Selling in a buyer’s market can be very difficult, but there are still ways of working out a deal that will benefit you in the end. Below are tips that will help you get what you want out of the deal.
Be proactive from the very beginning. This includes: price, marketing, and numerous other aspects of selling a home. There are several steps you can take to ensure all is in order from the start.
Recognize that all markets are different. Know the market for your area and understand how it affects you as a home seller.
Have an inspection performed on your home. This will cost you some money, but it will be well worth it once prospective buyers begin looking at it and consider making the purchase. It gives you, the seller, an early warning on repairs that need to be made before a sale can take place. The buyer will get one before closing, so it can’t hurt to be ahead of the game. This lets you know what the inspector will find and choose who will make the repairs. It shows you are more proactive in the home buying process.
Always put your best foot forward. Remember, in a buyer’s market, you’ll have more competition to contend with, so displaying your home in the best possible light to work to your advantage. If your home isn’t in good repair, most potential buyers won’t even stop to take a look. An appealing house will make a much better impression, so it’s worth the cost and time to make sure it looks as good as possible. This means making changes such as adding new paint both interior and exterior and improving the existing landscaping.
Devise a marketing plan for selling your home. Determine whether you want to enlist the help of an agent or just sell it yourself. If you decide to do it yourself, set a time limit for selling. If your house has not sold once you’ve reached this limit, plan to go with an agent. Talk to real estate agents. Think of this as an interview. Make out a list of questions to ask each of them and be careful in your selection.
Set a price for your house. The rules will vary in differing markets, so again, know your area. If you are using an agent, they will be able to provide you with this information. Think realistically when setting a price. You’ll likely negotiate it along the way, but setting one will help you further establish your position as a seller.
Know the lowest price you are willing to accept and stand firm on it. Sure there are times when it may be absolutely necessary to come down farther than you desire when you must sell immediately. Most of the time, you should be able to hold out until someone will pay what you’re asking, or at least very close to it.