The real estate market certainly fluctuates and it can do so rather quickly. In a seller’s market, those selling homes often have the upper hand because there tend to be less homes meeting buyer criteria than there are actual buyers. In a buyer’s market, though, the sellers definitely lose ground and often find themselves negotiating for a sale – and sometimes losing out. So what can you do to get rid of your house without getting a raw deal during a buyer’s market? These tips will help.
Understand Your Local Market
You need to understand your local, neighborhood market as opposed to the markets in other states or localities. The real estate market fluctuates based on geographic location, that that can mean huge price differences on one side of the same city versus the other side. You need to look at homes that have sold in your neighborhood within the last three to six months. You might even look at homes that are currently listed for sale. Compare the differences between the homes that are really cool and interesting and the ones that have actually sold. Also, pay attention to the differences between the original listing prices and the actual sale prices. You’ll often find differences of up to 5%, sometimes more.
Look for a Broker You can Trust
Make sure you’re working with an agent or broker you can really trust. Don’t sign anything until you’ve had a conversation with your potential broker. You need a broker who really understands the current market; not someone who will tell you what you want to hear just to gain you as a client. You know the old saying, right? If it sounds too good to be true, it probably is.
Find Ways to Get People Into Your Home
The more potential buyers people who see your home, the closer you’ll get to finding someone willing to make an offer. Make sure your home is listed on real estate websites, in local papers, and in any other publication that will make the sale of your home known. Set dates for open houses and make sure they’re advertised as well. Just make sure you’re advertising in place real buyers will look, otherwise you’ll end up with a house full of nosy neighbors.
Consider a Home Inspection
Most buyers will pay for an inspection before the final offer for the home is approved, while the home is under contract. This could make or break a deal, though. While most agents will tell you, as the seller, to not waste your money, the $200 – $500 you might spend will give you advance warning of major (or minor) repairs that need to be made. You can then take a proactive approach and set a price that acknowledges those needs, or make the repairs so you can get closer to what you’re asking for when it’s time to make the actual sale.
Fix the House Up
A lot of people get tired of their homes or think they look better than they actually do. Your home needs to look awesome and be eye appealing to potential buyers. Power wash the house, paint what needs to be painted, and manicure your lawn. Clean your rugs, fix broken cabinet hinges, and make interior repairs. The better the house looks, the more a person will visualize himself in it – and the less time he’ll spend mentally trying to determine how much he’ll need to spend on repairs.
You can definitely sell your home in a buyer’s market. It’ll just take a little bit of creativity, ingenuity, and knowledge. Get the help you need and you’ll certainly make out well in the end.