How to Find and Pick the Right Buyer
Category Sellers
When you finally decide to sell your home, you must find a buyer that is willing to purchase your house. However, a lot of things can happen between finding a buyer and closing the sale. Sales often fall through with buyers getting cold feet, making low offers, or ultimately deciding to go for another property.
There are numerous things that affect a buyer's decision-be it the price of the house, location, and the timing of the purchase itself. Here are a couple of tips to help you find and pick the right buyer:
- Price attracts specific buyers
- Consider the offer
- Take notice of their enthusiasm
Price attracts specific buyers
All homebuyers have a specific budget they need to adhere to. When you list your home at a specific price, buyers that can afford that price are sure to place bids and make offers. As a house is listed for sale, sellers often encounter difficulties in finding the right buyer for their home. This can be due to several things; whether it be a bad job market, the current state of the local housing market, or the economy-the list goes on.
All home-sellers want to make the most of their long-time investment and would try to avoid a short sale as much as possible. However, the process of buying and selling a home can be an incredibly grueling task, which is why many sellers get desperate at points as the process continues to drag on.
It's important to understand the market and consider making some sacrifices to appeal to more buyers. While the market price in your area may be affordable for some, your actual listing price may not. If you're having trouble finding more buyers, it might be better for you to lower your asking price or broaden your house's price range in hopes of appealing to a wider market.
The broader your range, the more buyers you can appeal to which may potentially result in more bids placed on your home. In doing so, you're able to narrow down the purchase to a few select buyers before you eventually land on the one who is fully willing to buy. Therefore, by changing your price range, you broaden your search for the right buyer which will provide you with more potential buyers and opportunities to sell your house.
Consider the offer
With your price range broadened to accommodate more buyers, you have a higher chance to receive more offers on your home. Some offers may be very close to your asking price while others might be on the lower side.
However, it's crucial to consider all the offers that you receive. Just because an offer that is placed on your home is close to what you want, that doesn't necessarily mean that the deal is said and done.
The process of buying and selling a home can be a long one, and a lot can change before the deal is closed-potential buyers often require house inspections before making a final decision, or they might have realized that they offered too much than they're able to pay.
Thus, it's critical for all home-sellers to keep multiple offers in mind rather than focusing on a single great offer. Many sellers typically have a shortlist of their most appealing offers so that they're able to negotiate with multiple buyers and figure out which ones are the most serious about buying the property.
Take notice of their enthusiasm
When it comes down to negotiating with buyers and trying to close the deal, a buyer's enthusiasm is a great sign to determine whether you've found the right buyer or not. All homebuyers look for the house best suited for them. Thus, depending on the amount of enthusiasm they show with regards to the purchase of your home, you're able to gauge how serious they are about buying.
Enthusiasm can be shown in a myriad of ways, including:
- Transparency
- Response
- Overall excitement
With regards to transparency, if a buyer showcases a lack of transparency, you should be a little concerned. This isn't to say that they're not going to buy your home; they could, but it's never a great sign. Buyers that seem very hesitant to provide information to you and your real estate agent can mean that they're having second thoughts, but it could also mean that they're currently unable to provide you with the information until a later time.
A buyer's response time also shows their enthusiasm towards the purchase. If a buyer is highly responsive, then it usually means that they're willing and eager to buy your home. If they take quite a bit of time with each response, it might mean the opposite. This can drag out a house deal for a while which can add some unneeded pressure on an already stressful process.
As for overall excitement, buyers that express a high level of enthusiasm towards the prospect of purchasing your home is always a great sign. However, it's important to note the excitement among everyone within the buyer's party.
For example, a newlywed couple might be looking to purchase a house in your area. One partner might express a lot of enthusiasm at the idea of owning your home while the other might not be as thrilled. These couples that share conflicting opinions on a property are huge red flags, since it might mean that they won't purchase a house until they find one that they both like.
Enthusiasm is an incredibly significant component to finding the right buyer for your house. Purchasing a home is a gigantic and momentous investment in everyone's life, so it's understandable that buyers won't invest in a house that everyone isn't completely sold on.
Therefore, you should always take note of the enthusiasm among potential buyers. Be on the lookout for buyers showcasing a unified sense of excitement, eagerness, and transparency towards your home and the purchase. Buyers expressing these traits can end up becoming the new owners of your home.
Let TEAMGavin help you find that right buyer!
Author: Remax
