Think Like a Buyer When Selling Your Home

In a competitive market like the one we’re in now, sellers need to be ever mindful of the desires of today’s homebuyer.  After all, every good fisherman knows that if you want to catch a whale, you better have the right bait.  Now not every homebuyer wants the same things (you know how I hate generalities), but there are some common wants and expectations.

Price – The current mindset among buyers is all about price.  Everyone’s looking for a bargain.  Not just a bargain for bargain’s sake, but a cushion to safeguard against future depreciation.  Buyers are sitting on the fence for fear that prices are going to continue to decline and nobody wants to lose value right out of the gate.  Buyers are smart and they are comparing prices based on similar properties on the market and past sales data.  Make sure your asking price is competitive per square foot.  You can’t hold on to the illusion that 2005 pricing is still possible.  Stubborn pricing won’t lure buyers.

Location – No, you can’t control the location of your home but you can highlight the best attributes about your neighborhood.  No matter where you live, there is something special there.  Identify those things and call them out like nobody’s business.

Condition – There are still developers and investors out there looking for a fixer to flip, but they are far and few between.  You want to attract the middle-of-the-road homebuyer and not many among them want to get into a home that needs a lot of work.  If you can’t do the prep work to bring your home up to the condition buyers expect, update as much as you can and offer to escrow some portion of the sale towards repairs and upgrades if necessary.

Clean and Tidy – With all the staging going on, buyers have come to expect a certain effort at appearances.  I personally don’t like staging but I appreciate the importance of a clean showing.  Dark, dingy and cluttered homes are not attractive to buyers and it makes it hard for them to see a home’s potential.  Remove excess clutter, take down heavy drapes and store big bulky furniture that you can live without for a short time.

Extras and Incentives – Buyers will see you as a fair and aggressive seller if you are willing to throw in a few extras.  Added value is appreciated and it can be something as simple as insurance for future repairs or as extravagant as a landscaping credit.  Come up with something creative to offer and market it to the hilt.

Want more?  You can find a wealth of information and intelligent strategies for home sellers at the Real Estate Scientist.

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