5 Tips to selling your home in a buyers market!
The condition of the real estate market has rapidly changed from a sellers market, where buyers were fighting over homes and submitting offers above list price, to a buyers market where the right pricing now plays a very important role in getting your home sold.
What is a buyers market? A buyers market occurs when there are too many homes on the market for the numbers of buyers. When the demand for property is less than the supply the advantage shifts to the buyer. Homes take longer to sell and prices fall!
The key is realistic pricing: Forget the common misconceptions that many homeowners have about pricing their home.
A: My neighbor down the street, who has a smaller house just sold for $300,000. The truth is in most cases the prices is being exaggerated. Speak with a qualified Realtor and they can tell you exactly what the home sold for and the difference between their home and yours. (Maybe smaller but they had pool)
B: I can always set the price high and reduce it later if it doesn’t sell. Doing this you run the risk of losing buyers, Real Estate studies show that buyer interest is high when a home is fresh on the market. By the time you lower the price the interest may be gone. Or when you lower the price drastically, the buyer now thinks you have become desperate or something is wrong with the house.
Be realistic in pricing your home, this market is not the time to be a HOG when it comes to money. Price your home at or below the competitive market price. I guarantee you’ll get a stream people thru the door. REMEMBER THIS WHEN PRICING YOUR HOME: PIGS GET FAT AND HOGS GET SLOTTERED!
Looks ARE MORE important than ever: Curb appeal is very important; it takes most buyers about 15 seconds to make a decision about a house as their walking to the front door.
5 tips for sellers in a buyers market
1. Price the home at or below competitive market value, using a realtor to help set the price is now more curial than ever.
2. Curb appeal, the house needs to be in move-in condition. Sellers in this area are also competing with new homes. This means fixing any problems with painting, carpeting, updating appliances, landscaping the yard. Order a home inspection to see what will need to be repaired.
3. Shop the competition, spend some time looking at other homes in your area, you need to get a feel for what your buyers are looking at.
4. Offer incentives: Offer to pay the closing costs, some of the points on the buyer’s loan, a home warranty. Pay for the move.
5. Be Realistic: Don’t let your EGO get in the way of a sale. Be open to buyer requests and concessions, remember you’re here to sell your home and move on!
Most of all don’t be discouraged by the fact the market is not in your favor. Remember that homes sell in all markets, and when you take steps to improve your competitive position, you also improve your chances of being rewarded with a quicker sale and a higher offer.