Selling a house is invariably a long and stressful process, especially in a buyer’s market. As the name suggests, a buyer’s market works in favor of the buyer. There is generally a greater number of properties on the market than there are buyers, meaning more choice for buyers. Furthermore, this gives buyers the negotiating power, because many listings are competing with each other to grab the attention of relatively few buyers. With that said, a buyer’s market doesn’t mean it’s impossible to sell your house, but you do need to put in the effort to sell your property now.
Furthermore, selling a house in a buyer’s market may sound tough initially, but it is not that difficult to do. Read on to find out five tips to sell your house in a buyer’s market.
1. Advertise properly- While technology and the Internet have made it easy to list real estate for sale online, you need to pack a greater punch to get buyers to take notice of your property during a buyer’s market. From putting up a for sale sign and advertising your home on as many of the major property websites as possible to advertising your home for sale on social media, make sure you leave no stones unturned in terms of advertising your home for sale. Furthermore, you should also distribute flyers and even put an advertisement in the local newspaper. This will allow you to reach out to more people and so, there will be chances of more offers.
2. Make necessary repairs- While making repairs may seem like an unnecessary expense when selling your house, these repairs, especially to rooms like the kitchen and bathrooms can really increase the asking price of your house and maximize your profits. Not to mention, having your home in move-in condition will increase the interest in your home and will help you sell your house quickly in a buyer’s market.
3. Price your house right- In a buyer’s market, pricing your house above its market value can be a costly mistake. Furthermore, not only will it put off buyers initially, but subsequent price changes that are recorded on property websites have been proved to put people off even further. Furthermore, constantly changing your house price will create a negative impression about your property and will show buyers that either you are a difficult seller or there is something wrong with the house, or both. Needless to say, be realistic about what you could get and stick to that one asking price.
4. Buy a home warranty- It goes without saying, that offering a home warranty when selling a house is an effective way to garner interest in your home, especially from first-time buyers, who might be worried about future repair expenses. On average, homes under warranty sell faster than homes that don’t and they can also cause the house to sell for more money in some cases.
5. Word of mouth- No marketing activity is as powerful or as influential as word of mouth. Furthermore, telling your friends, colleagues and acquaintances about your desire to sell your house can attract potential buyers fast.
While these were some of the tips and tricks to sell your house in a buyer’s market, there are many others, such as stage your house, take professional photos, get a home inspection among many others.