If you’re trying to sell your property and you’re struggling to find prospective buyers, it may be because you find yourself in a buyer’s market where the number of houses on the market is much larger than the number of buyers. This can be a good thing for buyers who have the bargaining power in their favour.
A buyer’s market can be caused by various factors. The market is greatly affected by what the economy is doing, whether that be employment levels, interest rates, investment growth or legislative changes. Another influencing factor is construction – too much property development in an area can lead to a flood of stock. This coupled with challenging or uncertain economic times creates the perfect buyer’s market cocktail.
If you’re a seller and you’re struggling to sell your property, below are 3 tips on how to sell in a buyer’s market:
- Set a realistic price
During this time, it is more important than ever to seek the services and counsel of an experienced real estate agent. The agent will be able to confirm what phase of the market you are entering into and will help you set a realistic listing price. They will also be able to help you with negotiations, which is a vital skill within these kinds of markets as buyers have stronger leverage in a buyer’s market.
- Give your home a unique selling edge
You also need to be aware of your competition to make sure your home has a unique selling edge. View similar listings on a real estate website and get an idea of what buyers could purchase in your suburb or within your complex, that is near enough to your price point. If there is nothing that sets your house apart from the others, then you’ll need to lower your asking price or renovate the space to ensure that it sells. You can also revamp your property to attract buyers.
- Keep in mind that the markets change
Whether you are a buyer or a seller, it is vital to know what phase of the market you are dealing with as it will determine your approach. Keep in mind that markets always change. If it is a buyer’s market, sellers should consider their situation carefully before making any decisions. They might be near the end of a downward cycle and might sell for a higher price if they hold on until the market corrects itself. On the other hand, buyers should be wise and invest when market conditions are in their favour.