To get the best price in a buyer's market, sellers have to focus on the many factors that are within their control. They may not be able to influence market fluctuations or force buyers into a bidding war, but they can shift the paradigm in their favor if they know the right strategies. For those who may be up against a tight market, it's time to learn more about what can be done.
Mental preparation when selling is important no matter what, but it can be especially necessary in a buyer's market. Sellers may have to wait longer than they thought, or they may be asked to make repairs they had never budgeted for. It's the sellers who can work with the situation rather than against it who will come out on top.
If a seller already feels they've set the price at a reasonable amount, they can try appealing to buyers in other ways. For example, if a buyer wants to store their things in the garage during escrow, a seller may want to acquiesce if at all possible. Similarly, sellers may want to push up the moving dates in order to accommodate the buyer's schedule.
Think Like a Buyer
Buyers typically know they have the upper hand from the moment they set out on their search, so it helps to see the home through the buyer's eyes. In other words, they may not be quite as forgiving when it comes to cosmetic flaws that a seller may not have originally considered very important. A real estate agent should be able to pinpoint what the trouble is after just a few home showings.
Once the seller knows that it's the stained carpets or the broken cupboards that are turning buyers off to the home, they can start making improvements to make the home more friendly to buyers. Sellers should also take the proactive step to hire an inspector sooner rather than later. An inspection report on a table during a home showing can tell buyers that the home is safe and that the owner is conscientious about the state of their home.
Study the Market
There are a variety of forces at work when it comes to real estate, and they differ not just from neighborhood to neighborhood but sometimes from house to house. An experienced agent can give a lot of context to what's happening, but a seller should also make their own efforts to spot the overarching trends. This can make it easier to do everything from settling on an advertising strategy to deciding on the listing price.
For example, if most homes are selling at 3% below their asking price, a seller can use this information before they even put their home on the market. They may choose to set the home at just a few percentage points higher than their ideal price. Sellers may offer to cover closing costs or to award discount points to make the buyer's mortgage easier to pay.
To sell a home in a buyer's market, sellers have to be both motivated and patient, whether they live in Mirabella at Mirasol or elsewhere. They may need to be more flexible or to accept unorthodox terms. The good news is that sellers can take advantage of a number of different factors to coax buyers to choose their home instead of one of the many other choices.