Strategies for Standing Out Against New Construction When Selling Your Home!

As the spring real estate market in Richmond begins, homes are hitting the market.  However, if you're one of the homeowners who purchased your property just a few years ago as part of new construction, and your neighborhood is still in process, you might be wondering how to navigate the competitive landscape against the builders themselves when it comes to selling your home.

The good news is that despite the ongoing construction, the market continues to appreciate, putting you in a favorable position where you're unlikely to incur losses.  However, it's essential to recognize that you may not experience the same level of appreciation as you would once the neighborhood is completed.  Selling your home while the builder still has ample lots available and is offering enticing incentives might pose some challenges, but it's certainly achievable with the right approach.

Here's how you can effectively compete with builders and maximize the sale potential of your home amidst ongoing construction!

HIGHLIGHT YOUR HOME'S UNIQUE FEATURES!

Emphasize the distinctive qualities and upgrades of your home that set it apart from newly constructed properties.  Whether it's custom finishes, landscaping, or additional amenities, showcasing these features can attract buyers seeking individuality.  Amenities such as an oversized deck or patio, finished third floor, custom kitchen & bath cabinets are not standard builder offerings and can help attract buyers looking for more customization than the builders can offer!

OPTIMIZE PRICING STRATEGY!

Work closely with your real estate agent to determine a competitive yet realistic pricing strategy.  Consider factors such as the current market trends, comparable sales in the area, and ongoing construction phase to set a price that reflects your home's value accurately.  Make sure you are using resales for comps, not newly built houses.  But, if you cannot find any resales to use, make sure you price it under the new builds!

ENHANCE CURB APPEAL!

Despite the construction activity in the neighborhood, ensuring your home's exterior is well-maintained and visually appealing can make a significant difference.  Invest in landscaping, exterior repairs and staging to create a welcoming first impression for potential buyers.

FLEXIBLE SHOWINGS AND OPEN HOUSES!

Be accommodating with scheduling showings and hosting open houses to accommodate prospective buyers preferences.  Providing flexibility and accessibility can increase your home's exposure and attract more interested parties.  And, by holding the house open during the hours a model home is open can help to increase traffic to your house!

HIGHLIGHT THE NEIGHBORHOOD POTENTIAL!

While the neighborhood may still be under construction, highlight the future benefits and amenities that will enhance the community's appeal once completed.  Emphasize proximity to schools, parks, shopping centers, and other desirable facilities to attract buyers looking for long term investment potential.

OFFER SIMILAR INCENTIVES AS THE BUILDER!

You may not be able to offer everything, but you can do some!  Large, national builders are able to offer incentives that could be attractive to buyers.  Some incentives they may offer could include things like allowances for upgrades, ability to cover buyers closing costs, even money to help a buyer buy down the interest rate on the loan.  You may not be able to offer upgrades to the buyer, but you could offer to cover some or all of the buyers closing costs or even offer an interest rate buydown!  And make sure that any incentives offered are good for a short period of time - builders offer their incentives "for a limited time only" - you could do the same!

CAPITALIZE ON BEING IN AN ESTABLISHED SECTION OF THE NEIGHBORHOOD!

If you have been in your home for a few years, the chances are that the area you are living in has now been completed.  You can emphasize about how your house will not have construction crews waking everyone up at the early morning hours, that there will be no litter from construction crews around the house, no concrete pours happening near your home!

OFFER A HOME WARRANTY!

One of the big attractions for buyers of new construction is the peace of mind that comes with buying a new home where the builder has to warrant the house for the first year after closing.  By offering a home warranty, you can offer buyers similar peace of mind - without the worry of a house settling - because it already has!

OFFER A BUYER AGENT INCENTIVE!

Many of the builders will many times offer a Buyer Agent incentive!  It can range from a bonus paid to the buyer's agent to a trip!  You may not be able to offer a trip to a buyer's agent, but you could offer a bonus or some other incentive!  But, again, this should have a deadline on it to help drive up the excitement around the house!

EMPHASIZE THAT YOUR HOUSE IS READY NOW!

Most new construction will take months to complete!  For many buyers, waiting the 6+ months for a house to be finished is too long!  They may have had to sell their house in order for a builder to even start working on the house!  The county/city may take a long time to issue the permit to allow the builder to start!  Weather issues may have delayed the start of the house!  And if the buyer has already sold their house, they may end up being in a rental for an extended period of time!  Make sure buyers know that your home is ready NOW and that there is no waiting to get into the house!

MAKE YOUR HOME AS COMPETITIVE AS NEW CONSTRUCTION!

It may mean not only making sure the exterior curb appeal of your house is top notch, but the inside is also top notch to compete with the model home!  You may need to repaint, update cabinet hardware, change some lighting, do a professional deep cleaning.  And it may also mean that if you have added smart technology such as smart appliances, automated internet. energy efficient insulation, etc. - it should all be in any advertising and marketing that you do!

STAY INFORMED AND FLEXIBLE!

Make sure you keep abreast of the market dynamics and be prepared to adjust your selling strategy accordingly.  Stay open to negotiations and be willing to adapt to changing circumstances to secure a successful sale.

USE EFFECTIVE MARKETING STRATEGIES!

Utilize various marketing channels, including online listings, social media platforms, and local advertisements, to promote your home effectively.  Highlight its strengths and advantages while addressing any concerns buyers may have about ongoing construction in the area.

Navigating the spring real estate market in Richmond amidst ongoing construction presents ifs challenges, but with the right approach and preparation, you can effectively compete with builders and position your home for a successful sale.  By emphasizing your home's unique attributes, optimizing pricing, and leveraging effective marketing strategies, you can attract buyers and capitalize on the opportunities available in the current market landscape.

If you are thinking about selling your home in a neighborhood where the builder or builders are still present, and have questions, feel free to reach out and let's talk!