How to Sell Your House in a Buyer’s Market
The time has come to sell your house. You have contracted with a real estate agent and your house is on the market, but you aren’t receiving any bites. If you are trying to sell your house in a buyer’s market, you might need to think outside of the box.
A buyer’s market creates a scenario where there are many sellers competing to get their house sold. If you are one of those sellers you need to know how to stand out from the crowd.
These tips can help you make the sale when you are ready to sell your house:
Pay Some or All of the Closing Costs
Buyers on the market may be strapped for cash. Offering to pay for some or all of the closing costs can make a bigger financial impact for a buyer than lowering the price of the home several thousand dollars.
Moving can be expensive, so helping the buyer save money in the beginning may be more beneficial to the them than having a slightly lower mortgage payment over the life of the loan.
Know Whom You are Working With
Sometimes knowing a little bit about the potential buyer will help you to make the right decisions on how to sell to them. Certain buyers might appreciate having extras thrown in compared with having the price reduced. Other times a buyer might be looking to move in quickly to settle in before starting a new job or a new school year.
When you know what the buyer is looking for, it can help you decide how to meet that need while enticing them to make it to the closing table with you.
Pay for Repairs
If a buyer is interested in your house, but has a list of repairs that they want to see made, be willing to work with them. To keep the process moving along and close on the deal faster, offer to get estimates on the repairs and then lower the sales price by that amount.
Allow the Buyer a Trial Run
One outside of the box idea is to allow a serious, but hesitant buyer the chance to sleep for a night in your house. You can use a site like Airbnb to eliminate a lot of the risk. This is a great way to allow the buyer to experience the neighborhood and to work out some of the things that are holding them back.
Reduce the Price
If you are going to reduce the asking price on your house, you need to do it correctly. You want to make sure that any time you reduce the asking price on your house that you are lowering it into a new search bracket. Dropping a house from $210,000 to $199,000 will bring in a whole new group of buyers that were only searching for houses up to $200,000.
Overall, the key to getting your house sold in a buyers’ market is being willing to negotiate. Do not take the negotiations personally. Buyers are trying to get the best house on the market for the best price. If you are in a buyer’s market it is going to be advantageous to you to work with them. Don’t be afraid to think outside of the box.