Since we have officially entered a “buyers market,” here are a few tips on how to sell your house faster and for more money then your competition.
Buyer’s market at-a-glance
- More homes on the market than buyers
- Prices tend to be lower because of increased supply
- Homes are more likely to sit unsold
- Housing surplus can slow rising prices and even lead to price reductions
- Buyers have more choices and more leverage to negotiate
If you’re looking to buy (or sell) a home, it’s important to know which type of market you’re entering into. If you’re unsure, ask your real estate agent. Of course, selling a home in a seller’s market is optimal, as is buying a property in a buyer’s market. But people don’t necessarily have the luxury of timing their home sale or purchase to coincide with the most advantageous market. It could be quite likely, for instance, that you’d be buying in a seller’s market or selling in a buyer’s market.
Tips on selling your home in different housing markets
Selling in a seller’s market is generally quick and easy. In a buyer’s market, with an abundance of properties sitting idle, you may want to do some legwork to help sell your home. There are a number of things you can do to improve your chances for making a sale. These include:
- Understand the local market and your competition
- Price your home right (and conservatively)
- Make sure your home is ready to be shown at all times (consider using a professional home-stager who can help show off the best features of every room in your house)
- Be accommodating to prospective buyer’s schedules (think of every showing as the one that could get you the sale)
- Be flexible with your terms (offer an extended closing date or lower your asking price)
- Be patient (and stay positive)
- If you get an offer early on, give it serious consideration because a better offer may not come along
If you’re looking to buy or sell and would like assistance, please give me a call and I’ll be happy to assist.