Selling a home can be tough under any set of circumstances, but it can be particularly tough in a buyer’s market. A buyer’s market isn’t just a real estate term. It refers to any economic situation in which goods are plentiful so buyers can keep the price down.
Therefore, if you’re the seller in a buyer’s market, it can be tough to get a good price for your home. This is because there are going to be a bunch of other sellers undercutting you with better prices.
But, you can still sell your home in a buyer’s market and get a good deal. Read on to learn how it’s done.
Stage Your Home
In a buyer’s market, there’s going to be a lot of competition around you. Often, this can make it difficult for buyers to find your place amongst a sea of listings.
However, if your property is unique and you can make it stand out from the masses, you have a chance of getting it off the market at a good price. When a buyer is scrolling through a real estate app or MLS listings, they’re not going to waste their time looking into homes that don’t catch their eye immediately.
If you want your home to be as eye-catching as possible, you need to have it professionally staged. Staging often leads to a quicker and more profitable sale, as people are able to see your home in the best light possible.
Market Your Home
Just as businesses market their products in order to sell them, so too do sellers need to market their homes. Simply putting a for-sale sign in your yard isn’t going to do the trick.
We recommend listing your property on as many real estate sites as possible, such as Zillow and Trulia. It can also be a good idea to post about your property on Facebook and other social media channels. Additionally, you can speak to friends, family members, and co-workers and ask them to get the word out about your property.
Price It Right
In a buyer’s market, many sellers shoot themselves in the foot before the process even begins by underpricing their property. On the other hand, you certainly don’t want to overprice your property, as this will lead to it sitting on the market forever.
Often, the best way to go about pricing your property is to look at comparable real estate in the area. Looking into other properties that have currently sold will give you a good idea of what your home price should be in the current market.
Hire a Real Estate Agent
It’s always a good idea to hire a real estate agent when selling property, but it becomes vital when you’re selling property in a buyer’s market. A real estate agent can help you widen your reach of potential buyers by placing your property on the MLS.
They can also be a tremendous asset when it comes to negotiation time, as they can prevent the price from dropping too low. We recommend checking in with Stroud & Associates or other agents in your area.