3 Steps to Selling Your Home in a Buyer’s Market

The US housing market is still in the recovery stage. The slow, yet steady recovery has brought us to where we are today, a buyer’s market. This is mostly due to the fact that there are very few buyers with the FICO scores needed to qualify for a mortgage loan. Those that are able to get financing know that they have the upper hand. This means that as a seller, you must take steps to ensure that your home sells. Here are three simple steps you can take to get your home sold in a buyer’s market.

Step 1: Declutter and Clean Your Home

The first step to selling your home in a buyer’s market is to make it more desirable than the comparables in your area. You need to prep your home for buyers. You can start by doing the following:

    • Decluttering your home. Get rid of the anything that may distract buyers from seeing the potential in your property. They need to be able to visualize themselves living in the home.
    • Remove bulky pieces of furniture that make the rooms look smaller, so buyers can visualize how the house will look with their furniture in it.
    • Take large portraits and family photos off of the walls so buyers won’t be distracted by them.
    • Pack the nicknacks away and toss those old magazines and newspapers.
    • Declutter the yard as well. Put up the lawnmower, the large gardening tools and throw away all the old items sitting around the yard. Trim the trees and clean out the flowerbeds so buyers can see how the yard will look once they plant their own flowers.
    • Essentially, make your home as basic as possible so their imaginations can take over and help them visualize the home as their own.

Step 2: Price It Competitively

In a buyer’s market, sellers have a lot of competition. Mortgage lenders are more strict about financing, which limits the amount of qualified buyers. Buyers have also become more careful about what they spend on a home. They want a home they can afford so they won’t end up going through foreclosure later. We’re not suggesting that you underprice your home. However, it’s very important that your home is listed at a price that can compete with other homes like yours in the area. If you list your home too high, you won’t get many viewers. If you list it too low, people will assume there’s something wrong with it or that you’re desperate. The list price needs to be around the same as the comparables in your local area in order to get buyers to view the home, and put an offer on the table.

Step 3: Give Your Buyers Incentives

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In a buyer’s market, sometimes sellers have to offer incentives in order to make their home more desirable than the one up the block with the same list price. Here are a couple of incentive ideas. If you’re a painter, try offering them a good deal on the paint of their choice. Then, paint the living room for free. If you’re a carpenter, you can buy the carpet they want for them at a wholesale price and install it for free. Then, add the cost of the carpet to the final sales price. If they’re interested in your new stove, consider letting them have it with the sale of the house. If your buyer is debating on buying your home because of a problem you can help them fix, find a way to fix it without costing you extra money. It’ll be worth it in the long run once escrow has closed.

Your Home Needs to Compete

The US housing market is expected to go through a few stages during the recovery phase. It’s important that sellers take advantage of each stage in order to get their homes sold. In a buyer’s market, this means catering to buyers so that your home gives them the best deal their money can buy. If your home is competitively priced, you increase your chances of getting viewers. By making your home look more attractive, you increase your chances of getting offers. Offering incentives may be the final key to making sure your home gets sold. If you’re a seller hoping to sell your home sold fast, www.hothomesofstgeorge.com can help. Contact your local St. George Utah real estate agent to list your home for sale today.

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