Selling In a Competitive Buyers Market
A lot of people might ask what a buyers market is....Simply put, a buyers market means that there are more homes for sale that there are buyers interested.
HOW CAN SELLERS IMPROVE THEIR HOMES FOR BUYERS?
When sellers are aware that the market they are entrering puts buyers at an advantage, they should do whatever they can to help their homes seem more appealing!
People who have upgraded their homes recently might just need a coat of paint, a few minor repairs and some expert staging to draw buyers in. Homes that do not meet a buyers minimum standards could require a greater investment to update the property in order to make it work for a larger number of potential buyers! Fortunately, some improvements tend to increase the resale value of the house, making it a worthy expense. Just be sure to seek appropriate permits for any major renovations.
PRICING STRATEGY FOR A BUYER'S MARKET
Pricing a home to sell in a buyers market is sometimes more difficult that it may seem! Since a lot of buyers are contingent upon mortgage financing, and given that lenders require an appraisal before granting funding, pricing the home high does not make much sense in any kind of market!
On the other hand, pricing the property too low in order to spark bidding wars may draw more buyers, but possibly offers that are not any higher in prices. If you are not knowledgeable about the conditions of the market, it may be best to ask an expert, like a Real Estate Salesperson, to do a competitive market analysis to determine the fair market value of your home!
SELLERS AND MARKET FLEXIBILITY WITH BUYERS
When buyers have the upper hand in the market, they may ask for more flexibility in time in order to get a home inspection or an appraisal. They can also negotiate any necessary repairs that result as well as the closing date on the sale. Real Estate Representatives can play a great factor in negotiating these terms and reaching to common grounds between the buyer and the seller. Sellers do not have to accept any purchase offer they receive. However, they should seriously consider that ramifications of rejecting or countering any reasonable offer!
Have Questions regarding Real Estate? The Iris and Evelyn team are here to help! With their countless years of buying and selling Real Estate Properties, their experience and knowledge can help you make the right choice!
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