How to Sell Your Home in a Buyer’s Market

When the real estate market is a buyer’s market, you may have to make adjustments to your marketing strategy in order to sell your home. For example, you may want to price your home competitively, stage it, and place it in the right time. Then, it’s time to list your home! This article will help you prepare for the next step. In a buyer’s market, you can also take advantage of lower listing prices by selling your home through an agent.

Price your home competitively

If you’re selling your home in a buyer’s market, you need to price your home competitively, or you risk turning off buyers. Listed at too high a price may turn buyers off, leaving you with nothing. Comparable home sales in your neighborhood can give you a better idea of what a fair price is. You can even use a buyer’s agent to find out recent statistics.

Stage your home

Staging a home for sale is a smart marketing strategy that involves rearranging furniture and improving the curb appeal. A professional home stager will know how to maximize a room’s potential by showing potential buyers the best ways to use it. They will help de-clutter a room and organize furniture so that potential buyers can visualize themselves living in that space. They will also help you paint the exterior and remove items from closets.

Place it on the market

When you place your home on the market to sell it in a buyer’s marketplace, you will have a more difficult time getting a buyer’s offer. You will have to depersonalize the space, pack up knickknacks, and remove personal items. As the market heats up, you will likely get more all-cash offers. If you receive one, you’ll need to mentally prepare for it and arrange a rental if possible.

Time it on the market

Timing your home sale is crucial for maximizing the sale price and speed. A realtor can help you with this by providing you with historical months of inventory, which compares the number of homes for sale to the number of pending sales. This is a good way to gauge supply and demand trends in your area. This calculation is not difficult. Once you have this information, you can begin making improvements and upgrades to your home so that it will stand out to buyers.

Recent sales indicate a seller’s market

The most important sign that a real estate market is a seller’s market is the number of recent home sales. It means that more homes are selling in the area and more buyers are interested in purchasing them. A seller’s market should also mean more offers. Before you accept an offer, however, make sure that the buyer can afford the house. Mortgage lenders will not loan you more than the home’s appraised value. This is one reason why a buyer may have to submit a bank appraisal before he can qualify for financing.

Counter higher than list price

You may have heard that it is better to counter at a slightly lower price than the listing price. However, this tactic won’t work well in a buyer’s market. If you price your property fairly, buyers are more likely to counter at a slightly higher price than you’d originally intended. But if the buyer is a low-baller, you could turn them off by refusing to negotiate. Regardless, you’ll want to avoid taking the risk of losing a buyer who walks away.

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