It may be a buyer’s market, but there’s still hope and plenty of strategies for sellers wanting to sell property - and quickly.
"Without a doubt, we are in a buyer's paradise right now," says Samuel Seeff, the chairman of Seeff Property Group. The scales have tipped in favour of buyers for a variety of reasons: stagnant home prices, an abundance of available properties, eager sellers, and banks that are willing to lend, even amidst rising interest rates.
While buyers are striking gold with great deals and locking in low mortgage rates, sellers face a tricky landscape. Their real challenge is figuring out how to make their property stand out.
What is a Buyer’s Market?
In a buyer's market, you're likely to see fewer people competing for many available homes. Offers come in slowly; when they do, they're usually lower than you'd hope for.
On the other hand, when the market is in the seller's favour, things are different. With fewer homes available, sellers often get multiple offers and can expect better prices. But if you're looking to sell and you're stuck in a buyer's market, securing a good deal becomes a tough task.
How to Sell Property in a Buyer’s Market
You might feel the pressure if you're a homeowner trying to sell in today's buyer-centric market. It's a tough spot to be in: you're competing with multiple similar properties, and the offers you're getting - if you're getting any at all - are likely lower than you'd hoped for. But don't lose heart.
There are still smart, actionable steps you can take to increase your odds of making a successful sale:
- Don't Overprice. Gone are the days of quick offers at sky-high prices. Listen to the market; it's setting the rates now.
- Know Your Competition. There are likely three to four properties similar to yours in both features and price within your local area. Thus, your property needs to stand out, and thoughtful upgrades or renovations can add value to your property and achieve a higher price for you.
- Choose the Right Property Practitioner. Don't just go with someone eager for your business. Pick a trustworthy Property Practitioner with a proven track record who’s a specialist in your particular area, and communicate openly about your needs to make the process efficient.
- Be Open to Offers. Every offer is a starting point for negotiation. Samuel Seeff says that some give and take can still land you a favourable deal. And remember, a better offer might not come along. You don’t want to risk losing the highest offer you could get.
- Time Value of Money. Selling quickly lets you capitalise on the current buyer-friendly market when looking for your next property. Waiting for a higher selling price could mean paying more later on.
- Property Condition. Your property needs to be in top shape. Any flaws can give buyers a reason to haggle, wasting valuable time and potentially lowering your final selling price. You should perform regular maintenance tasks and ensure your home looks appealing.
Remember, even in a tough market, there are always buyers out there. You don't have to put your life on hold, waiting for the "perfect" time to sell—especially if you're eager to move or have already fallen in love with another property.
There are opportunities in every market; you just need to know how to seize them. Contact Seeff today for guidance. With 59 years of experience, we understand that most homeowners want to secure the best possible price and sell their homes quickly.
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