Key Strategies To Selling Your House Fast In A Buyer's Market

Need your home sold quickly? Here's seven key strategies and steps to ensure the right buyer sees yo

How do you sell your home fast in a buyer's market?

If you don't know, a buyer's market basically means there are more homes on the market than there are people wanting to buy.

This can make it difficult to get a quick sale on your home because the market is saturated with competition. And let's be honest, no one puts their house on the market with the mentality of "I don't care when it sells."

This means in order to sell your home, you need to be competitive. You need to ruthless and motivated!

Mostly, you need to incorporate key home selling strategies!

Selling Your Home Fast in a Buyer's Market

Remember, it's not ideal to sell in a buyer's market. However, if that's where you find yourself and you're looking to sell fast, you need to be practical.

Understand and accept a few things. First, you're in a disadvantageous position. The buyer will have the advantage, you will most likely be the one to compromise.

Secondly, the competition will be steep. Don't lose motivation if things seem slow and don't give up if buyers pass you up. 

Hang in there and maximize your selling potential with these 7 strategies!

1. Seduce Buyers with Curb Appeal

Curb appeal is the first thing buyers will see as they pull up to your home. It will be their first impression of your home and possibly the difference between an offer and a rejection.

The exterior of your home will be what they drive up to for years if they buy your home. Give them something pretty to look at!

Landscaping

Your landscaping needs to be pristine. Get rid of weeds and any overgrowth. Keep grass short, trees trimmed and bushes clipped.

Get rid of any garbage, debris, and excessive lawn ornaments and decor. Keep it clean and simple. 

Exterior Aesthetics

The exterior of your house needs to look fresh and well-kept. If your paint is faded or peeling, it's time for a fresh coat. 

If you have damaged siding on your house, you need to get it replaced or repaired.  

Roof Condition

If your roof doesn't pass the inspection, some lenders won't allow their clients to place an offer on your home. If need be, you may have to get your roof repaired before you can go any farther.

Additionally, if buyers are choosing between your house and one that doesn't need a new roof, it may not bode well for you.

2. Repair and Renovate

As we mentioned above, in order to sell a home in a buyer's market, you need to be competitive. This includes making all minor, inexpensive repairs and possibly some big ones. It also means potentially renovating outdated and unappealing features of your home.

Cosmetic and Minor Repairs

Cosmetic repairs such as torn window screens, cracked windows, beat-up trim, and damaged drywall are inexpensive easy repairs that add a lot to the aesthetics of your home. Leaving these repairs undone can be a huge turn-off to potential buyers.

Minor repairs such as leaky faucets, toilets that won't stop running, and bad drainage issues can seem tedious for potential buyers. So, take care of these repairs as well.

Major Repairs

Major repairs may not be ideal, but they might just be necessary. Heating and cooling issues, roof damage, and water damage may need to be addressed before selling your home.

Either that, or you may need to drastically drop your price.

Updates

Outdated features of your house may need to go. Simple items such as fixtures and paint colors can really help turn a home around while costing you very little.

3. Hire an Experienced Real Estate Agent

Having an experienced real estate agent on your side is the best move you can make while selling your home in a buyer's market. They know how to sell homes better than you do and their advice could make all the difference.

Professional Photos

Realtors know what type of photos need to be taken of your home. They know what potential buyers want to see. And because virtual tours are much easier than physical tours, many buyers will scout your house out online before they ever get in their car to drive by it.

Marketing Strategy

Realtors handle all of the marketing your house needs. They put your home up on all the real estate sites as well as bring the signs for your yard. They also have good contacts with other realtors including their potential buyers.

Market Knowledge

Realtors know the market well on both sides. They have experience helping people buy and sell in all kinds of markets. Trusting them with your home will take the stress and pressure off your shoulders.

4. Stage Your Home

A well-staged home can sell up to 73% faster. Set your home up with a minimalistic approach to furniture and decor to maximize your selling potential.

Depersonalize

First, you need to depersonalize your home. Anything that's not of common taste such as wild colors, niche art and decor and pictures of real people need to go.

Move Out

Selling a home is much easier when you don't live in it. 

First, if you still live in a home that is constantly being shown, you have to work overtime to keep it clean. It quickly becomes tiresome. Secondly, buyers don't want to sense your presence in the home through wet shower curtains and toothpaste in the sink. 

Hire a Professional Home Stager

Simply put, get all of your stuff out of the home, and hire a stager to put other stuff in. 

Professional stagers have a knack for design and aesthetic appeal. They'll use the best furniture and decor for your home that will make it feel warm and inviting to any potential buyers.

If you're trying to sell a home fast in a buyer's market, a professional home stager will be well worth the price.

5. Price It Competitively and Be Ready to Compromise

Most people have a lot of memories tied to their homes. The tree out back is the tree you built your kid's first tree house in. The patio is where you grilled the first burgers for your family when you moved in.

However, buyers don't know all of that, and even if they did, they wouldn't care. 

The point is, you can't price your home based on memories and emotions.

Know Your Area

Therefore, to price your home appropriately, you need to do a little market research. Look up the recent sales in your area and see what similar houses are going for. They must be in your neighborhood as location can make a huge difference in the price of a home.

Compare size, quality, features, and incentives to get an accurate depiction of what your house is worth in the current buyer's market.

Be Realistic

As we suggested earlier, buyers don't share the same emotional bonds you do with your home. The quirky and weird features of your house that you think add character may be a complete turn-off to them. 

Also, be down-to-earth about the condition your home is in. Above all else, don't try to hide things!

Negotiate, Don't Walk

Finally, don't get offended when you get a low-ball offer. The buyer is likely trying to take advantage of the buyer's market but if they want the house, they'll negotiate. 

Do what you can and if you can't meet at an acceptable middle-ground, then walk.

6. Add Incentives

Everybody love perks. Adding a few incentives to your home to sweeten the deal rarely goes amiss.

Closing Costs

If negotiations are taking too long or you want to avoid giving away the farm, offer to pay 100% of the closing costs. You'll take a hit, for sure, but you'll also be laying down an offer that's hard to refuse.

Appliances and Equipment

Most likely you'll be leaving the fridge, stove, and dishwasher behind. However, offer to leave the washer, dryer, microwave, grill or smoker, and even a lawnmower. This will appeal greatly to first-time home buyers, which make up 33% of buyers.

Decor

Feel free to leave some decor behind as well. If you leave window treatments, elegant light fixtures, and sophisticated wall art behind, it may entice some buyers who are on the fence.

7. Keep Your Emotions Out of It

The worst thing you could become in a buyer's market is an emotional seller. Emotions lead to irrational decisions and vulnerability.

Don't Get Offended

People who know the market are going to low-ball you. They know they have you in a corner during a buyer's market. You don't have to cater to ridiculous offers, but you shouldn't get offended by them.

Don't Get Attached to Buyers

When you're in the market to buy, you're not supposed to get attached to homes you want. Similarly, as a seller, you can't get attached to buyers. 

You never know if their lenders will approve their loan, if they'll change their mind, or if their dog will die and they decide not to leave their current home.

Buyers and lenders are fickle. Don’t count your chickens before they hatch..

Don't Give Up

Selling in a buyer's market is tough, there's no doubt about it.

The key to selling, aside from using the above strategies, is being resilient. You can't live and die based on every potential buyer that takes a tour of your house. You can't lose hope because an offer falls through.

Stick with it and make use of your Realtor!