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Real Estate: Tips for Selling In A Buyers Market

May 23, 2008
Trying to sell real estate in a buyers market can be a tough and frustrating venture. When sellers greatly outnumber the buyers, competition can get fierce. Prices often drop dramatically and homes stay in the market for months. If you have to sell in a buyers market, be sure you know the tricks of the trade to make the best of a bad situation.

The Price is Right

Selling in a down real estate market requires that, you offer very fair and reasonable pricing for your house. If you overprice it, buyers will turn to nearby deals. If you under price your home, buyers will worry that there are some hidden defects in your property. Make sure you are appropriately pricing your sale by getting an appraisal from a certified appraiser. You can also have a real estate agent, to conduct a Comparative Market Analysis to determine how your place stacks up with the neighboring homes for sale. It may even save your time and score you a buyer to have a copy of the appraisal or analysis on hand as potential candidates come during open houses and other viewings. This will give them confidence that you are offering a competitive value.

Repair the Leaks

If you want to get a good selling price during a buyers market, you will need to have your home in a tip top condition. With so many options available, buyers will be looking for that "turnkey" home, one that is perfectly ready to move into. If there are any repairs to be done or any cosmetic blemishes, buyers are going to look for a deep discount in the price. Add to your selling profits by fixing up the home before you put it on the market. A few repairs and updates can add a lot of value to your home, usually much more than the money you spent to renovate it.

Get the Edge on the Competition

Beating out your competition might mean offering incentives. Think about throwing in added landscaping or the current home appliances into a sale. You could also offer to pay the buyers closing points, discount points or participating in a down payment gift program. Before you tack on the extras though, be sure to add them into the selling price of the house. That way you will have some cushion, when the buyer or real estate agent wants to negotiate down the price.

Have Realistic Expectations

Perhaps, the most important thing in selling in a buyers market is to set realistic expectations from the sale. Forget about the way things were during the last up market. So, what if homes were selling for twice as much? Times have changed and while you may not be able to make a killing on your sale as you would have back then, you can still make a profit that can help you in your next purchase or financial scheme. Take a look at, what homes are selling for in your area and realize that you cannot expect more than the current fair market value. Be sure to consider all reasonable offers and don't let greed keep you from making a smart move.
About the Author
Buying or selling a home needs a thorough understanding of the real estate market. Hendersonville NC real estate helps you to achieve profitable real estate dealings. Visit Preferred Real Estate Center online for an experienced and knowledgeable agent at http://www.preferredrealestatecenter.com.
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