In our last blog, we looked at the strong evidence that suggests our Iron County Real Estate Market is transitioning to classic buyer's market conditions.
While the basic rules for selling your home never change, it is important to understand buyers' motivations in these new conditions.
Clearly price is going to be an increasingly important factor, especially as competition for buyers intensifies. It's therefore very important to work with your agent to ensure that your home is accurately priced to reflect market conditions and to attract interest from buyers. Homes that are overpriced in this market carry the risk of simply being ignored.
Condition of your home has always been of critical importance, but it becomes even more so in this changing environment. It's imperative that you strive for a very neutral and uncluttered appearance and also store any personalized items like family photos. You need to make it as easy as possible for people viewing your home to imagine themselves living in it.
And never underestimate attention to detail. Even a faulty light fitting is enough to make potential buyers nervous about what else might not be right in the home.
While you cannot change your home's physical location, what you can do is work hard to accentuate all the benefits of living in the nearby area. Your agent will help you here, but it's a great idea to pass on information about local amenities and events. This all helps to differentiate your home.
And you can never have too many features either, because these matter to buyers who have choices. Does your kitchen look tired for example? Now might be a great time to renovate it. Home improvements are often enough to elevate the home you're selling above other very similar properties that are on the market.
Above all else, it's important to remember that buyers are likely to feel increasingly empowered in terms of their status in negotiations. This can actually be a very positive thing if you've paid good attention to home presentation. The best homes at the right price will always be the fastest to sell - that never changes.
Please don't feel alone in this process. Why not contact us today for an informal discussion on how best to adjust to changing market dynamics. It's something we're working on every day, so we have worthwhile perspectives we'd be pleased to share with you.