Sell a Home in a Buyers Market
Two words can bring a home seller to his knees: “Buyer’ s Market.” This means that there is an abundance of homes on the market, where prices are falling or stabilizing after a fall, and where homes linger on the market for a while. When you sell a home in a buyer’s market, the buyer has the advantage. Plan a strategy to make your home the one that stands out.
Buyers should not expect to buy a million dollar house for $10,000, but they know they have the chance to get a lot of house for their money. You must deliver if you want your home to be the one they buy.
Deliver the basics
While some buyers consider “as-is” foreclosures that are sometimes filthy, stripped of pipes and fixtures, and broken down, most want a clean new home. Make decluttering and thorough cleaning the first order of business, followed by some freshening up with new paint, fixing leaky faucets, and making other minor repairs.
Anticipate any big problems
You might not be able to make a lot of costly improvements before you sell a home, but you should have a home inspection to get a pro’s view of what your home needs. This “heads up” usually costs between $200 – 400 and gives you the choice to replace or repair whatever the inspector finds or disclose the problems to potential buyers.
Make it marketable
In a buyer’s market, your home is in competition with many others. Especially if it’s in a development where many homes are similar, the home that offers the most benefits stands the best chance of selling fast. If your home looks dated, consider making some renovations to the kitchen or bathroom. You won’t recoup all of your investment but you will likely see about 70%. If you live in an upscale neighborhood, you might have to put in appropriate upgrades using premium materials to remain competitive.
Add the sizzle, not just the steak
Your buyer might have seen your home on the internet, but the first couple seconds he sees it in person tells him whether to come in or keep on driving. A manicured yard with colorful plants, intact driveways and sidewalks, and well-maintained siding invites the buyer inside. Once he’s in, a well-staged home can make him interested in seeing more. If your home has special features, the buyer might not be willing to pay more for them, but they could help the buyer decide that your home is “the one.”
Price it right
A home will sell if the buyer sees it as a good value in the neighborhood. Regardless of how much you paid five years ago or how many upgrades you made, buyers won’t pay top dollar if comparable sale prices won’t support it.
Paying attention to these things can help you sell a home in a buyer’s market. A good real estate agent can offer you some great tips on remodeling ROI, staging, and pricing that will help you seal the deal.
What tips do you have for prepping a house for a quick sale?
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