A competitive real estate market can be good or bad, depending on whose favor it skews to. For a buyer looking for a home when dozens of new homes are listed each day, it’s a very good thing. But what happens when a homeowner is trying to sell their home when there is hardly any buyers? In this sort of market, it’s an excellent time to be a buyer, but it can be difficult selling that home. If this is the case, here are four essential tips all homeowners should know when trying to sell their home in a buyer’s market.
1. Work With a Real Estate Agent
No matter if the market is competitive or not, all homeowners should work alongside an experienced real estate agent. Agents can make sure the home is well listed online so it can reach the widest possible audience so it can draw in the most potential buyers. Agents can also help ensure that the seller is getting the best deal possible, even in a competitive market. And finally, real estate agents also help at every turn in the selling process and are able to make sure nothing slips under the radar or is forgotten so everything goes smoothly.
2. Set the Right Price
When looking for a home, one of the most important factors buyers consider is the price, and in a competitive market, price is especially important. One easy way to get attention in a buyer’s market is to reduce a home’s price so it’s a better value, but homeowner should be careful when doing this. Not only does reducing the home’s price mean less profit, but it can also make buyers suspicious. This is because buyers may feel like the offer is too good to be true, and if the home’s price is so low, there must be something wrong with the home that the seller is trying to hide. Setting the home price correctly when the home goes on the market is always the correct thing to do. When setting a price, consult an agent for advice.
3. Stage the Home
The key to having a good first impression with buyers is effectively staging the home.Staging involves arranging furniture and changing appearances so they appeal to a wider audience, such as painting walls a neutral gray instead of more vibrant colors like green, yellow or red. Here are some other ways to stage a home:
- Make sure the home is always clean.
- Put extra furniture in a storage facility so it isn’t in the way.
- Declutter the home to cut out potential distractions.
- Hire a landscaper to improve the home’s curb appeal.
- Depersonalize the home by taking down family photos, etc.
Good staging can help buyers feel more at home in the home, leading to them imagining themselves living in the home. Sellers should always strive to create this sort of environment because it will show the home in its best light.
4. Consider the Purchase a Home Warranty
Home warranties can be hit-or-miss when it comes to actually using them, but when it comes to selling a home, they can be quite helpful. Including a one-year home warranty with the home while selling it can cause a home to sell up to 16% faster than other similar homes that didn’t have warranties. When trying to appeal to buyers, spending a few hundred dollars on a warranty can be extremely helpful when the home goes up on the market.
Selling a Nolensville TN home in a competitive market can seem difficult, but for homeowners following these 4 tips, they can help their home stand out from the competition and attract quality buyers.