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House Talk |
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Selling Your Home in a Buyer’s Market
First of all, what does it mean to be selling your home in a buyer’s market? A buyer’s market is when there are many more sellers trying to sell property, than there are buyers wanting to buy. If this happens to be the case when it’s time to place your home on the market, what can you do to make sure your home sells? |
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Start by making sure the home is priced right! Try to be very realistic about what homes similar to yours are selling for in your area, and price yours accordingly. Pricing within 2% of conservative market value will maximize interest and the chance of an offer.
Beyond pricing, there are many other perks that a seller can offer to make their home sell faster. Start by having the home pre-inspected and fix what needs fixing in advance. Buyers like the idea of knowing in advance what the problems are, and that you’re fixing them willingly.
Consider offering a home warranty. A home warranty is an insurance policy for the buyer that repairs will be covered if something needs fixing after they have moved in. The cost is very reasonable and will give the buyer peace of mind.
Another alternative for drawing in more buyers is to offer to pay the buyers closing costs or pay for points to lower the interest rate on their loan. Some sellers even agree to help with the buyers down payment. These ideas will make your home more enticing than your neighbor’s home that is similarly priced.
In a buyer’s market it is also important to spruce your home up by cleaning and revamping as much as possible. If you need extra help in this area, give me a call and I’ll send out my newsletter on sprucing your home up for sale.
Having your home available for showings, using a lockbox, and cooperating with showing requests, will |
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assure that if the right buyer is only in town for one day that you won’t miss out!
Just Say No To Contingencies
Unless you’re in desperate, desperate, times you should usually say no to an offer that is contingent on the buyer selling his home before he can purchase yours. Even though most contracts allow the homeowner to keep the house on the market, most buyers won’t want to bother with a house that is |
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restricted by a contingency agreement. Especially if there are many other homes in the area to choose from.
If you must except such an offer, check out the buyers property to make sure it is priced right and is in good enough condition that it will actually sell. Also, make sure there is a clause in the contract stating that if there is another offer made on the home, the contingent buyer will have no more than 72 hours to buy your home or give it up. |