How to Sell a House in a Buyer's Market

Your local newspaper talks about the real estate bubble bursting or a sagging real estate market, but what this really means is a buyer's market in housing. The supply of homes exceeds the demand, so buyers can be choosier. This may be good news for buyers, but it is not as good for you as a seller. Follow these steps to sell your house in a buyer's market.

Instructions

Difficulty: Moderately Challenging

1. Think seasonal. Houses sell faster at certain times of the year. Real estate transactions usually pick up in late spring, due partly to families who want to move while the kids are out of school. The slowest time of the year may be around winter holidays as people focus on celebrations instead. If you live in an area that draws a lot of tourists or retirees, the best time is at the beginning of the tourism season. People looking to make lifestyle changes often use vacation time to take a look.
2. Work on your curb appeal. Realtors say that a buyer's first look at a house matters the most. That means keeping the lawn mowed and plants trimmed. Spring for annuals for splashes of color. But don't stop on the outside. Fix broken interior items like sticking doors and window screens with holes. Update a home with new hardware on cabinets and doors. Change light fixtures for a more modern look.
3. Ask for a home inspector's opinion. Home buyers often arrange for a home inspection. Sellers can too. A home inspector can tell you about things that need fixing that you might not even be aware of. You may be so used to your bathroom outlet not working that you have forgotten about it.
4. Be flexible. Sometimes you only get 15 minutes warning of an impending showing of your house, so be ready at all times. Other things you should consider being flexible about are the move-in date and the price. Sellers rarely get their asking price. If you don't want to budge on the price, consider paying the buyer's discount points.
5. Investigate your neighborhood and community. Look at other sold homes in your neighborhood. Find out how long other homes are on the market and how the selling price differed from the list price. A realtor can provide this information, as can websites like Zillow. If your community just scored an economic coup by drawing a major business or manufacturer to your town, then you know people are going to move to your community.
6. Hire a realtor. Let someone else take on the headaches of selling your home. A realtor's business is to market your home and find a buyer. Interview a few realtors. Ask for a market assessment on your home plus information on how they would market your home. Make certain a realtor lists your home on the community multiple listing service, which makes your home information available to any licensed Realtor in town.
7. Get creative with marketing. Many people start their home search on the Internet. Houses with easily accessible virtual home tours allow you to have an open house to buyers 24/7. If you live in a scenic location, consider listing your house in other cities as a vacation property.

Tips & Warnings

• Wait out the buyer's market. The real estate market is cyclical. If you have some flexibility in when you sell your house, wait until the real estate market is better for sellers.
• People often have emotional reactions to houses. Play up any focal points that might draw the interest of a buyer. A meditation garden or a staircase can be something for a buyer to fixate on. If you are having an open house, consider baking cookies right before it starts. Not only can you offer fresh, warm cookies, but baking smells will linger.
• A quick way to sell your house is to sell it in a real estate auction. You set a reserve price, which is the lowest price you can accept. An auctioneer tries to get you the best price through a competitive bidder process.
• Watch out for home-equity loans with adjustable rates during a buyer's market. You may end up owing more for your house than it is worth.