Hacks to Selling Your Home in a Buyer's Market

4 Hacks to Selling Your Home in a Buyer’s Market

Many home sellers listing their houses in today’s ever changing market are coming to the realization that it isn’t selling at the speed that their neighbor’s did 3 months ago. Selling a home has become a little more challenging and the average time that a property is on the market has increased substantially. 

The days of adding a home in the MLS and receiving multiple offers in the first week are over. It now requires a little real estate savvy by the owner, as well as the realtor, to get your home sold quickly. 

All hope is not lost though. There are steps you can take to ensure your house spends less days on the market and is sold in a timely fashion. Let’s discuss some hacks you can use to sell your home quickly in a buyer’s market.

Price your home accurately at listing

One pitfall that many home sellers fall into is overpricing their home at the time of listing. You should never list your home at a higher price to “wait and see what happens” in hopes of receiving an inflated offer.

The majority of the activity your home will see is in the first 7 days of it hitting the MLS. This is when hundreds of emails go out to potential buyers and agents as a new listing. It also shows up in specialty searches on the internet as a newly listed property. If your home is overpriced at the time of listing, you have wasted all of that activity on potential buyers that now think your house is overpriced. A price reduction later doesn’t have the same effect. 

First impressions are crucial when selling a house. The first impression you make is the one that will attract buyers to your house. It’s imperative to price the property correctly. Overpriced homes can cause buyers to not see the listing.

Couple speaking with real estate agent

Look closely at your first offer

Far too many sellers pass on the first offer they receive within a week of listing. Receiving an offer that early in the process tends to create a false sense of confidence. They are under the impression that the offers will continue to roll at the same rate they did in those first 7 days. 

Sellers often notice that the offers begin to dry up after a week or two of listing their home. They’re left wishing they’d accepted that first offer. In addition to the internet exposure the listing receives in that first week, it’s during that time that many agents will hold an open house. You don’t want to miss out on those potential buyers. 

In a buyer’s market inventory is higher than buyer demand. This means that homes remain on the market longer and are often less expensive. If a similar home sells for less than the listing price, expect to get a lower amount than what you are asking. This is because the recent sale prices of similar homes will impact how much you get for yours.

Make your house easy to show

You want to make your home as easy for potential buyers to see as possible. You also want them to be able to see it at their convenience. It is always recommended that you use an electronic lockbox. That way agents are able to schedule showings when the buyer is available, and not have to rely on you being home to allow their clients to see the home. 

If you limit an agent’s ability to show your house in any way, you’re far less likely to even get appointments set, much less have your property shown. Agents are more likely to show properties that are easily accessible, particularly since they typically have a set day for showings.   

Woman making bed

Staging 

Real estate agents refer to staging your property as a way of preparing it for sale on the real estate marketplace. Staging is a way to show off a home’s most important assets and impress buyers. It also helps you sell your property quickly and for the best price. Since not all sellers take the important extra step of staging their home, by doing so you’ll give yourself an edge. 

While many people think of staging as a long and difficult process, it doesn’t have to be. There are some simple tips and tricks you can use to properly stage your home without worrying about furniture being perfectly placed, and making sure there are cookies baking in the oven.

First you’ll want to remove anything with eyes. Any family photos, paintings, statues, and any other items that could be considered unique to you should be stored away. This helps to depersonalize the home.

You’ll also want to make the home as bright as possible by replacing your current light bulbs with higher lumen ones. Brightening up your home makes rooms look more spacious while highlighting architectural details. 

Remove as much furniture as possible. You want potential buyers to see the house as a blank canvas ready for them to design and furnish the way they want. Another best practice is to replace the bed in the master bedroom with a twin bed. This will give the impression of a larger room. If need be, rent a storage unit. However, if you have a garage or shed don’t be afraid to utilize them. Buyers are willing to overlook clutter in places that aren’t part of the living space. 

Finally, make sure you have some curb appeal. That doesn’t necessarily mean hiring a professional landscaper to have a perfectly manicured garden in your front yard. Simply make sure your yard is cut, and your driveway and walkway are clean and free of debris. The walk to your front door can make or break a deal.

Conclusion

Even under the best circumstances, selling your home can be a nerve-wracking experience, and can be even more stressful in a buyer’s market. But by following the simple hacks we’ve discussed, knowing the best time to sell your house, and working with an experienced and qualified agent, you’ll be getting your best offer in no time.