A buyers market favors individuals looking to purchase a home. It indicates that the housing inventory is higher than the actual demand for real estate. If you are looking to invest in a house during a buyer's market, it puts you at a notable advantage. However, if you want to sell your home it is important to know how you can improve your chances of making a profit and selling your home.
Follow these tips to help you navigate through the home selling process in a buyers market:
Familiarize yourself with local listings
You will likely want to check out the other homes being sold in the area. This can give you a better idea what renovations you may want to invest in and what advantages you have over the current inventory, such as a bonus room or large walk-in closets. When you know your strengths and weaknesses compared to the local market, you can improve your property and play up the extra features buyers might be more interested in. Zillow, an online real estate company, also noted that familiarizing yourself with other homes in the area can help you decide your listing price.
Consider going to open houses or enlist the help of a professional real estate agent so you can have a solid understanding of what steps you will need to take to help your house stand out to buyers.
Pick the perfect agent
Your real estate professional is your teammate. Ensure you make the best choice when selecting one. Realtor.com recommended looking for an agent who:
- Communicates well with you
- Is familiar with your neighborhood
- Has ample experience selling homes
- Can offer valuable advice
You may want to ask your current neighbors or other friends or family members who have recently gone through the selling process if they enjoyed their experience with their agent. Consider interviewing these individuals when looking to recruit the help of a professional.
Don't be afraid to ask questions about potential agents' experience or track record. You want to know how they will be able to help you and whether they are a good fit for you and your situation.
Play dress up
You want to ensure your home looks appealing to buyers. AZ Central noted you should repair anything that could use a little TLC. If your roof is damaged, either patch or replace it entirely. Anything that isn't repaired will stand out to buyers negatively and cut into your chances of selling your home quickly and for a fair price.
In addition, you may want to apply a fresh coat of paint to your interior walls and even the exterior of your home. You want it to look fresh and new when prospective buyers tour your property. Also, upgrade any spaces that need a facelift. If your kitchen is outdated and the listed homes in the area all have stainless steel appliances and granite counter tops, you need to invest in a renovation of this space.
Hiring a home stager can also help enhance the appearance of your home. These professionals can drastically improve the esthetics of your home and ensure it appeals to the highest number of potential buyers.
If you do not want to spend money on a professional home stager, simply declutter your home and use your own furniture to show how the space can be utilized. You want to let interested buyers see themselves living in your home. Remove any personal items to appeal to a wider audience. Additionally, you may want to store any items that might be controversial, such as a private art collection or hunting rifles.
Have a stellar photo shoot
The photographs taken of your home and posted on the listing site can impact whether prospective buyers have interest in your property. Zillow emphasized the importance of posting photographs that compliment the beauty of your home. These photographs serve as an interested homebuyer's first impression.
Your real estate agent can help ensure the photographs of your listed home help interest people and ultimately sell your home.
Hire a professional to inspect your home
When trying to sell your house in a buyer's market, having a home inspection prior to listing your home can ensure you are aware of any issues that may keep buyers from making an offer. Give yourself peace of mind and prepare your house for buyers by having an inspection and address the issues that arise
Prior to having a professional evaluate your property, the National Association of Home Inspectors recommended preparing your house for the process. Complete a general cleaning of the various features of your property. Clean your gutters, apply fresh paint and replace or clean the heating, ventilation and air conditioning filter.
Selling your home in a buyers' market can be stressful. However, by properly preparing your house for buyers you can sell your home faster.