Surviving the buyers
market in a sellers shoes
It’s
no secret that we have been in a buyers market for quite some time now. While this can be extremely frustrating
for the seller in today’s market, there are
ways to prepare and triumph. With
a sound strategy in place, anyone can sell in this market; but like most
things in life, it takes work, care and time. So hike up your pants, roll up your sleeves, and let’s get
that home SOLD!
Know your hold costs
The
#1 factor to be aware of in a buyers market are your monthly hold costs. As days on market climb, your potential
net descends. As shelf life
is inherently longer in a buyers market this is a factor that cannot be
ignored. When factoring in
hold costs, an offer of $340,000 in your first week is greater then $350,000 6
months from list. A $3000
monthly hold cost is a fair average for a $350,000 home. That’s $18,000 after 6 months. In essence, the 2nd offer 6 months later is a
relative $332,000. If you had
settled for $340,000 on the first offer you would have saved $8000! It is imperative that you know your
hold costs and factor them into all negotiations.
Get Real
The
biggest problem we face in today’s Real Estate market is the continuing effect
of the bubble bursting. While it’s
unfortunate, it is, as they say, what it is. We cannot fool ourselves into believing our homes are
worth what they were in the good ‘ole days. We HAVE to be realistic with today’s market and price
accordingly. We always want to
maximize our potential dollar but pricing out of market is simply the wrong way
to do so. Understanding true
market value, pricing accordingly and making your home stand out is the way to
success in a buyers market.
Market effectively
and consistently
Marketing
mediums have and continue to change at a rapid pace. A buyers market clearly carries more inventory then is
standard. Thus we need to STAND OUT from the crowd! With so much competition around be sure
to work with an agent who understands marketing to not only today’s buyers, but
to your specific buyer base. This
is not the type of market where one ad in a Sunday paper is effective. There
needs to be a consistent flow of effective marketing until you reach your
goal. Without it, you are going to
be lost in the pack.
We
cannot control the markets we find ourselves in we can only act accordingly. Remember that selling is possible in any market. Make a plan, hire the right agent and your sale will be a
success!
