It can sometimes be difficult to find the best time to sell your house. Real estate market trends can change pretty frequently, and some sellers may be left confused in all of the bustle. One of the things that scare property sellers most is being caught in a buyer’s market. Sometimes circumstances aren’t in our hands; you may have to move for work, or financial circumstances might not be on your side. If you happen to be caught in a buyer’s market, fear not! There’s still a lot of strategies you could implement in order to sell your house. Here’s your full guide to selling a house in a buyer’s market.
What Is a Buyer’s Market?
A buyer’s market is generally when there are more listings available than there are people interested in purchasing them. Supply and demand in real estate reach a state that is generally unfavorable for sellers. The oversupply means there is high competition, which may ultimately drive down prices. Real estate market trends in a buyer’s market can include more days on market for listings and lower selling prices than usual. Overall, this situation favors the buyer.
Related: Is It a Buyer’s Market or a Seller’s Market? How to Tell the Difference
What Can You Do About It?
Stage Your Home
One of the biggest hindrances to selling a house in a buyer’s market is that there is high competition around you. As such it may be difficult for buyers to find your property among the sea of other real estate listings. But this doesn’t mean there aren’t buyers. If your property is unique and can stand out from the mass of listings around it, you’re in a very favorable position to snatch the ones looking around. Consider hiring a professional to stage your home, in order to maximize its appeal to buyers and improve the odds of selling your house. Home staging is crucial when getting your home ready to sell in a buyer’s market!
Market Your Property
When you’re in a sea of competitors, your real estate marketing strategies can make or break your odds of finding the right buyer. There’s always the traditional methods, such as front-lawn marketing, and specifically targeting real estate publications in your area. These are usually enough in a seller’s market, but you may have a bit more work to do in a buyer’s market. While these are great options which you should definitely look into, considering broadening your view of where to market your property.
One of the best outlets you have in this regard is free listing websites. There are a number of fantastic options that can place your listing on the screens of hundreds — or thousands! — of potential buyers. An industry leader in this field is Mashvisor, whose property finder is used by thousands of investors. This is a fantastic option since a majority of users are real estate investors, agents, and other industry professionals, who will typically be very serious about their property acquisitions. Another great advantage is that many investors search for good investments outside of their home states, so you’ll be opening yourself up to buyers from across the country. You can position your property as a great choice for investors, and therefore significantly increase the number of potential buyers.
Related: How Much Will an Investor Pay for My House?
Take Professional Photos
Finding the right marketing channels is only half of the battle; you still need to produce a stellar real estate listing to draw in the eyes of potential buyers. In this regard, professional photography is crucial. There are a lot of photographers who specialize in interior and architectural photography, and if you’re able to find one, you’ll be in great shape to take the perfect photos. Such photographers will typically have a better understanding of how homes should be photographed to emphasize certain architectural elements that draw in buyers. If you’ve got great photos, with great channel marketing, you’re in top shape to find a buyer.
Price Your Property Well
In a buyer’s market, many homeowners make the mistake of underpricing their property. With the fear of staying on the market too long or overhyped market predictions, some sellers cut their prices too low. This means a loss in potential income, which is far below ideal for anyone selling a home. Alternatively, a lot of caution does need to be practiced when pricing your home, since the competition could be to your disadvantage. Pricing strategies can seem like a headache in this delicate balance.
One of the best tips for selling a home is to look into real estate comps. These are properties of comparable specifications, and within the same general area as yours. Looking into the prices at which these properties sold will give you a great idea of what price your home will likely sell for in the current market. Figuring out real estate comps is one of the best things you can do when learning how to sell a house.
Related: How to Find Real Estate Comps in 2020
Brush Up on Your Negotiation Skills
The unfavorable market situation in a buyer’s market may leave you with a subpar offer, which is lower than you expected, or lower than you’re willing to accept. Because of these situations, you should brush up on your negotiation skills. Prepare to compromise, but learn when to hold firm in your ask.
Negotiations should always lead to a circumstance wherein both parties are satisfied with the outcome. Learning how to find the middle ground, while asserting firmness in your positions, can go a long way. Even if you receive an offer that’s lower than your expectations, don’t lose hope. Negotiate instead.
Work with a Real Estate Agent
Working with a real estate agent is always a great idea, especially when you’re in a buyer’s market. Agents know how to sell a house in the most efficient way, and can often do so more quickly and for better prices. As well you’ll have access to their network, which can include a multitude of investors or buyers, which can significantly improve your odds.
Bottom Line
Whether you’re in a buyer’s market or seller’s market, these tips can help out in getting your home sold faster and for a better price. Listing your home for sale in a buyer’s market sounds scary, but no need to fret! Savvy sellers will be able to navigate the situation and end up with a great sale.