The Seller’s Market Continues But There Are Fewer Buyers…
Updated: October 15, 2023
The market is continuing to be good for sellers; however, with the current high mortgage rates and home prices there are fewer buyers right now. Now more than ever, every buyer marketing matters when you sell your home.
What My Buyers Are Looking For When Shopping For Home
Here is the feedback I get from my home buyers and perspective sellers who will be buying when they are shopping for home:
- Buyers want to look at your home online first.
- Buyers want disclosures, information, and reports even if they are not local.
- Buyers want a “nice” home that is clean and well maintained.
- Buyer’s want time to review and complete their investigations if the Seller has not completed any disclosures or pre-sale inspections before the sale.
- Buyers are less committed with the current economy.
- Sellers have not priced their house to the cost of financing and the total cost of ownership for home buyers.
Here Are My Tips and Advice For Home Sellers
Sell Quickly and for More Tip #1 – Buyers Want a “Nice” Home
All buyers in any market want a nice home that is “move in ready.” Buyers are paying way more than they ever thought they would for their dream home. At a minimum buyers would like to buying a home that has been well cared for and with no major issues to address after the sale. Sellers almost always see more money and return on investment for new carpet and fresh paint, as well as making sure everything is in working order in the home.
If you won’t buy the home you live in because it does look well cared for, most buyers will feel the same way after touring your home. Well cared for properties always sell quickly and for more money in any market.
Sell quickly and For More Tip #2 – Buyers want to know “everything” about your home
The cost of hoem ownership is a big challenge right now for home buyers. Buyers want to understand the condition and care of the home by the seller. Any information the Seller can provide will help them sell the home quickly. This is not difficult task to do but this information is often missing and not available to potential buyers. I strive to provide a complete information and disclosure package for every potential buyer. Providing a platform for Buyers to find more information about your home really helps to sell your home quickly in any market including this market.
Sell quickly and for more Tip #3 – Property Updates and Features Sell For More
If your house is over 10 years old, updates and remodelling will bring much needed value and help your home sell quickly and to the best buyer. The older the home the more updates and remodelling will be a consideration for every buyer. A newer kitchen, update bathrooms, new paint, new flooring, and improving energy efficiency all contribute to selling your home faster.
Besides updates and improvements to the home, features about the property matter too for selling quickly and adding more value to the sale. Buyers are looking for solar systems , larger yards with landscaping, additional parking for RVs/storage, backyard amenities including a pool, an outdoor kitchen and/or covered patio.
If you currently own a home in an area that is served by Pacific Gas and Electric a home with with solar owned or leased is a feature most buyers want.
SELL quickly and for more TIP #4 – PRICE YOUR HOME TO SELL THE FIRST WEEKEND.
The buyers are searching and finding a home online first, the most committed buyers are looking at the newest inventory. Your house is only just listed once. The price will attracted the most buyers. In this market within 20 days the best and most committed buyer will have moved on to the next new listings. The price is critical but so is the complete marketing and sharing of the home and property features, amenities, updates, remodeling and terms of sale bring the best and highest offer to the seller. Buyers today know the market and are price savvy. A home not properly marketed and priced the first weekend isn’t getting multiple offers and the lack of interest for your home will result in less favorable sales price or terms to sell your home as time on market increases. Ultimately the seller sets the price for the home. However I cannot strongly recommend enough that sellers get a price from at least three real estate agents that will sell the home within 20 days its on market. Then you can understand how to best market your home to work for the price you want it to sell for
Sell Quickly and for More Tip #5 – Be Flexible and willing to help
Home buyers are on the edge financially to buy a home from the financing to the total cost of ownership and any future repairs the home and property may require. Being flexible and willing to work out any issues during the sale will in the long run be in your best interest to do so. Also, If you have any conditions for selling (rentbacks or replacement property needed) be upfront in the marketing of the sale of your home.
I’ve made market updates on youtube showing the current buyer activity and the results are conclusive:
- Your home marketing online has to be comprehensive and intrigue the buyer to see the home in person.
- Your home needs to be in contract and pending sale within 20 days after listing it.
- Be prepared to make accomodations and financial concessions to sell your home.