Selling in a buyer's market is what every homeowner dreads, but it doesn't have to be your worst nightmare. While getting a price above market value with a dozen buyers in a bidding war is not likely, you can still achieve a good price for your home by following a few simple rules.
In this issue of Home Presentation Secrets of Selling we look at how to improve your results in a Buyer's market.
Wendy McQuillan & Sharonne Fourie
h o m e PRESENTATION
|Selling Houses in a Buyer's Market
|First Things First
These days home shoppers do their research on the net, google-map the property and do a drive-by before even contacting an agent, so first impressions count now more than ever.
Your job is to make as many people as possible fall in love with your home. It is simply bad economics to accept poor photography for your web presence. Too few decent photos and you will not be on the shortlist, too many photos and the buyer thinks they have seen it all. You need to find a balance that entices.
Once an impression is made, it is hard to change even if you get the rare chance, so curb appeal is vital. An attractive welcoming home exterior is a must if you want buyers to get out of their car and come inside.
You are selling today, not yesterday. Don't live in the disappointment of what you could have sold for "if only" but price your home realistically for what a buyer will pay today. Don't let your ego get in the way of making a good quick sale.
Buyers can use products like Home Price Guide, Last Sold Prices by SMS, and Postcode Report to get an accurate estimate of your property's value, so it is imperative that you understand the dynamics of property pricing to back-up your asking price. It takes research to determine a realistic asking price, and humility and discipline to stick by it.
In a seller's market, asking prices are typically up to 15% more than sale prices, but in a buyer's market, setting a price around 5% more than you expect to sell for is an aggressive tactic that will attract more potential buyers. Work with your agent honestly to set a realistic price.
Offer the Best
When buyers are few and properties are many, you have to eliminate all their options of saying 'no'. Go and investigate your competition from a buyer's point of view. You can even pick up pointers about what buyers are looking for in your area by listening to interactions with agents at open inspections.
Visit display homes and find out what buyers are being enticed with, and apply what you learn to make your own home more presentable. Unless your place is an absolute bargain, buyers are extremely critical and not interested in doing work.
If you feel like you don't know where to start, call in professionals like Home Presentation. A consultation with Home Presentation will determine what you need to do to give your home the competitive edge.
Although property appreciation has levelled off, correctly priced homes that stand out from the competition are still in demand, and with a little creativity sellers are still achieving good prices for their homes.