Selling in a buyers’ market
Unfortunately, when the real estate market favours buyers, it makes things harder for sellers. The main impacts are that homes take longer to sell and the average selling price goes down.
In a buyers' market, supply exceeds demand, meaning that there are more homes on the market than there are buyers. That said, there are still a few tips for selling in this type of market. The main one is simple: stand out from the competition!
List at a competitive price
As you no doubt gathered, competition is fiercer in a buyers’ market. Buyers have an abundance of choice and will generally select the best offer. It is therefore crucial to list your house at a competitive price, after carefully analyzing the comparables.
You might have to lower your price, reduce your negotiation margin or accept less than you were hoping for. Unfortunately, you can’t control the market. All you can do is adapt.
Offer a stand-out product
Because a rare product often attracts greater interest, properties that stand out are sometimes less strongly affected by an unfavourable market. Why? The law of supply and demand again.
A home that stands out offers features not found in the other products on the market. A great view, a choice location, or a pool, fireplace or garage can all make a property more attractive to buyers. If your home doesn’t have any special features, a few strategically chosen renovations can have a positive effect on visitors.
Finally, keep in mind that the real estate market is always changing. Be sure to regularly monitor the activity in your area to stay competitive. Simply check whether new comparable properties are on the market and adjust your price as needed.