Selling a house in a buyer's market can be a daunting task. However, it can be an enriching experience with the right preparation and strategy. There are several things you need to take into account when selling your home in a buyer's market. With expert guidance and diligent work, you can successfully navigate a buyer’s market as a seller.
What is a Buyer’s and Seller’s Market?
A buyer’s market is a geographic area with a limited number of potential buyers and an overwhelming number of homes for sale. In this market, buyers have the advantage because there are many homes to choose from without much competition. This differs from a seller’s market, which usually refers to a situation with few sellers and many buyers. In this scenario, sellers have an advantage because there are not many homes for sale, but many buyers are looking to purchase a home.
What Sellers can Expect in a Buyer’s Market
While many current markets are seller’s markets, there are some buyer markets in the nation, and changing trends could lead to more buyer markets in the future. It is best to be prepared for any condition and know how to use the market to advocate for your needs. If you are selling your home in a buyer's market, you can expect:
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Lower sale price
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Longer times on the market
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More contingencies
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Less power during negotiations
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More expenses like closing costs and repairs
Make Repairs and Prepare Your Home
If your home has issues that could be easily fixed, the best thing for you to do is make repairs, so your home is ready for buyers. Sometimes sellers already know about concerns in the home and choose not to make repairs before selling. Still, your home can be repeatedly overlooked in a buyer market because other properties require less work. Some sellers choose to have a pre-sale home inspection done to ensure everything is acceptable and there are no surprises when a buyer is interested in the home. Staying ahead of potential issues is key when selling in a buyer market because you want to make the process seamless for buyers interested in your home. If a problem arises with a buyer’s home inspection, it can be wise to make the repair and move forward with the contract.
Once you have repaired or updated your home, you can prepare it for sale. Buyers are looking for homes with appeal, flash, luxury, and convenient location. If you can create a positive first impression by giving buyers the “wow” factor when they visit your property, you have a much greater chance of selling your home. It is even more imperative that your home look its best to attract buyers. You want to highlight your home and make it stand out from other similar homes. Tips to prepare your home include:
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Fresh landscaping
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Power washing siding and patios
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New paint
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Modern fixtures and lighting
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Deep cleaning
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Home staging
You want to give yourself every advantage in a competitive market to ensure desired results. Staging your Evanston home for sale is one of the best ways to attract buyers and seal the deal. You want to make your home look its best so potential buyers see it as their dream home. A well-done staging job can make your home look like a model home, putting you in a strong position to sell quickly.
Pricing is Key
Having perfect pricing is crucial in a buyer’s market, so it is vital to learn how to price a property to sell. A home appraisal is a process that determines the value of a home based on comparables and market conditions. It is typically provided by an independent third party and helps a home seller set the list price. There are many strategies to list prices, but in a buyer’s market, it can make or break a home sale. Above market value pricing, and it could sit on the market for too long; too low, and you could lose money on a sale. The best strategy is to accurately price the home based on appraisal results. Your expert real estate agent can help you with the process.
Marketing Tactics Can Attract More Buyers
Marketing aims to get people to take action, which is exactly what you want when selling your home. You want to turn leads into offers, and you can do this by using effective marketing strategies. There are several different methods that you can use to market your home, so consider things like:
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Professional photos
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A complete and accurate listing descriptions
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Brochures at showings and open houses
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Featured advertisements
Offer incentives
Another way to attract and retain traction is to offer buyer incentives. There are some things you can do to entice potential buyers, and common incentives include:
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Paying closing costs
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Add-ons like furniture, lawn equipment, or décor
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Home warranty
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Lower home price to cover repairs
Track Metrics to Avoid a Stale Listing
In order to keep your home on the market and attract the attention of buyers, you need to track and evaluate your home’s performance. By keeping track of these statistics, you can determine whether or not your home is performing at an optimal rate and make any necessary adjustments. You don't want your listing to sit on the market too long without taking action to keep it active. Old listings can be brushed aside and significantly impact your strategy.
Work with an Experienced Agent
As a seller, working with a real estate agent is crucial. They are experts who are familiar with the local market and who can help you navigate the process of selling your home, even in discouraging or challenging conditions. There are tactics and strategies that agents have perfected to ensure the seller can successfully prepare, market, and sell their homes in buyer markets.
Summerville Partners is a professional team with experience in Evanston real estate and other local markets. Mary Summerville has worked in the industry for more than 30 years and stays at the forefront of technology and research. Sell your home with Summerville Partners for a stress-free experience.
