purple accent wall may
look serene to you but to a buyer it may make them walk out before they even see the rest of
the property. And you don’t want that.
One thing as a seller you will want to discuss with a partner or your realtor is what is more
important, time or money? Are you willing to ask a little lower to get the home sold fast in a very
cluttered market, or are you ok with sticking it out and seeing how things go? About 60% of all
buyers begin their searches online, so you will want to price the home in a competitive range
that gets your home seen. The first week you list it, you are the new kid on the block and
everyone will come and see it. After that, it’s going to take some great marketing to keep you in
the forefront and not get lost in the crowd.
The biggest help will be your real estate agent who can help educate you on the current market
conditions in your neighborhood. You’ll want a clear picture of what is currently listed and what
has sold that is very similar to your space. Be sure they have a clear understanding of the
average days on market for the homes in your neighborhood. Ask questions like, “when did the
number start to increase” and why. You also will want to discuss what you are open to for
negotiations. Your realtor may advise to spice of any offers that come your way by offering to
cover any costs, such as closing costs, moving costs. The buyer may have an upper hand in a
market like this but that doesn’t mean they’ve got tons of cash. Offering money upfront is more
of a motivator than selling the home at a lower price point. Cash now is more enticing because
a lower price point only knocks a few hundred dollars a month off of their mortgage. Help them
where they need it now.
Just because the buyers may have more leverage initially, doesn’t mean your home has to pay
the price for it. Take a few steps and be prepared if you are in need of selling your home during
a buyers market. Homes are still very much still selling and buyers are popping up out of the
woodwork thinking they are going to get a good deal. If you align your cards right buy doing a few simple things to get your home to stand out, your home can and will sell within a very good
timeline in a buyers market. So don’t get discouraged, get ready to have some fun!