Only a few months ago, everyone was talking about how the market had shifted in favor of sellers. Homes were flying off the market, and buyers were struggling to get their offers accepted. Fast-forward to today, and the opposite is now true – buyers have all the power, and sellers are left scrambling to figure out what went wrong. (In some places, that is). So, what do you need to know as a seller in today's market? Keep reading for our top tips!
1. Don't overprice your home
In a seller's market, you could get away with pricing your home a bit higher than it might be worth because buyers were willing to pay more to get their offer accepted. But in today's market, buyers are pickier, and they know what homes are really worth. If you price your home too high, it will likely sit on the market for a long time without any offers.
2. Make sure your home is in tip-top shape
In a seller's market, buyers were often willing to overlook small imperfections in a home because they knew they would have to compete with other offers if they wanted to buy the property. But in today's market, buyers have their pick of homes, and they will likely pass over yours if it's not in pristine condition. So, before listing your home, make sure to make any necessary repairs or updates to make it more appealing to buyers.
3. Offer incentives to buyers
In today's market, you may need to offer incentives to sweeten the deal for buyers. Common incentives include paying for the buyer's closing costs, offering a home warranty, or even throwing in some furniture or appliances.
4. Try to negotiate
In a seller's market, sellers had the upper hand when it came to negotiation because there were usually multiple offers on the table. But in today's market, buyers are typically in the driver's seat when it comes to negotiation. So, be prepared to negotiate on price, repairs, closing costs, and more.
5. Be flexible with your timeline
In a seller's market, sellers often have their choice of buyers and could be picky about when they want to close on the sale of their home. But in today's market, you may need to be more flexible with your timeline to attract buyers. For example, depending on the buyer's needs, you may need to be open to a shorter or longer escrow period.
6. Work with an experienced real estate agent
Trying to sell your home on your own in today's market can be challenging. It's best to work with an experienced real estate agent who knows how to market your home and attract buyers in today's market.
Final Thoughts
Selling your home in today's market may require some adjustments, but it is still possible to get your home sold for a good price. By following the top tips above, you can increase your chances of success.
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