Although many areas are starting to feel the effects of the more positive economic outlook, the property market remains by and large favourable for buyers who have more properties to choose from. The flipside to this, is that property prices are under pressure as buyers are not prepared to overpay for properties.
In a seller’s market, there are usually a shortage of properties and buyers are therefore prepared to pay higher prices. The other side of the spectrum, is a buyer’s market which is characterised by more properties and fewer buyers which puts prices under pressure.
It can therefore be said that in a seller’s market, sellers calls the shots and in a buyer’s market, buyers call the shots. That said, all is not lost for sellers as there are still plenty of opportunities to sell in a buyer’s market.
Here’s why and how:
Opportunity in every market – remember, regardless of the state of the market, there are always people who need or want to buy property for a variety of reasons and you would not want to lose out by thinking that you must wait for the market to improve before you sell.
Sell lower, buy lower – remember, if you sell now, you too can benefit from the buyer’s market conditions. It is impossible to predict the market and by not taking advantage of the good buying conditions yourself, you may look back to this phase with regret.
Guard against overpricing – if you are selling, you will likely have to compete with at least 3-4 similar properties in the same price range. You therefore need to ensure not to overprice compared to your competition because all that does, is help sell other properties.
Presentation is key – remember, with more properties to compete with, it is especially vital that your property is presented in the best possible light, from setting the asking price at the right level, to ensuring that it is in showroom condition during buyer visits.
Don’t waste time – take care not to be caught out by those offering low fees to sell your property as you may we wasting valuable time and your property can become stale if it sits on the market for too long. It is also not good to have your property listed by multiple agencies as it causes confusion for buyers. Rather focus and list with an area expert with a successful sales track record.
Trust your agent – your agent has the exact same objectives that you have and that is to sell your property in the shortest time for the highest amount possible. Therefore, trust your agent’s advice in terms of how to price and market your property in a tough market.