How to Effectively Sell a Property in a Buyers Market

Price the property to sell: When looking to sell a home or a property in today’s buyers market, it is important to remember that it doesn’t really matter how much you, or your realtor, think that your property is worth, it only matters how much a buyer is willing to spend when purchasing that property. If your listing price as a seller is too high, your property will quickly lose it’s appeal to buyers as the competitiveness of the market can lead them to look elsewhere.

In today’s market there is little danger in pricing a property too low, often, in a situation like this, the number of interested buyers will increase leaving you, the seller, leverage to increase the asking price. This price can sometimes be quite close to market value. It is important to remember that a buyer has the ability to see what your house was originally offered for, and what you are currently asking for it on your properties MLS (multiple listing services) listing. If your price has not changed too much from the original asking price, buyers may think that you are expecting too much out of your property, and this may motivate them to look elsewhere.
It is important to remember that you may not always get the offer that you were looking for when an offer is made, however, instead of immediately rejecting the offer, it is often times more advantageous to counter with a reasonable offer that is somewhere in the middle. If the buyer is really interested in your property, your gesture may encourage them to meet you in the middle at an offer that you can both be happy with.

Know your neighboring Market: In order to ensure that you are selling your property at a fair price, it is vital to relate your asking price to other comparable homes for sale in your local market. In order to do this, you will need to research the listings of comparable properties in your area. When researching your local market, it can also be advantageous to look at the strategies used by other home sellers in your areas, by looking at the sales prices of properties, and also their original asking prices. By researching the trends in your local market, and nailing down the average price range for similar home in your area, you can ensure that you will be able to competitively set your asking price, while avoiding asking too much.

Set the property up to make a good first impression: Many buyers know, when first seeing a property, that it is the one for them. This is why it is absolutely imperative as a seller to increase the “curb appeal” of your property as much as possible, without spending too much money. Getting your property in good shape makes the property more appealing to buyers, increasing its ability to make a good, lasting first impression. Here are some easy, cost effective ways to make positive changes to any property:

Make sure that your property is clean: clean your floors, carpets, appliances, bathrooms, etc.

Fix up the outside to increase “curb appeal”: Make sure that your lawn is mowed, bushes are pruned, that your walk way is clean and swept, and that any necessary repairs to the front door or porch are done such as painting, or replacing old pieces of wood.

Reduce clutter: Make each room look as though the potential buyer could move in tomorrow. Let them envision how each space can best be used to fit their needs in the home. This process is very difficult when the full size of a room cannot be seen through boxes and baby toys what crowd up the space.

Painting: Repair any chipped paint, add a fresh coat of paint to entrance ways, and also try to avoid any wall stains by covering them up.

A good way to ensure that your property is in good shape, and ready to be sold, is to have it inspected prior to putting in on the market. The inspector will advise you on any changes that need to be made to the property, before it is ready to sell. If you are unable to make the changes, the inspection will allow you to properly price the property in light of the work that needs to be completed. You can offer potential buyers a list of estimated expenses, highlighting what needs to be done to the property. Together with the buyer you can negotiate a fair price that accounts for what needs to be done.