One thing that many sellers dread is a buyer’s market. This means that there are far more homes for sale than there are buyers looking for homes. As a result, home buyers effectively have their pick of the litter and sellers are left competing with each other to provide the best deal to entice the buyers. This is different than a sellers market where there are not enough homes and the buyers are at a disadvantage.
Selling in a buyer’s market can be tricky, but it isn’t impossible. If sellers make the right preparations before putting their home on the market, they can help ensure that their home finds a buyer regardless of the market. Here are some of the different things buyers can do to appeal to buyers and make a sale.
Set the Right Price
Regardless of the type of market that is occurring, buyers are always going to look at prices first and foremost, so in a competitive market, the price of a home is even more important. The first way homeowners think to attract buyers is by lowering the price of their home, and this is a valid strategy—buyers are always looking for the best deal, after all. However, homeowners need to be careful when setting the price for their home. A lower price can potentially mean more attention from buyers, but if the price is too low, there are two big problems that the seller may encounter:
- The seller won’t get enough money for themselves from the sale.
- Buyers may think the price is too good to be true and assume it’s a trap.
When setting the price for a home, work with a skilled real estate agent to pick one that will bring in a good profit while still receiving good attention from buyers.
Stage the Home
Staging a home is when the homeowner arranges furniture in a way that makes the home look enticing to buyers, as if it were a set pulled from a magazine. Staging aims to make a home appealing to as many buyers as possible, so in a competitive market, it’s extremely useful to do before any other step. Staging also has other benefits that homeowners can gain such as:
- Creating a warm and welcoming environment that draws guests in.
- Showing buyers examples of how furniture can fit in a room and gives them ideas for how they can decorate the rooms with their own furniture.
- Helping buyers envision themselves living in the home.
Homeowners can either stage a home themselves with the furniture they already home or hire a professional stager. Hiring a stager can be especially helpful if the homeowner has already moved out of the home and taken the furniture because empty homes aren’t nearly as appealing as furnished ones.
Purchase a Home Warranty
When it comes to the different ways homeowners can make their home more appealing to buyers, many don’t think about home warranties because a warranty is typically something the buyer chooses to buy on their own. However, having a home warranty can actually help in unexpected ways. Purchasing just a one year warranty for a home before selling can help a home sell faster. On average, homes under warranty sell 11 days faster than homes that don’t, and they can also cause the home to sell for more money in some cases. A one-year home warranty costs on average $350-500.
There are many different ways Sidney homeowners can help their home sell in a competitive market, but all homeowners should be sure to work with a skilled real estate agent to ensure that they’re getting every edge they need.
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The Neal Estate Team is your #1 source for all of your Victoria BC real estate needs. Get in touch with us online or by phone at (250) 386-8181 to speak with a Victoria real estate buying or selling expert today. With decades of experience as a top selling Victoria REALTOR® and ranked in top 1% globally with over 4,000 transactions and $1 Billion SOLD, Ron Neal & The Neal Estate Team have the industry experience and market knowledge to help you make smart and informed buying or selling decisions.