Stand out in a Buyer’s Market
How Sellers can get Noticed in a Buyers’ Market
If you are seller trying to relinquish property in Cleveland, Chicago, Philadelphia, Tampa, Detroit, or Pittsburgh, you are likely well aware that you’re working in a buyers’ market. These areas, along with many others, are still recovering from the past recession and boast low prices along with a large inventory – giving buyers the upper hand. Life can be hard for those looking to sell in areas where buyers have the pick of the litter. If you are interested in properties, get a free rate quote online using our multi-step calculator and contact a financial advisor. While supply and demand may not be on your side, there are some steps you can take to set your property apart from others.
- Be picky – The success of selling your home at the right price depends on your real estate agent. Take your time, pick an experienced agent, and try to choose one who has a track record of getting listed homes in front of a large amount of buyers.
Pick the Right Price – If you’re working with a qualified Realtor to help you sell, the asking price has likely made the top of the list for importance. Choosing the right asking price is vital when trying to sell a home, especially in a buyers’ market. If your price is too high, the home could sit on the market for a long time, which doesn’t always have a good outcome. Coming in too low can also have negative effects if you can’t take the financial hit.
- Curb Appeal – The curb appeal of the home you’re trying to sell is its first impression to buyers. Before holding an open house, make sure the lawn is mowed, the weeds are pulled, and the hedges are trimmed. There are many buyers who likely won’t even go inside a house if the outside isn’t maintained. If you were looking to buy: Would you be interested in seeing the interior of a home when your first impression is a poorly maintained exterior? Didn’t think so.
- Take Center Stage – Many real estate professionals who are working with sellers in a buyers’ market will encourage them to consider hiring a professional to stage their home for showings. While this service can be pricey, if you have the funds for successful staging it can really set your home apart. For those who don’t have excess cash burning a hole in their pocket and want to take a DIY approach, the number one rule in staging is to highlight your home’s strengths while downplaying its weaknesses. Clean up clutter, set the right mood with lighting, and keep things neutral. Buyer tastes vary, but staging will help them imagine what each space can be used for and even though it seems like bringing furniture into a room could make it look smaller, proper staging should actually give the illusion of more space.
- Don’t be a Backseat Driver – Many sellers are taking a more active role in listing and marketing their homes via social medias. If you have a lot of online followers, share links to your property listing on social media. You can also post flyers and let family and friends know what you’re up to. After all, wouldn’t you rather buy from someone you know and trust? This approach could act as a character reference that you’ve kept the home maintained over the years and aren’t hiding any major money pits in the form of necessary repairs.
Standing out in a buyers’ market may be a struggle for some, but if you’ve maintained and updated your home over the years, these strategic moves should help separate your property from the pack. If you’re thinking about selling or looking to buy, the vLoan team is here to help. Please feel free to contact us today, so we can get you on your way.