In a buyer’s market, the number of houses listed for sale is greater than the number of people interested in buying homes. This creates a challenge for sellers and often causes houses to linger on the market for months without an offer.
If you sell your home in a buyer’s market, you may not make much of a profit, if any at all, because the supply exceeds demand. If you don’t have to move right away, you might want to consider waiting to put your home on the market. If you have to sell now, you’ll need to make your home stand out.
Preparing to List Your Home
Cleaning and staging are always important when selling a house, but even more so in a buyer’s market. With so many homes for sale, buyers will be looking for reasons to eliminate houses from consideration. Even a little dirt or dust could cause buyers to suspect that your home wasn’t well maintained and that it has other, more serious problems. Hire a professional cleaning company to give your house a deep cleaning from top to bottom. Enlist the help of a professional stager to remove clutter and personal items. Arrange furniture and lighting to make the house as appealing as possible to prospective buyers.
If your house needs any repairs, get them taken care of before you put it on the market. Buyers who want to move quickly will be more likely to choose a house that’s in move-in condition and to pay, at or close to, the asking price.
To stand out in a seller’s market, your home needs to be the most attractive one on the block. If necessary, hire professional landscapers, plant flowers, have the driveway or front walk repaired and install new lighting to spruce up your home’s curb appeal.
Marketing Your House
All the cleaning and staging will be for nothing if you don’t have photos that show your home in the best light. Your real estate agent will probably recommend that you hire a professional photographer to capture images for marketing and may even have a recommendation. Videos can also be effective promotional tools since they give prospective buyers a better understanding of a home’s layout and can make them feel an emotional connection to a property.
Your real estate agent will review prices for comparable homes in the area that were sold recently and that are currently on the market to set a price for your house. Your list price should be at or below those of comparable homes, especially if you need to sell quickly. You might get multiple offers and a bidding war may even drive up the price.
Set Your Home Apart From the Competition
Selling a house in a buyer’s market can be tough. You will need to invest in cleaning and repairing your home, and set a price that will catch the attention of buyers. Your real estate agent can give you additional advice specific to your market.
