Selling in a Buyer’s Market
While low-interest rates and limited inventory have given sellers a decided advantage in many real estate markets, there are always exceptions. Besides, you can’t predict when unexpected circumstances might create a sudden shift in the balance of power between buyers and sellers.
Regardless of the reason, selling in a buyer’s market doesn’t have to be a financial failure. Instead, focusing on making the listing stand out, and having a plan for smart negotiations can put you in a better position than you might realize.
Don’t Cut Corners
Listing a home for sale in a buyer’s market likely means you’ll have a lot of competition. Setting your home apart from similar properties requires a commitment to preparing and promoting the house. Start by thoroughly researching your Realtor options to find one who has had success in your area and whose skills and approach make the process easier. You’ll also want an agent who understands the benefits of high-quality photography, marketing and social media.
You’ll want to freshen up your curb appeal and be sure to proactively repair any problems that would be uncovered anyway. Staging and high-return updates like fresh paint and carpet or upgrading appliances will increase the appeal for nearly every prospective buyer and can improve the situation in your favor.
Customize Your Counter Offer
Once you receive an offer, don’t be discouraged or offended if it’s lower than you had hoped. Consider it the start of a negotiation and a chance that other sellers would love to have. It’s also a chance to make the most of your Realtor’s experience.
Rather than focusing only on price, have your agent find out as much as possible about the buyer. A first-time buyer may respond better to a willingness to cover their closing costs, while those attempting to sell their own home may appreciate more flexibility on the timeline. Crafting your counter offer strategically, with the specific buyer in mind, can make the negotiations more efficient and increase the likelihood of reaching an agreement.
Focus on the Future
The fact that you’re selling your home at all means there’s something new on the horizon. While a down market is not ideal, it also means you’ll have the same advantages when you’re on the other end of the transaction.
Lower interest rates and lower prices when buying a home to replace the one you’re selling can often offset any hesitation. Regardless, there’s always value and relief in getting the property under contract so you can turn your attention to what lies ahead. Keeping that in mind should also help ease concerns, even if the timing is not perfect.
Finding the right mortgage in any market starts with a lender you can trust. The experts at Open Mortgage are ready to discuss your options and guide you through every step of the process. Find out more at OpenMortgage.com or by calling to speak with an origination specialist today.