What is a buyer’s market? A buyer’s market takes place when the inventory of homes for sale is up and the number of buyers is down (large inventory with few buyers). This puts pressure on the seller since there are few buyers and those that are buying have lots to choose from.
There are several reasons for the current rise in inventory and one of the biggest reasons is the change in the economy. With everyone feeling the economic times we are in, people are not spending and buying homes like they were a few years ago. Another reason is that lending has become very tight and banks have made it harder to qualify for a loan, reducing the number of buyers that might otherwise want to buy a home.
So what can you do if you are trying to sell in todayâ€™s market? There are several things that you can do to help move your property and get it sold.
One of the most important things that you can do as a home owner to get your home sold is to price it correctly. How do you do this? If you are working with a real estate agent they can run CMA reports that will give you a view of the current market. Another way to get a good idea of the price on your home is to hire an appraiser who can look at several factors to come up with a price. Are you a do it yourself type person? Then you can take to the internet with a site such as Zillow.com that can give you an indication of the price.
Now that you have the house priced to sell in the market the next thing is to make your home â€œmove-in-readyâ€, because a home that shows like a model is going to sell faster. This is a three part process consisting of the interior, the exterior and then your â€œstuffâ€. Starting with the exterior the yard should be green and all of the gardens looking well-kept, the home itself looking cared for and maintained. The interior needs to very clean and without the need of any repairs or updating. With this taken care of the final step is to remove your â€œstuffâ€. This is where a home staging company could come in handy, such as Staged4more.com, helping to make the house look bigger and less cluttered and allow theÂ buyer to imagine the home as theirs.
Since you now have a home that is priced right and looking fantastic, you need to get potential buyers in the door, and this is done through marketing. If you decide to use an agent they will put the listing into the local MLS as well as post your home on several websites such as Craigslist.org and Yahoo that will bring in buyers. If you are doing this yourself, FSBO, then you can post the listing on several web sites at little or no cost. Another key part of marketing is holding an open house and inviting potential buyers to come look at your home.
While it might take a little longer, and involve more effort on your part, it does not mean you should give up. Look at your house and see what you can do to make it look more appealing to a buyer. Search the web, pick up a book or hire some help where you might need it. It will sell, it just takes time and effort.