For whatever reason you are selling your home, in a buyers market it is imperative that you educate yourself fully on all aspects of the sale. Using a qualified local real estate agent should be your first step.
A qualified local real estate agent is not only experienced in selling properties in your local market, but also knows:
How to market the property successfully
Has the best opportunity to sell the property for the highest amount
Knows how to prepare a property for sale
Knows how to price a property appropriately for sale
Knows what properties are selling and why
Given these aspects of the sale, getting the right real estate agent is the wisest decision you will make in the selling of your property during a buyers market.
Ask questions of your real estate agent, lots of them. Make sure they will be not only placing your property in the local MLS but also promoting the property using these techniques:
Website Promotions
Print Advertising
Open Houses
Next, it is imperative that you listen to your real estate agents advice. They may suggest the following:
Trim and clean the yard
Clean the house and remove all cluttered items
Remove personal items and pictures from view Make any necessary repairs promptly
These suggestions are not to insult you or your property, but to ensure you will get the highest offer possible from potential buyers.
In a buyers market it is important to realize that there are many other properties similar to yours on the market. Therefore, your property must stand out and be recognized as THE property to purchase above all others.
The selling price is a major factor in a buyers market.
If your property is priced too high:
Very few buyers will view your property
Very few agents (who know what the asking price should be) will show your property
It will stay on the market a very long time, until the market prices appreciate up to your asking price
Adjusting the price according to your real estate agents suggested asking price will give your property a "selling chance" in a buyers market.
In a buyers market, there are usually more properties on the market for buyers to view.
To provide your property with the highest visibilty possibile and best chance for sale here are some additional suggestions that I have used successfully:
Offer as many incentives to buyers as possible, including:
Provide Closing cost assistance to the buyer
Offer redecorating allowances (painting, flooring etc)
Offer incentives to other real estate agents:
Use creative commission splits for other agents, such as offering a higher commission for a full price offer
Provide additional bonus" to agents for a full price offer
Selling a property in a buyers market can be beneficial to both the buyer and seller. Offering buyer and agent incentives assures your property the best chance of a successful sale.
Using a local qualified real estate agent who has a focus and complete knowledge of the local real estate market and provides state of the art marketing techniques will greatly improve your chance for a sale.
© Copyright 2008 Jennifer MacKay. All Rights Reserved.