Selling a Home on a Buyer’s Market

At any given time, the real estate market favors either the buyer or the seller. A buyers’ market is one in which there are as many properties on the market as there are buyers. Homes take longer to sell and prices fall. Realtors consider a typical market to be one in which homes take an average of six months to sell.

Sometimes buyers believe this to be a seasonal phenomenon, and that wintertime brings a buyers’ market. Although it is true that there are fewer buyers, there are also usually fewer homes on the market. In the spring, a seasonal adjustment occurs – more homes come on the market. Buyer activity picks up as families with children buy homes so that they can move during summer vacation. A buyers’ market can easily exist in the spring, if conditions like falling prices dictate. Other factors can also influence a buyer’s market – for instance, the exit of one or more major employers from a community, a natural disaster such as a flood or earthquake, or some other catastrophic event can affect home values in an area for years together.

As property rates become more competitive, buyers realize that their fingers are on the trigger and will increase their demands to sellers. Those nice chandeliers that normally would not be included in the purchase price may now well have to be.

Tips for selling in a buyers’ market

Selling a home on a buyers’ market requires detailed planning. The first thing a seller needs to do is price the house appropriately. Set the price competitively, keep in mind the market rates prevailing on the market.

Upon receiving an offer where the buyer wants to move in immediately, it makes sense to stay in an apartment or with relatives until your new place is ready. A month or two of inconvenience is worth it further down the road.

Curb appeal is important. A visiting homebuyer’s first impression is everything and the seller needs to ensure it is a positive one. Leaves need to be raked up, shrubs and bushes need to be pruned, and bikes and toys need to be out of sight.

Unsightly walls are an automatic turnoff to potential buyers. Touching up the paint before putting a home on the market, keeping the colors neutral and light, is very important. Generally, the home needs an appealing look.

Finally, patience counts in successfully selling a home on a buyer’s market. The seller should not be too hasty in reducing the asking price, but should be ready to do it if required. The realtor can advise the seller about how long homes are staying on the market in that particular neighborhood. The time to think about reducing a price is once that mark is surpassed.