Selling a home in a buyer’s market (i.e., a slow market) is more complicated, but it is possible. Sellers can remodel and repair their home to update it for the modern buyer. Sellers can also work with a reputable real estate agency to stage the home and photograph it attractively for buyers. These steps aim to transform the home into a template on which any buyer can superimpose their vision.
What is a Slow Market?
A Slow Market, or a Buyer’s Market, happens when there is an oversupply of homes for sale in a given real estate market. Real estate markets are, by definition, regional. Therefore, it is possible to have a buyer’s market in Chicago but a seller’s market in Indianapolis. Initially, a buyer’s market might seem like a bad situation for a seller. However, it is only bad for sellers who aren’t prepared.
Homebuyers consider price as one factor among many in choosing their new home. Buyers are interested in local schools, social amenities, commute convenience, home amenities, layout, and home features. Sellers can leverage these various factors to make their homes as attractive as possible to the right buyer.
Sellers can maximize their home’s potential by considering these three questions:
- What is special about the home?
- What would the seller change about their home, and why?
- How is the seller’s home different than other comparable homes in the area?
Preparing the Home for Sale
First, Sellers must make all necessary repairs to their homes. Sellers need to repaint, replace the siding, fix holes in the walls, weed the yards, and other general maintenance. Sellers should also hire an expert to inspect their homes for underlying conditions. Many real estate deals are terminated because an underlying condition was discovered during the inspection. However, sellers should avoid repairs that do not add value to the home.
Second, sellers need to stage their homes. Staging is a process by which the home is outfitted with tasteful design elements that appeal to the most people. The most important aspect of staging is decluttering spaces.
Finally, sellers need to price their homes appropriately. Sellers should consult with a real estate expert and market comparable homes to calculate a favorable but attractive price. Sellers shouldn’t overvalue their homes.