The Secret to Selling a Home in a Buyers Market
Selling a home in today’s Buyers market can be challenging. Understanding a little bit about the dynamics of real estate sales, can mean the difference between success and failure in selling a home during a buyers market. The secret to selling in any market is PRICE. With the market changing daily it is important to find the “sweet spot” in the price where the buyer’s interest is maximized and the seller’s expectations are met.
Here are some mistakes that sellers often make when pricing their home:
- Setting a price on how much money they need or want to make from the sale
- Setting a price based on what the neighbor’s house sold for
- Setting a price based on what they owe on the mortgage of the property
- Setting a price based on what they paid for the house
- Setting a price based on homes that have sold in a different area of town or neighborhood
- Setting a price based on the tax assessed value
- Setting a price based on what zillow.com or trulia.com shows as comparables
- Overpricing
Here are some suggestions to set the right price for your home:
- Determine the current value of your home for the current market conditions by consulting with a professional realtor
- Set the price right from the beginning
- Set the price below other comparables
- Look at the absorption rate (the length of time it would take to sell the current inventory of homes for sale). This will give an accurate snapshot of what the market is really doing.
- Set the price based on the value of the home
- Be realistic
The bottom line to successfully selling a home in a buyers market is to price it right. Setting the right price requires careful and detailed research of the real estate market. An experienced, knowledgeable realtor should possess the tools to assist a seller in maximizing their profits and accomplishing their goals.
