Selling Your Home In a Buyer's Market

A "buyer's market" is when the supply is more than the demand for real estate. They expect home prices to come down. In a buyer's market, selling time increases resulting in home sellers reducing their prices to sell their homes. In a down cycle, the decline in home prices could take a few years to reach a new balance in demand and supply.

Home sellers need to stay ahead of their competitors in order to sell their homes in a buyer's market:

1) Pricing To Sell

The number one key to selling a home quickly in a buyer's market is to price the property to sell. A Realtor has to communicate back to the seller changes in the market place. Overpriced listings take longer to sell or may not sell at all.

Homeowners who are determined to sell, have to forget about the real estate market of just a few months ago and face the new reality. They will have to compete for buyers.

When pricing a home in a buyer's market, it is important to know what prices similar properties were sold the past six to twelve months. In addition, keeping the price at or even below the price of competing listings helps to attract buyers. Overpricing a listing can keep buyers from even making the first appointment.

The only thing that matters is what a buyer thinks and is willing to offer. It is not what you or your Realtor think your house is worth. Your should set your price right to sell in a buyer's market.

2) The First Impression

"Most buyers know the house is 'the one' when they see it the very first time. Some of the things that can be done to help improve your home's appeal are:

> Sprucing up the yard; mow the lawn, prune the shrubs and keep the front and back yards clean.

> De-clutter the house; remove excessive furniture, store away toys, picture frames, etc.

> Clean the house; windows, floors, carpets, kitchen, appliances, bathrooms, etc.

> Paint the house where required paint over ceiling stains and repair cracked or chipping areas.

> Fix or repair leaky faucets, broken tiles and outdoor railings, sidings and deck.

> Staging helps to sell your home - it is more than decorating and cleaning. Staging can result in selling your home more quickly and getting a higher price, according to pros who offer those services.

3) Being Flexible

Buyers will make offer lower than the asking price. Many buyers may make a lower offer to gouge your reaction. The right thing to do is to make a reasonable counter-offer to close the gap between your price and their offer. If a buyer is truly interested to buy your home, he or she is willing to pay a higher price. But, very often in a buyer's market, the price gap may be too big for you or the buyer to come to an agreement.