5 Tips to Sell Your Home in a Buyer’s Market
Understand the Market | Staging | Professional Photo/Video | Pricing | Availability to Show
1) It is important to understand the relationship between supply and demand, and how it will affect your behavior when selling. Who has the control of the current market conditions, the buyer or the seller? Has the town depreciated, appreciated or remained level in the past 12 months? What are the average days on market for your price range and size home? NAR states that 87% of buyers purchased a home through an agent. Interview at least 3 brokers and choose the one who provides value and an overall customer experience and who can answer these market specific questions for you.
2) It is critical that your home makes a strong first impression online and in person. Most buyers form an opinion about a home within the first 7-10 seconds of arriving and it is estimated that only 10% of home buyers can visualize the potential of a home. That means 90% are not going to be able to look past dirt, clutter, and imperfections. Analyze your house through the buyer's eyes. Decluttering, taking down wall paper, and updating paint colors are just a few ways to help appeal to buyers.
3) Over 90% of buyers look at homes they have found on the internet. Professional photo/video cannot be optional in today’s market. Your broker should provide a high quality digital marketing package, including professional photography & video. Millennials (37 years & younger) make up 36% of the buyer pool, and Gen Xers (38 to 52) are in the running at 26%. Don’t let them pass your listing by, due to dark photos and unflattering angles. Professional photos are a MUST and a professional video adds exciting interest for your property.
4) Pricing should be looked at from the past, present and future to determine trends. Active, Under Contract and Sold inventory. Analysis should be used to determine a price range and time frame for selling a home. Pricing right encourages showings, offers, less days on market, and a higher selling price. Over pricing can diminish buyer excitement, extends time house is on the market, results in price reductions, and can promote discounted offers.
5) Get buyers in the door. Holding high quality professional broker & public open houses is optimal in getting the most showings and feedback from the real estate community and the general public. The seller should make it easy to show the property with as little constraints as possible. Turn on lights, leave the home smelling clean and even delicious (baking cookies is always a hit!) to entice the buyer to feel at home.
In today's e-commerce focused digital revolution the criteria for choosing a real estate agent has changed. People often ask, "What should I be looking for in a real estate agent?" You need an agent who can answer the following questions intelligently:
1. What are the components to digital marketing and how can it help in the sale of my home?
2. What is the current market analysis for the local market and for the product that I am listing?
Choosing an agent who has a thorough understanding of market statistics and trends will be your best ally. No longer can an agent give pricing and negotiation advice without being able to demonstrate some real analysis behind their recommendations. An agent who cannot explain to you the data behind the pricing will not be able to serve your needs in the most comprehensive way. A comprehensive strategy which will explain and provide the understanding of the "why" behind the "what" when it comes to the market and the marketing will be the keys to building an appropriate game plan to list, sell and to achieve you the most value out of your home.