There are many reasons people decide to list their home and sometimes it is not in a market favouring us. This does not mean you won’t be able to sell your home or that you will get below the asking price, it just points to the fact that working for it is more likely. In a buyer’s market, homeowners list one day and then get offers within the month, often at or above the listing price. This is not so when the tables are reversed.
Do not lose heart. There are things you can do as a homeowner to make your property stand out more than the high number of other houses sitting for long periods of time. While Penticton real estate may not be a buyer’s market at this point, it is a great area to consider learning more about. Being an educated house hunter or seller is important and helps us to make good decisions. Here are some things to know about in a buyer’s market.
Research What is Selling and What is Sitting
In a buyer’s market houses are still selling just not as quickly or easily as in a seller’s market. Talk to your realtor and spend some time on the real estate websites in your area to see what is sitting and what is moving. Often houses with higher price tags are the ones for sale longer while the average and lower priced ones are still selling. Even in a market where houses are sitting there is still a benchmark price range. Knowing what it is will help you moving forward.
Take Time When Setting the Price
In any market the price you choose to list your property at is key. Putting it too high and having to drop it later is not a good look. Realtors will inform their buyers of how many times it has been lowered. On the other hand, setting it too low can also turn off realtors and potential buyers. Instead of seeing a deal they may see a problematic house. So really research the market before you set your listing price.
Good Listing Photos Drive Traffic
While most realtors use professional photographers to shoot homes some are definitely better than others. You want the photos to create a house that looks bright and inviting so potential buyers feel it may be worth viewing. You are competing with other sellers so having great pictures really can make a difference. If you are unhappy with how they look let your realtor know. A professional will agree and get the photographer to take new pictures.
Staging Can Set Your Home Apart
In a buyer’s market staging your house is highly advisable and can create a sale when other houses are not selling. Take the time to get the house looking its very best. Get rid of your clutter and make sure the house is sparkling clean during every viewing. Move furniture around or into storage in order to ensure a spacious, bright look that is inviting. Do some research on staging a property and follow their advice. Staging home can help it sell.
Be Willing to Negotiate
Oftentimes we have a price in mind and are not willing to go below it. This can mean your house sits on the market longer than you want and there is typically a cost to a property that is not selling whether it be financial or emotional. We tend to believe our house is worth a certain price and an offer below that may feel offensive. However, if you are willing to negotiate you may find you and the potential buyer are closer than you originally think and can settle on a fair price.
Consider Selling at a Later Date
There are times when a house needs to be sold no matter whether the market is hot or not. In such times you should consider what was said above. However if you do not have to sell right away you might want to list later on down the road instead. There is one thing to keep in mind though. If you are planning on selling and then buying again in a slow market you may find it is not a bad market for you after all.
Do Not Give Up
After a house has sat for a long period of time owners often get complacent and start to assume that viewings will not lead to a sale. Therefore they do not prepare the property to the level they should. It only takes one offer to sell a house. Keep that in mind.
