Here are some tips for buyers and sellers in any market:
Today, real estate markets can vary by state, town, city and even block by block. But most people don’t realize this. So it’s important to start by researching the market of the cities and neighborhoods that interests you. Read local news and blogs. Watch the number of days a home is on the market before it sells. Note the sale price to list price ratio in the town where you’re looking to buy. This research can save you a lot of time and headaches. You don’t want to rely entirely on your real estate agent to tell you about that market. Get informed and make your own conclusions as well.
Selling your home in a buyers’ market can be a tough road. This market could be slow due to a high level of inventory, low buyer demand, or simply slow economic times. If you need to sell in a buyers’ market, it will take extra effort. Make sure your home is priced competitively. You may not be able to wait for months to test the market. Homes will sell, no matter the market, when priced correctly.
Spend time removing junk and prepping your home for the market. You’ll have to pack up when you move, so it makes sense to start packing and organizing before listing your home. Not only will it save time later, but it will help open up the house, make more space available and help the home show better during open houses and regular showings. Consider any suggestions your agent makes for slight cosmetic fixes, staging, and minor repairs.
Who doesn’t love being a buyer in a buyers’ market? You have lots to choose from and motivated, if not desperate sellers. Take your time to see as many homes as possible. Focus on the most motivated sellers, as this is where you may find the best deals. With handful of homes meet your needs, ask questions such as: Why is the seller selling? What is their time frame for moving? How long have they lived in the home? You can ask these questions through your agent. The more questions you ask, the more information you will uncover.
Along the West Coast, sellers are overwhelmed with buyers at open houses and private showings. Demand is high, and properties sell quickly. But you still have to work a bit at selling.If you fail to clean the home and make it look it’s best, you could very well leave money on the table for the buyer who is desperate for a great deal.
If you are lucky enough to receive multiple offers, focus on the best buyer and the best terms, and not so much on the bottom line. You want the most qualified buyer who is going to close on time. The last thing you want is to have to go back on the market again. When this happens, everyone will wonder what’s wrong with your home.
If you aren’t sure who is the best buyer, ask your agent. The best buyer is the one who has seen the home multiple times, is pre-approved with a lender, has been in the market and has even lost out on recent home purchase to another buyer. This buyer is working with a local agent and committed to buying. Your agent should know who they are.
Buyers in a sellers’ market will likely find themselves frustrated over the lack of homes for sale. The one’s that are for sale sell very fast. The competition is intense, and they need to invest a good chunk of their time on buying a home.
For serious buyers, finding a home becomes a part-time job. Work closely with a good local agent and mortgage pro. When a home hits the market, don’t wait. Don’t wait for the open house, because more aggressive buyers might get in and get it before you do.
When competing with other buyers, try to do as much due diligence as possible before making an offer. An offer with few or no contingencies is what sellers love. They want to be sure the deal will close for the most money, and as quickly as possible. Give sellers what they want and you will likely win the war!
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