Selling a House in a Buyer's Market

A buyer’s market, also known as soft market, simply means that the number of sellers exceeds the number of interested buyers. Under this market condition, selling your home at the price you want will be tougher. If you are planning to sell your home during this period in the real estate market, there are several things that you have to factor in to improve your chances of successfully disposing your property. Here are some very important considerations.

Selling Price


Price is one of the most important factors that sellers need to determine when listing a house for sale during a soft market. In order to come up with the best price, you need to do your research by studying how many houses similar to yours have been sold within the past six months. It is also advisable to ask the help of professional realtors to come up with the best price for your home. If you overprice your property, buyers will not even consider viewing it.

Use of Real Estate Agent

Many homeowners want to sell their house on their own in order to save on the commission fees paid to an agent. However, in a buyer’s market, you need all the help you can get to market your home. What you can do is to negotiate with your real estate agent for a lower commission rate. Besides, if a buyer learns that you are selling on your own, he would most likely ask for a discount on the selling price. If you are selling your house because you are relocating to another place it is all the more important for you to hire an agent to focus on the marketing of your home.

Duration of Listing Your Home

In a seller’s market, you can expect to sell your home within a month after it is listed in the classified ads. However, during a soft market, you have to be prepared to wait anywhere from six months to a year before you can find an interested buyer. If you are in a hurry to sell your home, you may need to spend good money on fixing and making your home more attractive to buyers. Moreover, you should also be prepared to lower your selling price. If you can wait for the market to pick up, then you should delay the listing of your property.

Marketing


If you want to sell your property immediately, even during a buyer’s market, you have to boost your marketing efforts. Aside from just listing your home in the local newspaper’s classified ads and putting up a sign on your front lawn, you should also consider listing in online classified ads or putting ads in national magazines. A real estate agent who has an extensive network will be helpful in marketing your home.

Pre-selling Preparations


Although selling a home is difficult during a buyer’s market, it is not totally impossible. You can make your home more attractive to buyers by improving its overall appeal. If you have the budget, you can renovate your home by applying a new paint job, replacing old and defective fixtures, and even hiring a professional landscaper to beautify your front lawn or backyard.

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