Selling a home in a buyer's market can be a difficult situation for those who can't afford to wait to sell their homes until the market turns around again. But sellers do have options when it comes to getting better offers. While they may not get the exact sale price they were looking for, they may be able to get closer if they master the following tactics for their home sale.
Part of selling a home is being mentally strong enough to know when to say yes and when to wait for a better buyer. An extremely time-crunched seller may not have very much leeway, but even having a little cushion can be helpful. Bracing yourself for a lack of interest in the home can be the best thing a seller ever does because it allows them to temper expectations. It's also a good time to start thinking about the concessions that a seller can make for buyers.
Sellers should consider how they can be more flexible towards potential buyers before they even put the home up on the market. This type of preparation can be crucial for a seller who will need a little patience before finding someone who truly does want the property.
Flexibility in Action
Buyers already know what type of market they're in before they even start the search, which means they're going to be pickier than if the market was on more even footing. Sellers who neglect cosmetic flaws in their home may find their property sitting untouched for months on end. Move-in dates, storage restrictions, peeling paint—these can all be deal-breakers to a buyer who has plenty of other options from which to choose.
Sellers who take initiative to negotiate closing terms in favor of the buyer or to upgrade those dated fixtures in the bathroom can help themselves stand out in a sea of competition. It's also a good idea to get the inspection done as soon as possible. Buyers may still want to complete their own inspection of course, but an inspection report displayed on a table at an open house can assure buyers that the seller has nothing to hide.
Know the Market
Every market has its own quirks to it, whether sellers are in a large city or a quiet suburb. Real estate agents may know the market like the back of their hands, but sellers usually need to make the effort to really study the trends. Understanding the gaps between the average asking price and the average selling price is an excellent way to gauge how to price the home.
In certain areas, it may be smarter to price the home low to spark a bidding war (which is possible even in a buyer's market), but usually, it makes more sense to set the price slightly higher than the what the seller originally wanted. This way, they can more easily offer to cover certain closing costs or award discount points in lieu of standard price negotiations.
Selling a home in a buyer's market may take more effort, but it helps to keep a sense of perspective before getting started. Buyers may be far more willing to choose the home because the seller isn't so rigid with their expectations or because the seller has shown an interest in making their Nashville home as move-in ready as possible.
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