Selling your house in a buyers market can be tricky.
If you were selling in a hot market where properties are scarce, demand (and prices!) high you could probably count on getting more for your house and doing less; but faced with less than optimum real estate market conditions you need to be organized and have a sound strategy.
With decades of experience helping people buy and sell houses I have a little advice to offer about selling your house in a buyers market.
A buyers market (also called a soft market) is one where there are lots of properties for sale and fewer prospective buyers, usually leading to lower prices.
This is not the time to rush out and buy your next house impulsively (unless you can afford to carry two mortgages) because it usually takes longer to sell a house under these conditions.
Just because the general trend is to a buyers market, don't assume that's the case in your area.
Housing markets can vary widely depending on a number of factors so you need to research what's happening in YOUR neck of the woods before you list your property.
Get advice from several real estate professionals so that you get a balanced view of your local real estate market conditions.
Find out what kind of homes have been selling and which direction prices have gone over the last six months to a year.
Look at properties that are comparable to yours and compare their list prices with what they've actually been selling for, as well as how long it took for them to sell.
With this information you will be better able to determine a list price for your house.
It's not a bad idea to obtain a house inspection prior to listing.
Then you can set your price based on the condition of your house, taking into account any repairs that may need doing in the near future.
Prospective buyers will likely still want to get their own inspection done, but at least they won't be coming back after you've accepted an offer looking for a price reduction to fix that drainage issue if you've warned them about it up front! It's always best to be proactive in a buyers market.
I shouldn't have to say this because it applies regardless of market conditions, but I will! Make your house SHINE!Fresh paint, updates and renovations can make all the difference to buyers who are choosing between many competing properties.
There is usually less tolerance for mess and fewer parties looking to 'flip' a property in a buyers market.
Once you've listed continue to keep tabs on local market conditions, if properties keep entering the market faster than they are being sold prices are almost sure to drop further.
Holding the line could be a major error so consider dropping your price to reap a quick sale.
It could be costly if you don't react to softening market conditions.
Selling your house in a buyers market isn't impossible but you do need a responsive strategy.
Recognize what's happening in your local market, stage your house properly, set a realistic price and be prepared to drop it if conditions change.
Soon you'll be packing up and moving to your new home!
If you were selling in a hot market where properties are scarce, demand (and prices!) high you could probably count on getting more for your house and doing less; but faced with less than optimum real estate market conditions you need to be organized and have a sound strategy.
With decades of experience helping people buy and sell houses I have a little advice to offer about selling your house in a buyers market.
A buyers market (also called a soft market) is one where there are lots of properties for sale and fewer prospective buyers, usually leading to lower prices.
This is not the time to rush out and buy your next house impulsively (unless you can afford to carry two mortgages) because it usually takes longer to sell a house under these conditions.
Just because the general trend is to a buyers market, don't assume that's the case in your area.
Housing markets can vary widely depending on a number of factors so you need to research what's happening in YOUR neck of the woods before you list your property.
Get advice from several real estate professionals so that you get a balanced view of your local real estate market conditions.
Find out what kind of homes have been selling and which direction prices have gone over the last six months to a year.
Look at properties that are comparable to yours and compare their list prices with what they've actually been selling for, as well as how long it took for them to sell.
With this information you will be better able to determine a list price for your house.
It's not a bad idea to obtain a house inspection prior to listing.
Then you can set your price based on the condition of your house, taking into account any repairs that may need doing in the near future.
Prospective buyers will likely still want to get their own inspection done, but at least they won't be coming back after you've accepted an offer looking for a price reduction to fix that drainage issue if you've warned them about it up front! It's always best to be proactive in a buyers market.
I shouldn't have to say this because it applies regardless of market conditions, but I will! Make your house SHINE!Fresh paint, updates and renovations can make all the difference to buyers who are choosing between many competing properties.
There is usually less tolerance for mess and fewer parties looking to 'flip' a property in a buyers market.
Once you've listed continue to keep tabs on local market conditions, if properties keep entering the market faster than they are being sold prices are almost sure to drop further.
Holding the line could be a major error so consider dropping your price to reap a quick sale.
It could be costly if you don't react to softening market conditions.
Selling your house in a buyers market isn't impossible but you do need a responsive strategy.
Recognize what's happening in your local market, stage your house properly, set a realistic price and be prepared to drop it if conditions change.
Soon you'll be packing up and moving to your new home!
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