After finally saving up enough money to use as a down payment, I decided that it was time to hit the market. I met with a lender, got pre-approved for a loan, and then started visiting different properties. However, I quickly realized that I didn't know as much about real estate as I would have hoped. I wanted to find a great neighborhood and know what to ask the professionals, but I could tell that I needed a little help. To point me in the right direction, I started working with a great real estate agent who was familiar with the area. This blog is all about educating the general public on real estate matters.
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If your local real estate market has more in common with a tortoise than a hare, then it is important that you understand how to best sell a home in a buyer's market. Without this knowledge, your home could linger on the market for a long time without getting a single offer. Thankfully, there are some strategies you can employ to make your home stand out from the rest of the pack and quickly sell:
Strategy: Understand Who Your Buyer Will Most Likely Be
When you want to sell quickly, it is important to know who your buyer is most likely to be. For example, is your home's buyer likely to be a first-time buyer? Will they be an investor or flipper? Knowing this is vital because it gives you insight into simple things you can do to improve your chances for a quick offer. If your buyer is likely to be a first-time home buyer, then they will appreciate knowing your home will be sold with all of its appliances. Conversely, if a flipper is going to buy your house to make major repairs and then resell, they would likely prefer you take your appliances with you.
Strategy: Offer to Pay Closing Costs Instead of Reducing Your Price
Many home buyers are strapped for cash because they need to pay the costs associated with selling their old home, moving from one place to another, and closing on the new house. For this reason, buyers often respond positively to offers to help pay for their closing costs on your home. Dollar-for-dollar, paying for closing costs is a better enticement than lowering your sales price the same amount of money.
Strategy: Make Repairs or Offer to Pay for Them
To get a clear view of the repairs your home needs, hire a home inspector to do an inspection of your home prior to listing it for sale. Go through the list of repairs and either make the repairs yourself or offer a discount for your buyer to make their own repairs at a later date.
Strategy: Tour Other Homes on the Market in Your Area
Finally, instead of trying to reinvent the wheel and guess what buyers are looking for in a home, you should tour the other houses on the market in your local area instead. As you walk around, look closely at what the home offers and compare it to your own house. Also, speak with the real estate agent to find out what "bonus" items are offered by the seller to entice buyers. Use this information as a guideline for selling your own house.
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