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How to Sell in a Buyer's MarketBy Jennilyn BylundAs home appreciation rates return to normal and inventory rates rise, the real estate market is shifting to favor buyers. These changes make it necessary for sellers to stay one step ahead if they wish to sell quickly.
Home appreciation rates have soared in many communities across the nation over the past several years. This has allowed sellers to enjoy a market that favored them to obtain the highest dollar for their homes in a short period of time. As home appreciation rates return to normal and inventory rates (number of homes on the market, and time it takes to sell them) rise, the market is shifting to favor buyers. These changes make it necessary for sellers to stay one step ahead if they wish to sell quickly. The first step to staying ahead is to correctly value your home. As the market cools down, you don’t want to overprice your house and, as a result, diminish its competitiveness. If you decide not to acquire a full-service representing agent to help in the selling process, there are other options available. One is paying a visit to the local property assessor’s office. However, if your home has a lot of upgrades or a big addition, you might need to just pay for an appraisal of the home. When trying to correctly value your home, it is important to understand that this is not an exact science, and you will likely get what you are willing to pay for. Next, sellers should list their property on the Multiple Listing Service. Again, this doesn’t require a full-service seller’s agent if you have decided to go the For Sale By Owner route. Many local discount brokerages will place a home on the local MLS for a flat or minimized fee. The next step for a seller is to make sure your home is appealing to potential buyers. The market shift to favor buyers means that new paint and a few scented candles won’t necessarily close the deal anymore. Your home needs to represent what the buyer wants but doesn’t have. First you need to get rid of the clutter. Whether in the living room, bathroom or bedrooms either get rid of what you don’t need, or move things that take up extra space to an off-site storage facility. Additionally, make sure your home is always clean and tidy (you never know when someone will just knock on your door). You should also consult some color guides that illustrate the best colors for certain rooms and in different seasons. The most important thing for a buyer to do is imagine living in your home and this is always easier when rooms feel inviting and comfortable. Lastly, remember to be flexible. This includes both your time when showing the home, and the price and amenities of the home. You should always make yourself available for showings at the potential buyer’s convenience, and if they stay longer than expected, don’t get frustrated. Building good rapport early could help to close the deal more quickly. Also, before you put your home on the market, think about concessions you would be willing to make and use as bargaining chips. Usually buyers, especially those represented by an agent, will be aware of the market, and know they have a bit of an upper hand. Jennilyn Bylund is a PR coordinator for 10x Media, a marketing solutions company. Estatblished in 2003, 10x Media has expanded its online presence through consumer information networks Inside Real Estate, Inside Finances and Grab Real Estate, which contain thousands of pages for city and state specific real estate information across the nation. |
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