Selling Your House In A Buyer's Market
Is it a little tougher to sell a home in Oakville right now? Definitely and there are a variety of reasons why.
First off there is more inventory available. Secondly the buyers are not making rushed purchases. The pressure is off. We are seeing very few multiple offers. It's simple really. More listings available, less buyers buying. The pendulum has swung back to to a buyers' market. The ball is in the buyers' court. No matter how you describe it the buyers are in the drivers seat.
So what does that mean? Buyers are waiting and watching. I am finding there are a couple of different types of buyers out there right now. The ones who are sitting and watching homes, waiting for price reductions and the others who are going ahead and making offers on properties but offering on their terms. If the offer does not come together, they move on to another property. They do not get emotionally attached to the offer or the property.
So what does this mean for sellers? There is a very high stress factor for many sellers right now. Some have already purchased another home and they are finding themselves in a position of being close to, or already owning two homes. Some have decided to lease their home if they have been unable to procure an acceptable offer. Unfortunately some have both properties listed with the hopes that one will sell.
This is definitely not the type of market where you purchase risk free before selling. There is a tremendous amount of pressure on real estate salespeople right now. The usual internet, newspaper and magazine advertising isn't attracting as much attention as in the past. Open house signs dot the neighbourhoods on the weekends. In the real estate offices REALTORS are posting pictures of their listings and networking to try to sell their clients' properties. Agents are serving food at their Agent Open Houses. Feed them and they will bring offers? Some sellers are telling their REALTORS to spread the word they are motivated and open to offers. Others are offering a higher commission to the Buyer Agent.
What can a seller do to get the buyers in the door and generate an offer? The first thing they should do is listen to their REALTOR when they list the property. Know exactly what your competition is. How many homes are for sale in the neighbourhood? How do they compare? How many recent sales have there been? What is the average selling price? Number of days on market? If a buyer has 10 homes to choose from, they are going to look at the ones that are priced well and show well. Don't list high and then try to play catch up with the market a month down the road. The first three weeks on the market are the most critical. After a certain time a listing becomes stale and buyers and buyer agents begin to wonder if there is something wrong with the property since it hasn't sold. Motivation for selling is another very important consideration when listing in a buyers' market. If you have to sell it is imperative that the home be in "model home" showing condition. Even if you have to spend some money to do some fluffing or staging it can be well worth it, not always monetarily but in promoting a quicker sale.
When it comes to curb appeal, I can never stress enough the importance of that "first impression" that a buyer will never have again. Make sure you ask your REALTOR what you can do to make your home show its' best. An experienced REALTOR will have been through this type of market before. I have seen lots of peaks and valleys since 1989.
It isn't rocket science to know what buyers' look for in a home. They want to walk in the front door and feel like they are walking into THEIR future home. They want to feel positive vibrations and get the feeling that the home is a happy, well loved home. When they start placing their furniture in the rooms, it's a good sign. It really is the simple things that count. Fresh flowers, clean kitchens and bathrooms, sparkling windows, bright rooms, good smells, uncluttered and depersonalized. A neutral presentation is important. You may love your red and purple walls and rose coloured carpets but the majority of buyers don't.
If your home isn't selling it is very important to discuss with your REALTOR and listen to their advice. They don't get paid unless your home sells so their advice is free. Remember that homes sell in every kind of market. You only need ONE buyer. For 20 years now, I have been professing that "If a house is priced right and it shows well, it will sell"
For advice on how to prepare your home to sell, please feel free to call or email me.