Selling in the current market (Buyer’s Market)
Selling a house in a slow real estate market can be trying. Here are a few tips to sell your property quickly and at a competitive price:
- Market Knowledge - In a buyer’s market there are several other houses like yours competing for a limited number of clients wanting to buy.
- Pricing - it is wise to not overprice the house. Set an attractive competitive price right from the beginning. Fewer showings can result from pricing the property higher than the market would bear. The longer the house sits in the market the lesser is the buyer interest. Keep in mind that price is a hygiene factor i.e. while a higher price is a deterrent, a reasonably competitive price is not necessarily a motivating factor. In a buyer’s market EXTRAS do matter a lot.
- Extras - Offer to throw in some other items such as Window treatments, home warranties, carpets, lawn equipment, grills, patio furniture - anything that can increase the attractiveness of the deal to the buyer . It’s also possible a buyer is interested in something more than just money.
- Flexibility - Price and terms and conditions work together in such market conditions. Flexibility and openness to buyer offers and conditions will go a long way in selling the house quickly at a reasonable price. Try to make the deal attractive for buyers with incentives and favourable terms. Don’t be too quick to walk. When you’re dealing with a possible buyer, do your best to continue the negotiations.
- Presentation matters -
- Your home should be in impeccable condition.
- Perform the necessary repairs
- Fix drywall or paint issues
- Cleanup landscaping so that it shows perfectly
- Prepare to disclose all major repairs that may affect the sale
- Stage both the interior and exterior
- Marketing and Positioning - Work with a good realtor who will make sure that the buyers know about your property quickly and fully. Position your property to differentiate your offer from others in the market.
- Don’t sweat it too much - especially if the house is on the market for a long time. Remember properties will always sell in all market conditions. Use inputs from showings and cooperating representatives to make necessary changes to your offering i.e. the house.