A buyer’s market gives the buyer the advantage in the real estate process. What gives the buyer advantage is home inventory surplus. A buyer can select any home they wish. It’s the seller’s job to convince a buyer to choose this home. Additionally, a seller must compete with nearby sellers for attention. How can a seller win?
Study the Competition
To sell this home, a seller must learn about the competitors’ home. Use the answers to figure out the home’s unique features and make sure it stands out in the listing. In the same vein, a seller can use comps to study what homes hit the market, pending for closing, and the sold price. Take this information to price the home accurately. The asking price should aim for profit, leave room to reduce asking price if needed, and compete with neighboring sellers.
According to the National Association of Realtors (NAR), 51% found their home online. To attract those tech-savvy buyers, a seller must be tech-savvy too. Use social media to promote the home. Sellers without tech knowledge must rely on an agent who understands the online world, including mobile websites/apps. While a seller can add offline methods to their strategy, it is difficult for a seller to rely only on offline promotion to lure buyers.
Photos give buyers a reason to stick around and learn more about the listing. Buyers want a personal connection to the home, and photos provide that. Homes without photos are suspicious and alarming to buyers, so include photos. Now, buyers gravitate to photos that look like photos on Houzz. Therefore, blurry, out-of-focus, pet-loving, clutter-ridden, and Instagram-looking photos get the boot. Photos must be viewable on mobile devices too.
Stand apart from competitors by offering incentives. Free kitchen appliances, a free washer/dryer, home improvement gift cards, covering closing costs, or paying moving costs will get buyers’ attention. The seller must trade finances or items for buyers’ attention, but the results are worth the sacrifice.
In a buyer’s market, the buyer is very selective about the dream home. These suggestions will steer buyers to a seller’s direction, but it’s up to the seller to maintain their interest and secure a winning bid. Fierce competition is motivation to get it right until the home sells.