There are many different types of markets that people can buy and sell homes in. Some are helpful, some are not. In a buyer’s market, there are more homes for sale than there are buyers looking for homes, allowing buyers to effectively have the pick of the litter and get the best deal. While this is great for buyers, sellers may not even think it’s possible to sell their home when there’s so much competition. However, this fortunately isn’t true. While it might be more difficult to sell in a buyer’s market, homeowners can arm themselves with strategies they can use to attract buyers and help their home sell.
Work With a Real Estate Agent
Selling a home is tricky. Going about selling a home in a buyer’s market is even trickier, especially when doing it alone. This is why all sellers should hire an experienced real estate agent. Real estate agents are a homeowner’s number one ally when it comes to selling a home. They understand the local housing market, what buyers are looking for, and how to make sure the home isn’t working against itself when it comes to attracting buyers.
Lower the Price, but Not Too Much
One way to get buyers’ attention is to lower a price. Buyers are always looking for the best possible deal to get the best home for their money, so lowering the price of the home to make it a good deal can be a good way to get buyers into a home. However, homeowners should be careful not to lower the home’s price too much because this can give buyers a feeling that the deal is too good to be true, which can be counterproductive. Lowering the price also means that the seller will get less money from the deal, and the homeowner needs to remember their own finances.
Stage the Home For Showings
In order to make sure buyers have a good first impression with the home, the owner should spend time staging it beforehand. Staging a home means decorating a home to make it appealing to a wider audience, and it can be done in many different ways. Here are some examples of different ways homeowners can stage:
- Paint walls in neutral colors.
- Fill closets halfway to show their capacity.
- Put clothes hampers away.
- Make sure there are no dishes in the kitchen sink.
- Open curtains to let light in.
- Make all the beds.
Staging can be an easy way to impress buyers once they’ve come to the home for a showing, and it can be as simple or as complex as the homeowner wants it to be.
Purchase a Home Warranty
When talking about home warranties, most people assume they’re for the home buyers to purchase. However, King Heights homeowners who want to sell their home in a competitive market may want to look into buying one. Having a home warranty can act as an extra incentive to make buyers consider the home because people like having protection in case something goes wrong. In exchange for buying a one-year warranty for approximately $475, the home can sell on average 16% faster than homes without warranties. The warranty can also increase the price the home sells for, so the seller can potentially make the money back.
If a homeowner knows what to expect from a buyer’s market, they can take the steps to prepare their home for the competition. Using these tips can help homeowners give their home the advantage it needs to stand out from the rest.