If you’re facing a buyers’ market, there are more homes for sale than buyers and this gives them the negotiating power. If you don’t have a hard sell-by deadline, you may want to
10 Tips to Sell Your Home in a Buyers' Market
Dated: September 14 2022
If you’re facing a buyers’ market, there are more homes for sale than buyers and this gives them the negotiating power. If you don’t have a hard sell-by deadline, you may want to consider waiting for the market out. Unfortunately, waiting isn’t always an option. Luckily, for sellers, there are ways to ensure you sell within your time frame and for the right price.
#1 Deep Clean
The first step every seller needs to take before listing their home is a deep clean both inside and out. Make sure you clean every hidden corner of your home, inside all the cabinets, baseboards, and even the crumbs under your refrigerator. During the showings, buyers are apt to look in, around and under things and if they find dirt, they’ll suspect your home isn’t properly maintained.
Make sure that all windows are thoroughly cleaned, both interior and exterior, to let in as much natural light as possible. Same with mirrors. Clean mirrors will reflect light better and create that crisp feeling of cleanness.
Go through each room, remove excess furniture and pack up 50% of the “stuff” — then store, donate, or trash it. When people walk into their potential dream home, they want to see large, airy rooms, not shelves packed with personal knickknacks. Do the same with cabinets, closets, and pantries. Ample storage space is extremely important for buyers. Consider getting a storage unit and keeping items off-site while your home is on the market.
Keep your fridge free from all kinds of magnets and memos. Hide family photos, kids’ artwork, meds, bills, toiletries, etc. It will make it easier for buyers to imagine what their lives would be like if they lived there.
#4 Paint Important Areas
If your interior paint is faded, has stains, marks and scratches or the colour palette don’t appeal to buyers it’s time to repaint your key rooms. The light neutral colour on the walls will give the home a cohesive look and the appearance of more square footage.
#5 Strategic Staging
In a competitive market, home staging can be an important tool in making your home attractive to buyers on an emotional level. It creates an impeccable first impression in professional photos, highlights the best features of a property and hides its shortcomings.
If a home is tenanted or vacant virtual staging will do the magic.
#6 Maximize Marketing
It’s super important to bring in a professional real estate photographer to video and photograph your home. Add video tours: Virtual tours, video walkthroughs, drone videos, and 3D Home tours are increasingly popular with younger buyers, and millennials now are the most common first-time buyers.
Installing For Sale sign with “coming soon” will start advertising your home before it gets to MLS. Anyone driving through the neighbourhood will be alerted that the property is coming to the market soon.
#7 Optimize the lighting
Take a walk through your home and look at it from a buyer’s perspective. While you want adequate light in every room, you don't want it to be too harsh or too dark.
Replace burnt-out bulbs, and repair broken fixtures or switches.
Update your bulbs to LEDs. Soft white LED bulbs can provide a softer glow, making your home feel cozier and more comfortable.
Add floor and table lamps in the darker rooms and keep them on during the showings.
#8 Curb Appeal
Curb appeal is even more important in a buyers’ market when the buyers are pickier. Make your home the most attractive on the street. Buyers often drive around their preferred neighbourhood window shopping, so give them show-stopping curb appeal they can’t ignore.
Never underestimate the power of a lush emerald-green lawn, fresh layer of mulch and cute flowerpots to grab the attention of potential buyers.
#9 Inspect and make minor repairs
Before even listing your home, consider hiring a contractor to highlight what they think are the top five repairs needed to take care of problem areas. In a buyers’ market, the prospect of even minor renovation could be a deal breaker.
#10 Right Pricing is Important
Determining the right price for a house in a buyers’ market is especially challenging. You want to price it competitively to attract buyers. Price it a little too high and shoppers won’t visit. Price it a little too low, and it can make you appear desperate and limit how much profit you can turn.
Selling a house is a nerve-wracking undertaking in the best of circumstances, and in a buyers’ market, it can be even more stressful. But with the right preparations, proper pricing, and an aggressive marketing strategy you’ll soon be getting your best offer.
I believe a successful transaction is one in which my clients’ needs are beyond satisfied. The only relationship I seek to build is one based on trust, integrity and care for my clients, which m....