Home Selling in a Competitive Buyer's Market
Getting your home ready for sale is something that requires a lot of attention, even more so when it is in a buyer’s market. So, wondering how to sell your home quickly when you are in a buyer’s market?
What is a Buyer’s Market?
To put it simply, it means that there are more homes for sale than there are potential or interested buyers. Though something like price levels could be two completely different markets, as one might be a buyer’s market and the other a seller’s, even if they are in the same city.
So how can sellers improve their homes for buyers?
If a seller is aware that they are entering a competitive buyer’s market, this gives an advantage to the buyer. Therefore, as a seller you should do whatever it takes to make your home more appealing. So what kinds of things are appealing to buyers? An average homebuyer normally is looking for:
At least 3 bedrooms
Space in the Garage
Extra room (storage space)
Modern or updated kitchens & bathrooms
Those that have upgraded their homes recently might just need to add a layer of paint or two around the house and have some help with staging their home. Those homes that normally don’t meet the minimum buyer’s needs will require some investment into the property. Fortunately, improvements to the home will not only increase the resale value, but also help to meet the needs of potential buyers.
What is the best pricing strategy?
This is often one of the most difficult tasks. Pricing a home too high doesn’t make that much sense in this type of market. Setting a price too low may draw in potential buyers, it may not result in a decent price for the home. In a buyer’s market it is best to get a competitive market analysis done, to find the fair market value of the home. It is best to price it just under this price, as it will help maximize the seller’s potential profit.
How can sellers market flexibility to buyers?
When buyers have the upper hand, they may ask for more time to get an appraisal, home inspection or negotiate repairs to the property. Sellers can indicate that they are willing to work with buyers through their agent.
Selling a home through a buyer’s market isn’t easy, but it can made easier with this helpful tip.