Selling Your Home in a Buyer’s Market: What to Know
A buyer’s market occurs when available housing inventory exceeds demand, with more homes for sale than there are buyers looking to purchase them which gives buyers an advantage over the seller. While we’re currently in a seller’s market, with the opposite true, something that’s expected to continue with a poll of property market analysts conducted by Reuters showing the U.S. will still experience a shortage of affordable homes for some time, that may be changing soon. This will be felt in markets ranging from Atlanta condos for sale to Hartford, CT. Despite most experts predicting it won’t be a buyer’s market for another year or so, it already began in places like Seattle and New York, according to Forbes.
How To Sell a House Fast in a Slow Market?
So, what do you do if you find yourself having to sell in a market where buyers have the upper hand?
Make it Shine
It’s more important now than ever to make your home stand out from the rest. That means taking time to de-clutter, including putting any personal items out of sight so that potential buyers can envision their own inside. That includes items like family photos and the kids’ artwork. Clear out any items you don’t use on a regular basis, storing those you need occasionally and donating or tossing everything else. Be sure to make minor repairs, like replacing torn window screens and sealing cracked tiles. You may even want to consider giving rooms a fresh coat of paint as well as changing up fixtures and adding more light, natural and otherwise. Curb appeal is extremely important so be sure your lawn is mowed, debris is cleaned, and add some plants and flowers to brighten things up.
Professional Listing Photos
More than ever now, a buyer’s market isn’t the best time to sell without a professional real estate agent, who is likely to provide free professional listing photos. The first impression buyers get mean a lot, and most will see your home through online pictures before viewing in person. If you insist on going FSBO, keep in mind that studies have found homes with professional photos not only sell for more money but they quicker too.
Make Sure It’s Priced Right
While we all want to make the most money possible when selling our homes, if you list your home at a price above what the value is in a buyer’s market, you’re pretty much guaranteed to send potential buyers to the competition. By hiring a qualified, experienced real estate agent they’ll conduct a comparative market analysis to help ensure your home is listed at a competitive price.
You may have to offer incentives to potential buyers to get your home sold at the price you’re looking for. For example, instead of cutting the price, offer to pay some of the buyer’s closing costs instead. That can make all the difference when it comes to buyers who don’t have a lot of financial wiggle room. Or, you could opt to pay for moving costs which can motivate buyers who are strapped for cash.