Profitably Selling Your Home in a Buyers' Market
Occasionally, sellers don't have the option of waiting for an ideal market to move from their homes, but that doesn't mean you have to settle for a low price!
Life throws unexpected curveballs. Job promotions, family concerns, health issues...these types of curveballs can cause homeowners to have to relocate on an inconvenient schedule. If you’re lucky, you’ll be looking to sell your home amidst a high real estate market (a sellers’ market). But a buyers’ market can cause competition from other sellers and wary buyers concerned about falling prices. If this is the situation you find yourself in, don’t despair! Below, we’ve got five tips and tricks for profitably selling your home in a buyers’ market.
- Pricing: The first thing that buyers tend to look at when searching for potential investments is the price tag. Buyers will see your price before they see your home! In a buyers’ market, you have to be careful and strategic about your listing price as
you have more competition to contend with. A good rule of thumb is to first have your property valued in the current market. A Realtor is going to be able to give you an honest price value as they are up-to-date on market trends.They will most likely have handled similar properties and know the competitive rates. Once you’ve received a price point, resist the temptation to list your property any higher to accommodate for room to negotiate. A buyers market means the buyer has choices and they need to see value in your home over the other options in order for them to commit to you offering. Buyers will see many homes and then discount any where the value proposition isn’t there. Keep your price realistic to attract your potential sale. You don’t need to be the lowest - but you need to be the best value.
- High-Quality Staging: First impressions matter, particularly in a buyers’ market. When showing your home, you want to present your best look. This may mean you need to make some cosmetic updates or repairs. You may be thinking, “How will spending more money on this property help me profit?” Just like any purchase, if the visual aspects of an item are less-than-desirable, a buyer will choose a different product. In a buyers’ market, there are plenty of options to choose from. By spending a bit more on a few strategic repairs, you may lock in the interest from your future buyer.
- Flexible Negotiations: One area that can be a bit difficult for sellers to come to terms with in a buyers’ market is negotiating. However, being flexible with the negotiation process is essential. Your interested buyers are shopping in a wide-open market. They will be looking for sellers who are easy to work with and willing to do a bit of give-and-take with the negotiation process. An example of a common negotiation point is cost of future repairs. If you have repairs that weren’t feasible for you to make before listing, your client may want to discuss offsetting the price for the estimated cost of the repair. Negotiations keep open lines of communication. The longer negotiations last, the more likely you will end up with a sold property in a quicker time frame.
- Strategic Marketing: In a buyers’ market, the initial challenge will be garnering interest for your property. To do this, you will want to reinforce and emphasize the unique aspects and assets of your home. Is there a unique feature to play up, such as a pool or bar area? Did you recently renovate the kitchen or update an incredible master suite? These are the types of features you’ll want your audience to see right away. Speaking of “seeing,” don’t underestimate the power of high-quality marketing materials. Photos from a six-year-old phone camera will most likely not attract as many interested buyers as professionally shot images. Work with your Realtor; they may have the equipment needed to capture all the best angles of your home with high quality. You’ll also want to ensure any marketing you do (whether online, in the newspaper, or on a flier) is on a professional-looking level. Don’t hastily put together a middle-school-esque poster and expect to get invested buyers. Take the time to market your property as effectively as possible.
- Cater to Potential Buyers: Your Realtor can help you determine who your target market is. Depending on the property type (apartment, single-family home, etc.), your potential buyers will be looking for different things.If your property would make a great first-home purchase, chances are the buyers won’t have all of the necessary appliances to furnish it. That could be a bargaining point when it comes to negotiations. If you live in a quieter neighborhood, you may end up marketing to a retirement-age person or family. What things in your home or area would entice them to choose your property? Just like any sales market, you’ll want to target the type of buyer who is most likely going to be interested in your property.
Are you looking to sell your home but don’t want the hassle of going through the process? At Sweetly, we aim to give you a sweeter way to sell your home. We offer an evaluation and a suggested list price. We’ll also give you a full value offer to allow you to sell your home without any public showings, on your own chosen (and changeable) possession date. We pay a portion of your home's expected value on your closing day, then the balance of your equity once we’ve resold your home (less our fee). For details of how Sweet it can be to sell your home without any showings or even listing for sale visit www.sellsweetly.ca. If you are in Edmonton or area, we would love to connect with you and get you on your way to a fast sale without the headache!
To contact us about buying or selling your home, reach out via email at email@example.com or by phone at 780.477.9338. If you have general questions, you can also simply fill out the form on our website. We can’t wait to hear from you!