When selling in a buyer’s market, aiming for maximum profit is the fastest way to make your home’s listing go stale. A surplus of other sellers and a limited pool of buyers require a smart and creative selling approach.
Get closer to a close and come out on top with these steps.
Clean, declutter, and stage
Buyers will exercise scrutiny in a market that favors them. Crowded cupboards, dirty filters, or a weedy lawn are all reasons to cross a home off their list. Steer clear of similar missteps by following these tips to give a boost to your chances for a sale.
- Freshen up your exteriors and clean every surface in your home, especially areas hidden from plain sight.
- Clear out clutter and store any extra furniture and personal items in a storage facility temporarily.
- Consider staging with the help of your broker or a recommended professional stager. They’ll make sure that your home looks its best and appeals to the types of buyers in your area.
Avoid deal breakers with a home inspection
While optional, getting your home appraised before listing it is a smart decision in a buyer’s market. The appraiser’s report allows you to catch and fix issues that would have further tilted the balance in the buyer’s favor. Focus your efforts on urgent repairs that can affect the final sale price.
Set your price at or just below market value
Pricing your home right is a finer balancing act in a buyer’s market. Set your price too low and you limit your profit and sow doubt in buyers’ minds. Set it too high and buyers will quickly move on to other listings.
Get closer to the right price by looking at the recent listing and selling patterns of homes similar to yours. Your broker can help you with this process since they have detailed insight into why and how those homes got sold.
Be prepared to wait it out
In a seller’s market, great homes sell in 30 days or less. Turnover in a buyer’s market is much slower by comparison, and it’s not unheard of to close several months after listing. Put patience to practice and wait for reasonable offers. During this period, make viewing your home a convenience for buyers and set viewing times to match the hours most convenient for them.
Tack on incentives
For an investment as big as a home, buyers want to know that they’re getting a great deal. Show buyers that you’re open to negotiating and they will be more inclined to follow through with a serious bid.
Offer valuable add-ons like an outdoor space ready for entertaining or an agreement to shoulder buyer-side closing costs. You can also agree to cover repair costs or pay for commission fees if finances are a more major concern.
Selling in a buyer’s market doesn’t have to be a compromise on all fronts. Reach out to your most trusted group of Realtors in Carmel, CA, The Peninsula Group Real Estate, to sell your home at the best price. Call us at 831.595.5045 or send an email to info(at)ThePeninsulaGroup(dotted)com. As a group of experts with intimate knowledge of Carmel-by-the-Sea, California’s real estate market, we will work hard to get you results that exceed expectations.