As a seller, it is extremely important that you have a firm grasp of the conditions of the real estate market in which you are selling. Understanding market conditions and being prepared to deal with them is the best way to sell your home in a reasonable amount of time.
What you Need to Know to Sell your Home in Today’s Market:
- Price your home right - from the beginning. This is not the time to price your home according to what you think it is worth, instead of what the local market is bearing (unless, of course, you are in no hurry to sell your home). Instead, it is vital that you price your home right from the beginning so that you can attract a wide group of buyers. Listen to the advice of your real estate agent, take cues from the other homes in your neighborhood, and pay attention to local market trends so that you can price your home to sell.
- Be prepared for low ball offers. Unfortunately, sellers in today’s market must deal with buyers who think that, because the real estate market is fairly stagnant, that they can make ridiculously low offers on your home. However, instead of firmly rejecting a low ball offer (and shooting yourself in the foot at the same time), put your ego aside and counter offer. A counter offer may very well let the buyer know that you aren’t prepared to accept a low ball offer. At that point the buyer can either submit a reasonable offer or move on.
- Get your home in tip-top shape and be prepared for serious competition. Unlike the seller’s market of even just a few years ago, homes are sitting on the market for a much longer period of time, which means that you must be prepared for plenty of competition. A great way to compete against other homes for sale in your area is to make sure your home is the best looking one on the block. Clean it up, clear out the clutter and make it shine. Take care of upgrades and renovations, and entice buyers with new appliances or extra features and amenities.
- Remain open minded and flexible. If you want to sell your home in a buyer’s market, you will need to first remember that it is vital to remain flexible during the process. This essentially means that you will want to be accommodating during showings and open houses (even if the times aren’t particularly convenient for you); you will want to entertain all offers and remain flexible regarding the buyers’ terms and conditions; and you will want to always remember that the ultimate goal is to sell your home, so egos have no place during the selling process.
Although a buyer’s market may prove to be challenging for many homeowners, it is important to realize that there are still plenty of buyers out there, just waiting to purchase your home!