Selling a home in a buyer's market can be a challenge. A buyer's market is a market condition that occurs when there are more homes for sale than buyers, and buyers have their choice of a variety of different properties. This leads to low prices, and buyers who have a lot of negotiating power. Sellers of homes can find this frustrating because this makes it harder to make profit off the sale of the house. Knowing which renovations to make before listing your home, staging the property, marketing the home well, negotiating wisely and working with a real estate agent can all help make this process more successful for the seller.
Stage Your Property
Staging is one of the things that homeowners can do to make their home more attractive to buyers. A well-stage property may sell for more money, and may take less time to sell. What a homeowner does to stage the property will depend on the condition of the property when it's listed. An empty house benefits from having rented furniture installed for showings. A home with possessions already inside may need to be de-cluttered and cleaned.
Another aspect of staging that some homeowners may forget is curb appeal. Boosting curb appeal helps attract buyers from the street, and may make a better impression upon buyers when they pull up to the home. The best way to boost curb appeal is to plant colourful flowers, mulch the beds, prune the shrubs, cut back the grass and water everything thoroughly so that it looks green and fresh when the buyers arrive. Another way to boost curb appeal is to wash the siding, clean the windows and sweep the path leading to the door.
Market Your Home Well
Standard marketing works well, but in a buyer's market, it's helpful to attract an extra large crowd to the house. There are many things that can be done to market a home. Some sellers will have a virtual tour made or will take drone photography of their house. Many sellers now list their home on social media.
Sometimes real estate agents will also send out postcards featuring the house, to draw more attention to the property. Home sellers who want to take extra steps to market their home can work with their real estate agent to ensure that their home is properly marketed to buyers in the area.
Don't Take A Hard Line With Negotiation
Buyers may demand a lot when they know they have the power to do so. It's not necessary to give way everything in these market conditions, but it's important not to take a hard line during negotiation. Doing so could drive away buyers, which could draw out the sale process. The longer the home is on the market, the more difficult it will be to sell.
Price the Home Right
Work With An Experienced Real Estate Agent
Working with an experienced real estate agent throughout the selling process can help the seller negotiate a fair price for the property. A good real estate professional can help the buyer determine what they can potentially negotiate and what isn't realistic given the market conditions. If you're a seller who would like to sell your property, contact an experienced agent in your area.