Have you heard the term “buyer’s market”? Do you know what this means? A buyer’s market describes a time when anyone that is looking to sell soon is going cater to who they are selling to, or their home is likely to stay on the market. In a buyer’s market, sellers must be motivated, dedicated, and willing to put in the work to sell their home.
A buyer’s market means that homebuyers have it easy. They can pick through the houses as they please and look for their best fit.
Below are some tips for both buyers and sellers when trying to navigate a buyer’s market.
How to Sell in a Buyer’s Market
To have a housing market, houses must be sold and bought. That being said it is hard to sell in a buyer’s market. Many people have expectations that are much too high for what they will get out of their home. They have tallied up every renovation, improvement, and investment they put in and expect to get that plus a little back.
Unless there is a desperate buyer out there, the house is perfect, and the condition is amazing there are very few buyers that will give what the seller wants. Price the house reasonably. Inflating the price too much can make the house sit on the market for a long time without anyone making an offer.
Avoid Listing Unless Dedicated
When looking to sell a house it is always better to live in it as long as possible before deciding to put it on the market. When showing a house it should always be tidy and clean. It is hard to keep up with cleaning while living in the house. Once dedicated to selling be sure to keep the house in pristine condition and sell quickly.
If a seller is not dedicated and they list a house it is likely to sit on the market for a while. The open houses or showings will not be as clean as they once were and the seller will need to drop the price to sell. Wait until the market is prime and the house is ready to show before putting it up for sale.
Buying in a Buyer’s Market
In a buyer’s market, being a buyer is much more appealing than being a seller. There is a slew of houses to pick from and in almost any location desired.
Always look into the house and neighborhood when looking to buy. Do not be surprised by the pricing differences neighborhood to neighborhood. It can vary greatly depending on what is available and the school district in the area. If there is an area that is preferable, find a house and buy quickly. It may not be available later.
Watch for Undedicated Sellers
When haggling with an undedicated seller no one wins. Neither side is willing to give the other what they are looking for and neither will change. It is best to know when someone is unreasonable and simply walk away from the house. If someone is being difficult and will not alter price or discuss closing fees they are not worth the effort to haggle.
While it does take a certain dedication and know how to flip houses, in a way anyone can do it. The market is full of sellers looking to get rid of their houses. They may not be in the best condition but they are certainly livable. Finding houses that only need a little sprucing up and a simple bathroom or kitchen renovation can make a buyer money in the long run.
When the housing market is leaning in the favor of the buyer, sellers find that they must cater to the buyers wants to get a house of the market. While there is always hope that the right buyer will come along to give a seller a decent price, someone always ends up take or giving more than they intended. If selling a house in a buyer’s market be ready to discuss lower prices. When buying be sure to make offers on any house that is a must-have, otherwise someone else will.