Buyers Market

Sell Your House in a Buyers Market

How do you know whether it's a buyers market or a sellers market?

When there are more houses than buyers, we are in a buyers market...not a good time for sellers, because it often means that it will take longer to sell their house or they will have to sell it for less in order to get it sold.

Buyers markets can be created for a variety of reasons:

• A major company can close its doors leaving hundreds unemployed.
  • As these homeowners struggle to survive, they either need to relocate for another job or they need to sell their house because they can't afford the mortgage payments.
• It can be a seasonal event.
  • Many families wait to relocate until the spring so they don't have to pull their children out of school, thus increasing the number of houses for sale.
• A down economy can cause a buyers market.
  • Often in a down economy, people are fearful of losing their jobs, so they don't want to take on a new mortgage that could end up in jeopardy, so there are fewer buyers.
  • Or they have lost their jobs, so their homes must be sold.

Understanding the Buyer

Understanding the real estate market, home buyers become very selective, they can because they have so many options.

• They will watch for foreclosures or short sales
• They'll look for several homes in their preferred area that are for sale so they can see which seller is willing to sell for the lowest price.
• Sellers often will do a lot of upgrading to their home to make it more desireable, buyers are aware of that and may only look at those types of homes.
• They may look for "fixer uppers" that are going for an extremely low price, because the seller needs to get out right away. They then come in, pay the low price and remodel to either live in or turn around and sell themselves.

Marketing your house in a buyers market

If you want to be competitive preparing your house for sale properly is extremely important.

• One of the smartest things you can do is take a look at the homes for sale around your neighborhood - check out your competition.
  • See what they're doing
  • What's the condition of the house
  • What price are they asking
  • Has the house been updated
  • How does yours compare to theirs
• Make repairs. It isn't very exciting for a home buyer to think that they have a "honey do" list before they have even moved in.
• Make sure your house is de-cluttered and clean. Take your personality out of it so potential buyers can imagine themselves in the house.
• Get rid of odors. This may sound comical, but a house that smells dirty, musty or like pets is not appealing.
  • One family found a house they were very excited to look at, it had all the right features listed and was in a great neighborhood. When they arrived at the house, it looked very good from the outside, but as they entered into the living area, there was a very strong ethnic food odor that permeated the entire house. Needless to say, that wasn't the house of their dreams.
• Don't let a bad first impression - the curb appeal - run buyers off before they even get out of the car.

You don't have to spend thousands of dollars before the For Sale sign goes up, but taking care of some of these basics will go a long way towards getting your house sold.

Even in a Buyers Market, if you're trying to sell your house, I can buy it. I can buy it fast. I can buy it now.

I can usually make an offer immediately after having received your information.

Contact me right away!