A buyer’s market means it’s the seller’s turn to be flexible, especially with sale terms. Purchase price, closing dates, move-in dates, storage, appliances, window treatments, points and fees may all require a little negotiation. Whatever the terms, don’t let personal feelings stand in the way of a good deal.
In a buyer’s market, curb appeal, cleanliness, overall good condition and updates are especially crucial. Any little flaw should be taken care of before the first buyer drives up.
- Attend open houses in your neighborhood to see what “sell-ready” really looks like. If you’re shy, ask your Real Estate sales associate to walk you through a few sell-ready examples.
- Back home, start with the exterior to ensure you’re making a good first impression. Reseed or throw down some turf on lawn patches, change the lights in the lamppost, and if necessary, reset the walkway stone.
- Clean the interior beyond your standards. Even if they are impeccable, rent an industrial carpet cleaner or hire a professional cleaning service. Brighten the interior ambiance with light fixture updates, as new lighting is one of the most inexpensive and noticeable improvements you can make prior to listing.
- Fix leaky faucets and make sure the water pressure is strong in both the kitchen and bathrooms.
- If necessary, a great way to improve the appearance of your home is to paint. Use only neutral colors that can easily lend themselves to different decor and styles of furniture.
Don’t reject low offers; negotiate
- Don’t dismiss lower-than-expected offers. Instead, consider buyer incentives that help you meet your asking price. Offer to pay the buyer’s closing costs, moving costs or loan origination fee. These can help the buyer with upfront costs. As well, you may consider offering a limited home warranty that covers HVAC systems and some appliances for a definitive period of time.
- Be careful of purchase offers that are contingent on the buyer selling their home first. Their home may be in a softer market than yours and you could be in for a long wait. Be sure that the purchase agreement includes a contingency-release clause. This way you’ll be able to sell if another buyer comes along.
- The purchase price is just part of the deal. Anything that makes your property stand apart from the competition will give it an edge in a buyer’s market.