Selling in a buyer’s market:

If you’re reading this, you may already know what a buyer’s market is.  And you may already know that it’s no fun for a seller. Buyers, for years, had to dance to the seller’s tune during the times of easy money.  Now the tables have turned, and it’s the seller who has to bend to the demands of the buying public.

What is a buyer’s market?  Simply put, a buyer’s market exists whenever there are more sellers than buyers.  Today’s buyer’s market is made more severe by the number of foreclosures and bank-owned properties on the market.  Lending requirements have become so strict that many willing buyers are unable to get a loan.  Not only that, but many sellers ‘have to sell’ – they may not be in foreclosure, but they may need to get out for other reasons.  Those sellers are going to price their homes aggressively in order to get them sold.  Other sellers would like to move, but don’t want to take a huge loss.  However, they still have to compete for the same group of buyers. This is where we find ourselves today.

In today’s market, buyers have lots of choices.  They take their time.  They want the most they can get, for the least amount of money.  They generally don’t buy unless they can get a ‘deal’.  As they wait, prices keep dropping all around them.  This encourages them to wait some more.  The longer they wait, the lower the prices go.  They start to worry about where the ‘bottom’ is, and many hang back to wait for it. This pattern spells out the dilemma sellers face but it also demonstrates the strategy that successful sellers should take.

There are 3 factors to pay attention to when you list your home for sale (in ANY market):

PRESENTATION:  Remember, buyers have so many choices in a down market that they can afford to be picky.  Creating an emotional ‘wow’ in the buyer’s eyes is essential when your home is competing with so many others.

MARKETING: Make your home easy to show, make sure your home gets widespread exposure on the web.  That’s where most buyers begin their search.  And make sure the marketing methods are professional and show your home off at its best.

PRICING:  THE most important factor is price, especially in a down market.  In a down market, prices are declining, so as your home sits on the market, its value is decreasing.  It hurts, but pricing your home BELOW the market and then being willing to work with the first offer that comes in may be your best strategy.

Contact me if you would like to talk more about these strategies and how to get your home sold in these challenging times.  Let’s work together to accomplish your goals.