Tips for Sellers during a Buyers Market
- Be committed to selling. In a Buyer’s market with inflated inventory, short sales, and foreclosures, this is no place for a seller to “test the market.” Don’t even think “If I get my price”. You won’t. Serious Buyers know that money is only a secondary motivator for a Serious Seller.
- Know your Competition. Focus on recent sales as well as what is currently being offered. Take the time to go with your Agent to see the comparable properties that are on the market. Just looking at comparables over the internet is not enough; if a property has been on the market for over 3 months, you better know why before you try to market yours.
- Price correctly the first time! Refer to #1 and #2!! Do you see the market as improving? If not, then why would you price according to current market conditions? Don’t set yourself up for a price reduction, think ahead of everyone else. Once you start reducing the price, you start chasing the market, and once you chase the market, it seldom ends with anything more than if you had priced ahead of the curve to begin with.
- Present your property in the best condition. Clutter? Tenants? Wear and Tear? These are sure ways to turn a first impression into a bad one since Buyers tend to focus more on the negatives than on positives. Hire a professional cleaner, have your tenants vacate before you go to market and remedy as much as you can for all the items that look worn. Replacing your faucets, shower heads, cabinet handles, and door knobs can be done for less than $200.00. If your property is older than 30 years, you should consider hiring a Home inspector to snub any preventable issues that will come up during the Buyers inspection period.
- Accessibility. Make use of a lock box, allow your home to be shown on a moments notice and use every opportunity available to show the home (Brokers Open & Open House) The more prospects that walk through your front door, the better your chance that you will be able to capture a ready, willing and able Buyer.
- Absorb all feedback. If one buyer says something, others are thinking the same thing. If several similar comments are made, do something about the problem.
- Time is of the essence. This means sooner is better than later. Do not underestimate your first Buyer. They may be your best Buyer. They may be the only buyer for a long time. Give your best Buyers your best price!