Although Austin isn’t seeing the horror of many other markets (like southern California), the nervousness and hesitation of Austin’s buyers still has us in a buyer’s market. So in a buyer’s market, what should you do differently, as a seller?
One of the best things a seller can do in any market is detach from your house completely. This is your most important strategy in a buyer’s market as well. We know you have more than money invested in your house. It’s been home to you in the best and worst of times, and you’ve worked hard to improve it and make it the best that it can be. But in these times, you need to be objective and detach from the house to make it not your home, but a place someone else wants to live.
Don’t take it personally. Any offer is good. If you get an offer, it means you beat out your neighbors no matter how low or complicated it may be. You may not be able to accept the offer, especially if it has a ton of strings attached, but don’t take it personally if you get a low offer. The buyers chose your house over all the others — keep that in mind. It could be low for a number of reasons, but it’s not because they don’t think the house is great. Sure, they will likely make a great deal of changes, but not until it’s their home. Many buyers who have previously been priced out of the home of their dreams are fishing for a great deal from someone who needs to move on. You may be in this situation or you may not be, but always remember, any offer is a good offer. Even low offers open a dialog of negotiations that can result in a sale. You can always have your agent draft a counteroffer.
Don’t over-price thinking that it leaves you room to negotiate. Over-pricing puts your house in a pool with other houses that are likely larger with more features so which house in the price range would you pick? Always put yourself in the buyer’s shoes. Sellers who over-price end up in a cycle of reductions to actually get their homes sold several headaches later. Save yourself the stress, it’s worth it. Price reasonably and competitively to get your house sold more quickly than the competition. You will be making fewer payments which saves you money even if you don’t actually see the savings.
Be patient with your buyers. Loans are tough right now and under-writers are struggling to approve many who could have received a loan for almost nothing down not too long ago. Even pre-approved buyers can be sent through seemingly endless waits for final approval. Your buyers want to buy a house; it’s an emotional time for them as well. Don’t panic over financing. Wait it out. The deal may not work out, but financing is really out of your control as a seller.
Sellers in Austin may have had it easy a few years ago, but times have changed. You can still sell your home if you get your house completely ready for sale, price it competitively, detach emotionally, and don’t take it all personally.
About Aria Kilpatrick
