Whether a market is “down,” depends on which side you’re on. A down market for buyers occurs when there are few homes for sale and lots of competition from other buyers.
For sellers, it’s the opposite — lots of homes for sale and few buyers in the market.
So, how does a homeowner sell a home that isn’t particularly the belle of the local real estate ball while competing with other sellers? Here are several things to think about:
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Pricing
Strategically pricing your home means the difference between making and breaking the sale. In a buyer’s market, getting the price right is critical.
While market value is based on the sales prices of similar homes and not on the prices of homes currently for sale, in a buyer’s market it pays to be aware of your competition. This means touring homes for sale in your area. If you find one that is priced comparable to yours you’ve found your main competitor. If it’s in far better condition than yours, you have two choices, upgrade your home similarly or the price of your home.
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Flexibility
Yes, keeping the home clean and being asked to leave on a moment’s notice to accommodate a showing is frustrating. To get the home sold during this challenging real estate market, however, requires extreme patience and an overabundance of flexibility.
Most buyers work in the daytime so evenings and weekends are the only times available to them to shop for homes. What is convenient for them may be highly inconvenient for you, but flexibility in your schedule is what will help win this game.
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Concessions
Homebuyers can become unreasonable when they know they are in the driver’s seat. They may ask for personal property to be included in the sale, such as furniture or play equipment. They may ask for credit for carpet or vinyl replacement even if there’s not a thing wrong with the existing floorcovering except that the buyer doesn’t like the color or pattern.
There is no rule about how to handle these situations – just about everything in a home sale is negotiable when it comes to concessions. If it will pave the way to a smooth and quick closing, many homeowners are more than happy to accommodate the buyers’ requests, as long as they’re reasonable.
Unfortunately, you may need to sell your home when the market is stacked against you. Get your price right, be flexible and have lots of patience and you’ll get through it.