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Selling Your Home In A Buyer’s Market
When the market is slow it is not always ideal to sell your home, but if you’re working with a limited timeline or schedule, it may be your only option. Selling in a buyer’s market may not be what you had in mind, but there are still ways to beat out the competition and sell at the price point and in the timeframe you need. If you are selling your home in a buyer’s market, your primary goal should be to make your home stand out above the rest. Here are five ways to do that:
Cover Closing Costs
First time home buyers are often surprised at all of the extra fees that pop up towards the end of the home buying process. Closing costs are typically 3-4% of the final sale price of the home, and offering to take cover the closing costs may be just what buyers need to make an offer. Covering closing costs can be an alternative to drastically reducing the final asking price. Sellers can also entice buyers to make an offer by offering to cover moving costs. Covering these last-minute costs can make it easier for buyers to make a decision and ultimately, make an offer.
Know The Buyer
Knowing a little bit about your potential buyers can help you offer incentives that are specific to their situation. If you know they are first time homebuyers, offer to include appliances or systems that new homeowners will need but may not have, such as kitchen appliances or a washer and dryer. Again, this is a way to encourage buyers to make an offer without having to reduce the sales price. Something else to consider is that while material things may not entice buyers to make an offer, a time incentive might. Families with young kids may be anxious to buy and get settled in before the school year starts, and offering them this flexibility could be just what they need to close the deal. Find out what motivates a specific buyer so you can customize your negotiations to their likes and preferences.
Offer To Take Care Of Maintenance
As buyers browse home after home, they are considering what each house will need in terms of repairs, replacements, and maintenance once they move in. If there are small issues that seem to be causing hesitation in buyers, offer to cover the cost of repairs. In order to expedite the sale and reduce the risk of losing the buyer altogether, offer to cover the cost of repairs by lowering the sales price instead of committing to fixing the repairs yourself. It could take days or weeks to get to all of the buyer’s suggested repairs, and in a buyer’s market, you simply do not have that kind of time. Offer the buyers an itemized list of the requested repairs and the estimate to address them, and then let those savings be reflected in the final cost of the home.
Be Willing To Negotiate On Price
One of the most significant factors in buyers expressing an interest in your home is the price. They have plenty of options to consider, and an attractive price is what is going to help them narrow down their decision. It may be tempting to cut the cost by a little at a time, but reducing the price by a significant amount may attract the right buyers.
When it comes to the psychology of pricing, it may be beneficial to reduce the home in a way that looks bigger than it actually is. A price reduction from $415,000 to $400,000 may not generate a lot of interest, but coming down just a bit more to $399,000 suddenly feels like a significant price reduction, especially for buyers looking for homes under $400,000. Speak to your real estate professional about price reductions and discuss the details of when and how to execute a price reduction in order to close the deal.
Pay Attention To Details
You can try every home-selling strategy on the market, but if your home does not feel clean, organized, and livable, buyers will move right along. Before you start reducing prices or offering to cover closing costs, ensure your home is in peak condition for buyers. Schedule a deep clean for the house, get rid of clutter, organize, and update your curb appeal to make sure you are making the best first impression possible. In a buyer’s market, the seller has a small window to present a property that will stick in the mind of the buyer. Take the time to prepare your home for sale in a way that makes it stand out.
Jovi Realty Helps Sellers Navigate A Buyer’s Market
The Jovi Realty team has extensive experience handling the obstacles and challenges that come with selling in a buyer’s market. Our professional team is made up of dedicated agents that know the tricks and tips to make your home stand out to interested buyers. Ready to sell your home? Contact Jovi Realty today to transition your home from “for sale” to “sold.”