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The Best Ways to Sell Your Current Home in a Buyer’s Market

Posted on Sep 06, 2016 by Earl Raatz

sell-home-in-buyers-market-open-door.pngIf you’re hoping to build a new home soon, it is more than likely you'll need to sell your current house quickly. This can be hard when you’re in a buyer’s market and your home has a few undesirable qualities.

If you’re in this position, it’s time to get serious about doing the things that will make your home as attractive as possible. With these tips, you'll have a leg up on the competition and sell your current home fast. 

Trust Your Real Estate Agent

In a buyer’s market, most homeowners mistakenly try to set a selling price that doesn’t reflect the current market. If you bought your house for $350,000 and you put $50,000 of work into it, you naturally hope that you’ll get at least $400,000 for it. Unfortunately, it doesn’t always work that way. An experienced real estate agent will know what comparable homes in your area are going for and will help you set the right price. If you’re not convinced, try going to some open houses to see how they compare to yours.

Make It Pretty

Your home has to stand out from the crowd if you want it to sell. This means you might have to spend a bit of money to make it look great. Hire a professional landscaper to clean up the bushes and get rid of weeds. Paint your walls neutral colours that appeal to everyone. Get rid of scuffs on the walls or floors. Simple things like old light fixtures or knobs on cabinets can look outdated but are inexpensive to replace. All of these things will make a big difference to the prospective buyers walking through your home.

sell-home-in-buyers-market-moving-family.pngMove Your Stuff Out

When potential buyers look at your house, they want to be able to imagine themselves living there. If it’s cluttered with all of your possessions, it’s hard for them to see this. Consider renting a storage space to hold some of your things until the home sells. Getting rid of the clutter often makes the space seem a lot bigger, too.

Set the Scene

Pick out a few of the unique features of your home and really play them up. For instance, if you have a great dining room, set the table as though you’re ready to host a large family gathering. Potential buyers will start thinking about being able to host their own large party. Let a fire burn in the fireplace to show that it’s working and help people imagine how cozy the winters will be here. Bake some cookies to make the place smell great and serve as a little treat at the open house. These details, while they may seem like no big deal, can really help buyers imagine what their life in your home could look like.

Avoid the “Repairs Calculator”

A new home is a big expense, and few people want to take on big projects as soon as they take ownership. If your carpets are dirty, the water heater is on its last legs, and the toilet looks old, people are going to start adding up the costs to fix those problems. Once they figure that out, they won’t want to pay your full asking price.

Though you don’t want to spend a lot of money fixing things in a house that you aren’t going to live in anymore, think about it from the buyer’s perspective. Spending a few thousand dollars on these repairs often means a quicker sale at the price you want. Here are some more ideas as to what’s worth fixing when trying to sell.

Be Ready at All Times

You never know when an agent will call and want to show your home. While it’s hard to leave at a moment’s notice, you never know which home tour might bring you the sale. For this reason, you should always make sure your home is tidy. You don’t want to get a mid-day call from someone who wants to see the home and suddenly realize you left your dirty clothes on the bathroom floor. Making the home available for showings may also mean that you won’t always be able to cook meals when you want to, so it’s smart to have a few grab-and-go items to take with you or plan to eat out a bit more often until it's sold.

Follow Up on Feedback

Let your agent collect feedback from those of the buyers. Sometimes, the primary reasons that people are passing on your home are major things like lack of central air conditioning or lack of a garage. You can’t necessarily fix those things. However, there may be smaller things you can fix, like replacing the carpet or lowering the price. In any case, it’s good to get this feedback and address those concerns when possible.

Selling your home in a buyer’s market may take a bit more work, but it’s definitely worth the effort. By doing your best to make your current house look great and setting realistic expectations, you're sure to sell it quick.

Click here to get your free guide on the 6 Ways to Increase the Value of Your Current Home Before Selling today!

Photo credit: opening the door, moving family

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