Simply put, a buyers’ market exists when there are more homes for sale than buyers to purchase them. In this situation, buyers can take their pick of quality homes, with more options and more negotiating power. Home prices tend to be lower, and properties tend to stay on the market longer. While this is great news for homebuyers, it’s a problem for sellers.
As a savvy seller, you need to proactively market your home to stay at the top of the playing field. Homeowners who sell homes quickly instinctively plan ahead and aim to charm buyers. They take the necessary steps to stand out among the competition. Here are a few important ideas to get you started:
Note that the best analysis comes from a skilled professional who has access to market information and trends. As a Buy Owner customer, you would be eligible for a free analysis from MLS Realty®, making this valuable part of your strategy remarkably simple!
The first step in analyzing pricing is to look at competitor home prices. Investigate the price range in which similar homes in the area are currently listed, have recently sold, or are pending sale. When considering the recently sold homes, focus on transactions that have occurred within the last two months. Because of the market’s changing rates, examining more distant sales won’t yield as accurate of a range. Determine the price range that similar homes in the area have sold for within the last two months.
Based upon the numbers you find, aim to market your home just below its value. This will make the price competitive and realistic.
IMPROVE CURB APPEAL
First impressions can make or break your sale. When potential buyers arrive, they should feel immediately attracted to your home and excited to see the interior. Knowing this, you want to do all you can to improve the exterior appeal. Attend to all landscaping areas: mow the law, trim the hedges, manicure the plants. Plant fresh flowers in front, if possible. Make any necessary repairs to the roof, the siding, or other parts of the building. Also take a good look at outdoor equipment like pools, sheds, decks, or patios. Everything should be immaculate, ready to be shown.
For more information, see the Buy Owner article: “Why Curb Appeal is Important.
CLEAN AND STAGE THE INTERIOR
Stop thinking like a homeowner and start strategizing as a product seller. Depersonalizing is a big step towards recognizing your home’s marketability to buyers. As a product seller, you need to consider every possible way to increase your home’s appeal—not to you, but to buyers.
In every room, stage furniture and decorations to maximize space and showcase style. Remember, you’re thinking like the buyer now. Get rid of all clutter—anything that you don’t need, put away. Rent a storage space if you have to. Doing this will make the rooms appear larger and full of potential, ideal for helping the buyer imagine living in the home. Another idea is to consider a professional staging company. Trained stagers can creatively plan ways to market your home at its best.
Clean your home from top to bottom. Everything should be spotless, like a show home. Get inside the cabinets and drawers, too: potential buyers will open everything.
Following these three steps can make all the difference in your home’s marketability and successful sale. Be proactively aggressive in getting your home in top shape, and you can compete, even in a buyer’s market.
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