When sellers have no other choice but to list their home during a buyer's market, the process can start to feel daunting before it even gets started. After all, it's difficult enough to complete a home sale even in the best of circumstances. But sellers may have more control than they think, during even the most extreme buyer's markets. For a better idea of how to work within the limits of a buyer's market, try one or all of the following suggestions.
Setting the Stage for a Home Purchase
Having a good attitude is key to getting a good price, and this may mean sellers will have to mentally prepare for a lack of interest in their home. Doing so will not only make the process easier, it can also prevent the seller from agreeing to the first lowball offer they get. It's also a good time to figure out what needs to be done to the home to make a good first impression on buyers. Sellers should undoubtedly start their beautification projects on the outside of the home so buyers instantly know that this home was well taken care of over the years. Sellers may also want to pay for their own inspection of the home, so they can display the passing results right where buyers can see. Whether buyers want to conduct their own inspection or not, it at least tells them the seller has nothing to hide.
The Art of Saying Yes
It's easy for sellers to assume that buyers are getting everything handed to them on a silver platter in a buyer's market, but this isn't always so. Competing sellers may be willing to come down on the price a little more, but they're not always willing to go the extra mile. Buyers may make all types of unusual requests that will somehow make their lives better. Turning them down will almost certainly be a seller's first instinct, but doing so may mean the home sits on the market for a lot longer than they planned. From storage options to pushed-back moving dates, buyers may be a little more generous with their own offers if they know the seller is willing to work with them.
Grasping the Market
Every neighborhood has its own rhythm, even if it's not always readily apparent to the seller. From negotiating tactics to timing delays, the trends will make themselves known eventually. But sellers who get a jumpstart on the market may have a more decisive edge (and It's also an excellent way to get into the right mindset). A real estate agent is usually the best person to consult with when it comes to answering basic questions like how to list the home and which demographic is the ideal buyer. For example, once the seller knows that a young family is most likely to take the home, they can choose to stage one of the bedrooms as a nursery.
No matter how a seller approaches their home sale, it helps to have an idea of the pros and cons of selling during a buyer's market. While buyers may be a little pickier, sellers do have ways to meet their demands without necessarily coming down on the price. There are also plenty of ways that sellers can subtly encourage buyers to pick their home over competing properties by catering their Northwest Edmonton property specifically to meet the demand.
By Justin Havre