How to Sell in A Buyer’s Market: Making Your Own Luck
Your house is a big investment, so when it is time to sell your home, you want to not only sell quickly but also get a fair price. Unfortunately, not every market will result in a quick sale and a high price.
The Disadvantages of a Buyer’s Markets for Sellers
A buyer’s market is when there is more supply than demand in the real estate market. This means there is a surplus of houses available for sale on the market, but fewer buyers are looking to purchase a home. As a result, the competition among sellers to find a buyer is higher, and buyers have an advantage. Because of this imbalance, sellers may see their homes sitting on the market for longer. They may also need to drop their sale price or make more concessions during the negotiation process in order to close the deal.
Tips for Sellers in a Buyer’s Market
Although trying to sell your home in a buyer’s market may have you at a bit of a disadvantage, it doesn’t mean you can’t have a good experience. In a competitive market, you can still walk away happy if you know how to navigate the market correctly. These tips on how to sell in a buyer’s market could help you sell your home quickly and for a great price.
Make Necessary Repairs
A house in need of repairs can turn buyers away before they ever step foot in the door. Even if you get an offer, a home inspection is likely to reveal any issues that are not immediately noticeable. As a result, you may need to make home inspection repairs before finalizing the deal. In some cases, the deal may even fall through completely.
Instead of limiting the number of interested buyers or leaving your sale up to chance, you should make home repairs before selling. These repairs can sometimes even be a selling point to draw more buyers in or increase the value of your home
Pick a Good Agent
When you go to sell your home, your real estate agent could make all the difference in your experience. A good agent will have a better idea of how to sell a house in a buyer’s market and can help you be successful. Look for an experienced agent with a large network who has listed houses similar to yours and is familiar with the area. While a real estate agent may come in high regard, if they are used to selling luxury homes and you own a condo, it may not be the best fit. You should also look for agents that offer options such as concierge services to help your home get sold at a higher price.
Price Your Home Competitively
If you want to sell your house quickly in a buyer’s market, you need to make sure it is priced correctly. While setting a high price so you know you get a good offer is tempting, it can immediately turn buyers away. Even worse, if you start with a high price and later drop it, buyers can see this as a red flag or an opportunity to lowball you. Talk with your real estate agent about an appropriate price and make sure it is in line with comparable houses in your market.
Focus on Curb Appeal
First impressions go a long way in the real estate market, especially when buyers have a lot of houses to choose from. Make sure your home is able to stand out in a buyer’s market by boosting the look of the exterior. Even a home with a top-tier interior will struggle to get potential buyers through the door if the outside looks like a mess. Spend time making any necessary fixes, doing some simple landscaping, and power washing so your home looks inviting. With so many buyers starting the search process online, do not forget about your digital curb appeal either.
If you want to understand how to sell in a buyer’s market, you need to understand want buyers are looking for. In one of our surveys, 77% of buyers said they would not consider purchasing a home that is not move-in ready. In a buyer’s market when a lot of homes are available, buyers can afford to be even more particular. As a result, outdated homes or those with out-of-style designs will simply sit on the market.
When selling in a buyer’s market, making home improvements before selling is a must. Sometimes a simple refresh or some basic touch-ups are all that is needed to get your house off the market in a hurry. Even better, these updates can also significantly increase the resale value of your home.
Get Your Home Staged
Staging your home is one way to take your listing from good to great and stand out against similar properties. Staging shows buyers the full potential of a home and how they could make it their own. Without it, buyers may simply pass over your house and move on to the next. If you opt not to get a professional staging service (which you should) at least make sure you declutter, clean, and depersonalize your home before buyers see it.
Now that you have a better understanding of how to sell a home in a buyer’s market, it is time to take action. Even if you are in a seller’s market, these tips can help you take full advantage of the market, and we want to help.
At Curbio, we are a pay-at-closing home improvement service that helps you get your house off the market quickly and for more money. Our focus on profit-driven results has brought homeowners an average return on their investment of 269% after project costs and without having to pay a penny before closing. Do not miss out. Talk to your real estate agent about partnering with us or contact us to find one of our partner agents.