It’s no secret that we have been in a buyers market for quite some time now. While this can be extremely frustrating for the seller in today’s market, there are ways to prepare and triumph. With a sound strategy in place, anyone can sell in this market; but like most things in life, it takes work, care and time. So hike up your pants, roll up your sleeves, and let’s get that home SOLD!
Know your hold costs
The #1 factor to be aware of in a buyers market are your monthly hold costs. As days on market climb, your potential net descends. As shelf life is inherently longer in a buyers market this is a factor that cannot be ignored. When factoring in hold costs, an offer of $340,000 in your first week is greater then $350,000 6 months from list. A $3000 monthly hold cost is a fair average for a $350,000 home. That’s $18,000 after 6 months. In essence, the 2nd offer 6 months later is a relative $332,000. If you had settled for $340,000 on the first offer you would have saved $8000! It is imperative that you know your hold costs and factor them into all negotiations.
Get Real
The biggest problem we face in today’s Real Estate market is the continuing effect of the bubble bursting. While it’s unfortunate, it is, as they say, what it is. We cannot fool ourselves into believing our homes are worth what they were in the good ‘ole days. We HAVE to be realistic with today’s market and price accordingly. We always want to maximize our potential dollar but pricing out of market is simply the wrong way to do so. Understanding true market value, pricing accordingly and making your home stand out is the way to success in a buyers market.
Market effectively and consistently
Marketing mediums have and continue to change at a rapid pace. A buyers market clearly carries more inventory then is standard. Thus we need to STAND OUT from the crowd! With so much competition around be sure to work with an agent who understands marketing to not only today’s buyers, but to your specific buyer base. This is not the type of market where one ad in a Sunday paper is effective. There needs to be a consistent flow of effective marketing until you reach your goal. Without it, you are going to be lost in the pack.
We cannot control the markets we find ourselves in we can only act accordingly. Remember that selling is possible in any market. Make a plan, hire the right agent and your sale will be a success!
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