In real estate, there are two main types of markets. There is the buyer's market and then there's the seller's market. During a seller's market, owners of homes on the market for sale will have a much easier time selling because there are more buyers than sellers. When the demand outweighs the supply, buyers will do anything it takes to get the home of their dreams as they are competing with so many other people for the right to own that home. That can lead to a bidding war, which then leads to a higher sale price. The complete opposite happens to owners of homes for sale during a buyer's market. In a buyer's market the supply outweighs the demand, meaning there are more houses available than there are buyers interested.
If you're selling your house during a buyer's market you have a higher likelihood of your home not being sold for a potentially long time and for less money than what your ad real estate listings brochure says. Nobody wants that when selling real estate but it could potentially happen because you can't really control the market. However, there are a few ways you can increase your odds of selling your real estate property during a buyer's market, and even get a decent price for it to boot.
How, you might ask? Well, one thing you should do is price your home just right. Don't list your home at what you think it's worth. List it at what you think you might get. A home for sale during a buyer's market needs to have an attractable listing price to set it apart from the competition. If you list it at a price people are willing to pay then you will start to see offers rolling in. Wouldn't you rather list a little low and get bids rather than list too high and not get anything at all?
You should also get a pre-inspection of your home done. Don't list your home, especially if you think it needs repairs or renovations, without an inspection during a buyer's market. You can use that home inspection as a sales tool as it means interested buyers don't have to get one done themselves. Plus if the report comes back with recommendations you can take care of them now and not worry about losing money on the deal by taking less or paying an interested buyer's inspector more than your own inspector. Still need to book that appointment for a home inspection? Try giving Housemaster Home Inspections a call. You can find their info here.
The best way to sell your home during a buyer's market is to make your home look as presentable as possible and have it in tip-top shape so that buyers will be amazed when they look at it. So amazed by the repairs, clean up and renovations that you did that they'll forget about any other houses they saw. Improving your odds of selling your home during a buyer's market is easy if you follow the advice we just told you and you do whatever your real estate agent suggests you do.
Here are 13 Tips for help selling your home. Best of luck!