What exactly is a buyer’s market? A buyer’s market is when the market for a specific item is oversaturated, meaning there is a lot of one item in a particular market, and the prices stay low because of supply and demand. This makes the market excellent for buyers, but terrible for sellers. With so many homes on the market during a buyer’s market, a homeowner has to think of ways to make their home stand out from the sea of for sale signs. There are luckily a few tips and tricks to do just that for the homeowner, and hopefully catch the attention of potential buyers and draw them in.
Hit the Ground Running In A Buyer’s Market
The first tip for how to sell your home in a buyer’s market is to market as soon as possible. This includes a heavy influence on social media, which is where the majority of potential home buyers will scroll and search from the comfort of their own home. Making your home readily available at the touch of a button makes it open for more people than other marketing strategies. This is also useful if you have contracted a real estate agent who can advertise the home through their reputable website. Local real estate websites are one of the better ways to advertise a home because that is more likely where potential homebuyers will be looking for their new home. The internet can also be helpful in scoping out the competition in your area. Look for other comparable homes in your area and their prices, find out what makes your home stand out from these and market that. Marketing in a buyer’s market is all about what makes your home the best, why should potential buyers pick your home and not the others in your area. It is important to find that marketable aspect and run with it so that your home stands above the rest and can be able to be noticed.
Along with marketing, the pricing of the home is a key factor in whether or not the home will draw the attention of potential buyers. If you price too high, there are guaranteed to be other homes in the area priced lower during a buyer’s market and the home will sit on the market for an unknown amount of time. If the home is priced too low, oftentimes the first thought running through a potential homebuyer’s mind is ‘what is wrong with it’? There is a sweet spot whenever it comes to pricing the home, especially in a buyer’s market. Whenever the buyer has a multitude of other listing options, the homeowner has to price at a place that is good for the buyer, while also not losing too much money. Pricing your home lower than you think its value is can be a punch to your ego just a little, especially if the home holds sentimental value for you, but selling your home at a lower price is a much better alternative than not selling the home at all.
After you have a price set, even if you believe that the price is perfect for your home, a good rule of thumb to know if your home is priced too high is if the home has had no showings in six weeks or has had twenty showings or more and no offers. If the homeowner has the ability to wait and not be rushed to sell, they do not have to automatically drop the price as it is expected that homes for sale during a buyer’s market will sit on the market longer than they would during a seller’s market. Although the homeowner who has the ability to not rush to sell has the advantage over a homeowner who desperately needs to sell quickly, the homeowner needs to ask themselves what is more important, time or money? Only the homeowner can decide for themselves where their priorities lie and what they are willing to compromise because something has to give, especially in a buyer’s market where the seller is honestly getting the short end of this deal because of the saturation in the housing market.
The next tip may seem a bit obvious, but it is crucial for selling your home in a buyer’s market; getting your home into the best shape possible for the sale. This may seem like something that the homeowner needs to do anyways but is it especially important when trying to sell your home in a buyer’s market. Whenever the housing market is so full of homes, buyers will have their choice of homes and any small thing could be the difference between your home or someone else’s getting sold. The homeowner needs to be extra prepared in this type of market and make sure that everything that can be repaired or renovated is so that their home has a higher likely hood of capturing interested potential buyers. The homeowner needs to step into the potential home buyer’s shoes and think about what repairs or renovations would be of more interest to the home buyer.
What would make the home a good value for the money for the home buyer so that the homeowner is able to set their home in the crowd? Normally a homeowner would be choosing renovations and repairs based on the renovations that will return the most money and recoup the highest percent of the money spent, but during a buyer’s market, the homeowner should be focusing their energy and funds into renovations which would draw more potential buyers in. Some research may be necessary for the homeowner to decide which renovation will be the most needed to hopefully attract the attention of potential buyers. If the homeowner does not want to complete the repairs which will make the home stand out from the crowd whenever potential buyers have the pick of the housing market, the homeowner can compromise and lower the asking price to compromise for the repairs that the buyers want to be done. This may be another way that can save the homeowner the out of pocket expenses of repairs and renovations while also making the home a contender in the sea of homes in a buyer’s market.
Set the Stage
Another thing that may attract more potential buyers is staging the home professionally. Buyers know that all the furniture in the home will not be included in the sale but seeing a home with furnishings and that little extra life in it could be the needed edge to attract the buyers. Being able to see the home with furniture in it can open the buyer’s mind to the possibilities of the space rather than just looking at empty rooms. This may not always be necessary but in a buyer’s market, every little thing counts to put your home at the top when it comes to attracting potential buyers. The homeowner also will benefit from getting to know their potential buyer. Getting to know potential buyers means maybe the homeowner can figure out a bargaining tool. Is the potential home buyer moving in with no appliances? The homeowner could throw in a few of their appliances, especially if they are planning to get new ones when they move anyways. There are several items that could be discussed among the homeowner and the potential home buyers that could be the difference between the buyer picking your home or someone else’s. It always makes people feel good to feel like they have gained something extra from a purchase, so the homeowner throwing in a few extra ‘goodies’ is one way to make their home stand out.
Trying to sell your home in a buyer’s market may seem fruitless, especially if your home has been on the market for a while, but do not lose hope. Many homeowners are going through the same situation or have gone through it and there are many tips and tricks to get your home sale-ready and put your home above the rest of the homes in your area. Selling in a buyer’s market requires the homeowner to have patience because this type of market can sometimes be still and unmoving and the home could be on the market for months. The best advice for a homeowner who is feeling overwhelmed by the stress of trying to sell the home in a buyer’s market is to possibly hire a real estate agent. A real estate agent has been through buyer’s markets before and will know personal tips and tricks, even some that can be specific for your area. There are issues that a real estate agent has seen and experienced that can give you and your home a leg up in a buyer’s market. If you are still having issues selling your home, you can always revisit areas of improvement and try again, there are always things that can be improved upon and maybe the right improvement will catch the attention of the potential home buyer you have been looking for. Selling your home in a buyer’s market may be harder than usual, but it is not impossible.
INTERESTED IN WORKING WITH US?