Selling in a buyer's market - what you need to know
Category Expert Insight
Economically speaking, the country has been under strain, and rising inflation has diminished the value of earnings and investments. Under these conditions, the property market has swung to favour buyers, and sellers are under pressure to ensure that their properties are sold at the best price and in the shortest possible amount of time.
What is a buyer’s market?
Any market essentially works on the principle of supply and demand. When the need for property, exceeds the available supply, prices go up, and sellers can choose between the best offers amongst willing buyers. In a buyer’s market, however, supply outweighs demand and sellers are forced to compete with each other in an oversaturated market. As a result, prices decrease and buyers have the upper hand.
How to sell your property in a buyer’s market?
Keep in mind that homes do not sell based on price alone. Price and terms of sale can work together to result in a successful sale. If you can add value to a buyer by making some reasonable concessions, you may find a way to make your home stand out. You don’t want to give your home away for next to nothing. However, there are smart ways in which you can get more.
Setting the price right
In our experience at Seeff, we have seen sellers make the mistake of overpricing their homes before doing thorough research and getting advice from a reliable agent. You want to get the best possible price for your home, but you must be careful not to overprice and alienate a large section of your target market. Potential buyers who may have been interested will cross your property off their list without seeing it just based on what you’re asking them to pay for it.
An overpriced home may end up remaining on the market for a long time, while a competitively priced property will sell faster regardless of the market conditions.
Adjusting to a lower price after your home has been on the market for some time leaves a negative impression. Ensure that your home gets plenty of interest from buyers from the moment it’s advertised.
Sell a dream home
Most buyers are looking for a dream home where they can envision themselves living happily for the foreseeable future. Therefore, your home must be in good condition, and any unsightly flaws are removed.
You will need to take note of any eyesores that might detract from your home's appeal and make the necessary repairs. Touch up both the interior and exterior paint if at all possible. Ensure that carpets and walls are clean on the inside of the home and keep your garden neat and attractive.
Seeff are trusted experts in selling homes in all kinds of market conditions. We have the advice and strategies to help you get the best possible price for your property.
Contact your nearest Seeff branch for a free valuation of your property.
Author: Seeff Head Office
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