Help! I Need to Sell My Home in a Buyer’s Market

While selling your home at the ideal time is always the goal, sometimes life takes you in a different direction. Whether it's an exciting job opportunity or a family move, you may need to sell when market conditions aren't perfect. But even with higher inventory levels and longer days on the market, there are plenty of ways to turn these challenges into opportunities. Many Canadian markets offer buyers more options, and you can make your home stand out with the right strategy. Here's how you can draw in motivated buyers and achieve a successful sale, even in a competitive market where buyers have plenty of options. Our friends at Zoocasa have the details:

Start Fresh  

When preparing your home in a buyer's market, the first step is to focus on decluttering and deep cleaning to make a lasting impression on potential buyers. Clearing out personal items like photos and personalized art allows buyers to visualize the space as their own. Following decluttering, a thorough, deep clean is essential to ensure that every inch of your home is pristine. 

Consider investing in a professional cleaning service to handle this task, as their expertise and specialized tools can make a significant difference. Professional cleaners can address pet odors, stubborn stains, and the normal signs of wear and tear that could deter buyers. From gleaming tiles to dust-free baseboards, professionals can ensure that every detail is immaculate, leaving a positive impression.

Set the Stage

Preparing your home for sale through staging is crucial for making a lasting impression on potential buyers. It involves carefully arranging the layout and selecting designs that resonate with your target market. According to a 2024 report from the Real Estate Staging Association (RESA), the average staging fee in Canada is around $5,585; in the US, it's $6,757.  Despite the initial investment, the returns are significant, with the RESA properties selling on average within 31 days and often above the list price. 

Elevate the Outdoors

Improving outdoor spaces can significantly enhance a home's appeal and value. According to a report by the National Association of Realtors, 92% of agents recommend enhancing curb appeal before listing a property, and 97% agree it's essential for attracting buyers. 

After the pandemic, there's been a demand for outdoor remodeling projects, highlighting that more people value this type of space. In that same report, The National Association of Landscape Professionals reported that 79% of members have seen an increase in the scope of outdoor projects since the pandemic, reflecting homeowners' growing appreciation for enhanced outdoor living spaces.

Be Proactive With a Home Inspection 

In a fast-paced real estate market, potential buyers might forgo a home inspection if there is a bidding war (although this is never recommended). However, in a buyer's market, completing a pre-listing home inspection can help your home stand out from similar properties up for sale. The home inspection condition is one of the most common contingencies in an offer for a reason. No one wants to end up with a house that has unforeseen problems. While buyers will likely conduct their inspection with another respected company, having a professional inspection before listing can help build trust and give them confidence in the home's condition.

Upgrade Windows and Doors 

If you have the flexibility in your budget, consider the transformative impact of installing new windows and doors in your home. Unlike the more personalized renovations in places in the house, such as the kitchen or the bathroom, investing in high-quality windows and doors enhances the aesthetic appeal of your property. It offers tangible benefits that appeal to all future owners. By choosing energy-efficient options, you can significantly reduce your energy costs while also providing potential buyers with the assurance that they won't have to worry about these essential elements in the future, especially if your home is in an area with extreme weather conditions. Additionally, the long-term cost savings and the potential increase in home value make new windows and doors a compelling selling point.

Find a Real Estate Agent that Prioritizes Digital Marketing

If you want to reach a broad audience in real estate, partnering with an agent who prioritizes digital marketing is essential. Compelling images and engaging captions can spark interest and prompt potential buyers to act faster.

Social media has become a vital source of quality leads, with 52% of real estate professionals connecting with buyers and sellers through these platforms in the past year, the National Real Estate Association has found. TikTok is particularly influential in today’s digital marketing strategies. A report by Adobe Express revealed that over 40% of Americans use TikTok as a search engine, and 10% of Gen Z prefers it over Google.

No matter which platform is used, effective listing presentation is key. As reported by the NREA, 87% of agents utilize Facebook, 62% use Instagram, 48% rely on LinkedIn, and 25% leverage YouTube for their real estate business. Additionally, 35% incorporate drone footage to enhance their listings. This strategy aligns with consumer habits, as HubSpot data shows that people spend an average of 17 hours per week watching online videos. Video content is a powerful tool for setting your property listings apart and attracting more qualified leads.

Know Your Audience 

A 2021 report by Stats Canada revealed approximately 17.3% of residential properties owned by individuals born in the 1990s were co-signed with their parents. The study also highlighted a higher prevalence of co-ownership in pricier urban markets, such as Toronto, Guelph, Abbotsford–Mission, Vancouver, and Victoria. It's important to note that involving multiple decision-makers in property transactions is a significant factor to consider when selling a home, as you’ll need to appeal to two different generations that might have different priorities top of mind. 

Make Sure The Price Is Right 

In a buyer's market, setting a realistic price for your home is crucial. It would help if you aimed to attract as many potential buyers as possible and communicate clearly with your real estate agent about the minimum price you are willing to accept. Similarly, be prepared for the possibility that your home may stay on the market longer than anticipated. While buyers may be looking for good deals, pricing your home fairly based on its market value will significantly increase the chances of a successful sale.