Over the past few years Sellers in Kamloops have had much more power in the Real Estate market than buyers. Homeowners have seen incredible growth in their investments but now we are seeing a strong shift in the market. Buyers now are much more selective when buying a home, this is because homes are more plentiful, are on the market longer and the prices aren’t increasing at this point.
There are five very important things that Sellers need to know when preparing to list their home on the market.
- The market sets the price of homes, not the realtor, the Seller or the neighbour. The changing market will dictate your home sale. DON’T TAKE IT PERSONALLY. The best thing to do is accept the fact that it is a buyer’s market and work within the market’s limits. Don’t fool yourself into thinking that the market is going to appreciate like it has over past years. Price appropriately from the beginning, this will allow you to experience much less frustration while selling your home.
- Buyers are much choosier when it comes to finding themselves a new home. They are very easily put off by simple things such as uncut grass, over grown bushes, scuffed hardwood, brightly painted walls, stained carpets, outdated fixtures or finishings and dripping sinks. By simply improving your “curb appeal” preventing buyers from finding simple things wrong with your property, the better off you will be. You would be surprised to know how much of a difference it makes to just paint interior walls a neutral colour. Also don’t forget to DE-CLUTTER your home. The less you have in your home the better. De-cluttering the fridge magnets, counters, tables, shelves etc. the better. Remember the larger you make a room feel the better.
- Educate yourself about the market and current market conditions. You will help yourself understand the market in your specific neighborhood and in Kamloops as a whole. Don’t base your information on the “List Price” or asking price of a property, the SALE PRICE is the only number that matters in current market conditions. Also, more recent information will better reflect the current conditions, for example if your neighbour sold their home four months ago that doesn’t mean that the same home will sell at that price today.
- Get a home inspection. It will give you an idea about what your home needs. Also it will prepare you for any offers that you will receive on your home, as buyers will almost always have a home inspection done. Having a home inspection prior to listing your home will give you a chance to fix anything that would be an issue in the eyes of a buyer.
- List your home with a Realtor who you trust and is devoted to selling your home. Listing your home by owner in a buyer’s market makes selling your home incredibly difficult for many reasons. Most home owners have a day job, don’t have access to listing their property on the MLS and other proven marketing techniques. They also are not well versed in the market and are not connected to other Realtors who work with qualified buyers actively searching in the market. Selling a home is a full time job and most For Sale By Owners have a very difficult time selling their home in a buyer’s market. You need a professional who will prepare a thorough market analysis, who will give you a realistic asking price for your home and is not afraid to give you the bad news with the good. When your Realtor brings you an offer, make sure you consider any and every offer. Remember offers are negotiable. Often the first offer is the best offer and you don’t know where the next one is coming from. Buyers are now less anxious and more willing to walk away in this market; don’t assume there is an endless supply of well-qualified, serious buyers.
We are now in a buyers market and it all comes down to accepting the new market conditions and adjusting appropriately. Remember the housing market is very dynamic and always changing. There are ups and downs and it never stays the same for long. Don’t get frustrated, find a professional you trust and you will sell your home in these tougher times.