In the real estate industry, a buyer’s market is when there are a lot of houses for sale but only a few buyers. Selling your home during this market condition can be challenging. You have to deal with a lot of competitors. Plus, knowing they have numerous options, most buyers take their time and become extra meticulous. Hence, it’s not unusual for properties to have longer days on market (DOM).
Furthermore, it can also be difficult to sell at a price you want. During this market condition, buyers have the upper hand when it comes to price negotiations. They are not afraid to ask for price reductions or give low offers.
Suffice it to say, a buyer’s market is not the best time to put your house on the market. You may want to wait until conditions become favourable. However, if you really need to sell, it’s best if you hire a professional. Experienced real estate agents have the skills and means needed to sell a house during a buyer’s market. These professionals can sell your house within a reasonable time and at a decent price.
Meanwhile, if you prefer to do this on your own, be ready to put in the hard work. You also need to be patient since homebuyers can be nitpicky and it may take a while before you close a deal. While it can be difficult, selling your house when supply is abundant and buyers are few is not impossible.
Below are some tips on how you can successfully sell during a buyer’s market:
Don’t Be Too Quick to Reject a Buyer
Some buyers can really be difficult, especially during a buyer’s market. Aware that they have the advantage, they can be demanding and highly critical, noticing even the smallest flaws in a property.
While it can be stressful to deal with these types of buyers, walking away from them is not an option. Remember, buyers are not abundant during this time. Hence, you need to keep those who noticed your house interested. Talk and negotiate with them until they make an offer or explicitly say that they’re no longer interested.
On the other hand, if the homebuyer becomes unreasonably rude or gives an extremely low offer, don’t bother putting up with him/her. Learn to carefully assess who’s worth your time and who’s not.
Sweeten the Deal
It’s no secret that buyers under this market condition are constantly looking for good deals. So, you need to be ready to offer them something that’s going to set you apart from the rest of your competitors. In order to do this, you need to know what your prospective buyers want.
One strategy you can do is to sweeten the deal by offering add-ons. For example, you can sell the house furnished or with major appliances if you have buyers who are purchasing a house for the first time.
You can also consider being flexible about the move-in date as some homebuyers need a house ASAP. If you tell them that they can move in immediately, your chance of sealing the deal is high.
Offering to cover closing or moving costs is a good way of convincing a buyer to purchase your house. A lot of homebuyers find this kind of offer irresistible because its impact on their cashflow is immediate. When you pay for closing or moving costs, this can greatly reduce their current expenses.
Lower Your Price
There’s nothing more effective in getting the attention of homebuyers than seeing a low-priced house. But during a buyer’s market, you can expect a lot of sellers to employ this strategy.
So, if you want to stand out and attract more buyers, the best thing you can do is to significantly lower your asking price from the get-go. This is better than lowering the price in small increments over the course of the process in terms of getting buyers’ attention.
Significantly reducing your selling price may be hard on the pocket, but it’s an effective way of getting to the closing day faster. Furthermore, considering the expenses you’d incur if you keep the house longer, this option is more financially-sound in the long run.
Need help selling your house during a buyer’s market? We have trained and experience real estate agents who can help you. Call us at 01 495 9020 now!
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