Sellers: Take Control Over This “Buyer’s Market”
You’ve heard it a thousand times. It is a buyer’s market. But what exactly does that mean for sellers right now? Well it means that your house may no longer speak for itself. The market is flooded with inventory, which means that buyers can be pickier than ever when it comes to spending their hard earned money on a home. Gone are the days when buyers overlook small negatives they see in a house because they like it overall. Chances are there are three more houses on the same street on the market, and maybe one of those will be more appealing. Something about your house has to be special, and special enough to stand out to not just you, but to prospective buyers looking at it.
Take a look at an example of a recently sold condo at Nordic Village. One of our agents was taking a buyer to Nordic Village to look at several options. At the time, there were 7 Nordic Village condos on the market, 6 of which were the exact same “spiral up” two bedroom floor plan. By the end of the day, the buyer went with a condo that we had listed, B16. It was one of the 6 spiral up condos at Nordic Village. So what made the buyer choose B16? What made it stand out? Price wise, it was in line with the other condos on the market, not much higher or lower than any of them. What we think truly sold this condo was the updating. Although the condo wasn’t boasting stainless steel appliances or granite countertops, it did have trendy paint throughout, and contemporary furniture. Because of these updates, the condo had consistent rental income and was one of the few “Excellent” rated condos in Nordic Village. A little bit can go a long way. It doesn’t have to cost a fortune to stand out in this buyer’s market. It can be as simple and inexpensive as a can of paint, or a new couch.
A great exercise for sellers to do is to “play the buyer” for an hour. Go online and search for the neighborhood and price range that your property is listed. Then just click around and look at these homes, because these are your competition. You have to somehow stand out to all of these other properties in order to snag the buyer. Will it be the price? The paint colors? The awesome bay window with views to Mount Washington? Then be honest with yourself. Does your house compete with the other homes in that price range, or is it time to make a change?
The exercise might be a tough wake up call, but it might be what you need to see to make a small change that could make a big difference, and bring in the offer you have been waiting for. And as always, we are always available to help you every step of the way, be it a price suggestion, or a tip on what paint color is hot this season. Happy Selling!