Today's market and conditions point towards a seller's market. However, it is not always a rosy time for sellers and sometimes, the cards are turned and the favors are at the buyers' side. How can you get more offers even though there are more sellers than buyers in the real estate market?
A buyer's market means that there are more sellers than buyers in the real estate market. This gives the buyers an advantage, as they have more options to choose from and can even sometimes ask for lower prices.
In this case, lowering the selling price of your home seems like the only way to go in this situation. However, Realtor.com notes that sellers can still get more offers even if they are in a buyer's market.
One of the things you can do to seal the deal with a potential buyer is to offer additional incentives. Offering to pay for the closing costs instead of lowering the selling price of your home will go a long way.
According to the publication, an offer to cover the closing costs would mean the buyers have additional money on hand. Sellers can also offer some extras such as appliances and other items, especially if your prospective client is a first-time buyer.
The publication notes that it is, therefore, essential that a seller gets to know the buyer in order to personalize the offer according to the buyer's needs and wants.
"For some buyers, the extras will engage them more than a price reduction. Learn what you can about the buyers and appeal to their likely interests or needs," said broker Glenn Phillips.
As previously reported here on Realty Today, sellers may also do some minor home improvements at home. Digital upgrades may do the trick and appeal to more buyers, especially because more buyers are on the lookout for smarter homes or houses equipped with more charging stations for their devices.
