Buyer VS Seller's Market
Category Hendra Knows
You've heard about the real estate market favouring either the buyer or the seller and
just like the economy, the property market is driven by supply and demand.. But what
exactly does that mean when you're trying to buy or sell a house?
What is a buyer's market?
In a buyer's market there are a lot of homes for sale, but not enough qualified buyers
to buy them all. The housing supply is high, but demand is low. That means that it's
going to be easy to buy in this type of market, but a lot tougher to sell.
How do I buy a home in a buyer's market?
Now’s the time to buy! There are many homes for sale and it’s easier to negotiate
Be ready to negotiate
If you were hoping to negotiate and pay less than asking price on a house, then
now's the time! Talk with your Hendra real estate agent to decide what a reasonable
offer is and how to go about negotiating the best price.
Keep an eye on the market
You’ve got the upper hand now, but that can all change very quickly. Make sure you
don’t miss your window and suddenly find yourself in a seller’s market.
How do I sell a home in a buyer's market?
For many sellers, this can delay the time that a house stays on the market. But if you
set your expectations and put in the work, you can attract the right buyer.
Set reasonable expectations about your price
You were hoping to make more off this sale, but you need to remember that the
buyer has many options to choose from and price is a major selling point. Work with
your Hendra real estate agent to figure out where your home should be priced in this
Make a good first impression
Photoshoots are potentially the most important part of the home-selling process. A
buyer’s first impression of your home will most likely be on online, and not in person
at an open house. Even better, get Hendra Estates to shoot a virtual tour.
Make sure everything is immaculate and that a buyer can walk in and really picture
themselves living there. Buyers will be extra picky as they have plenty of choice. Try
painting the walls a neutral color, remove any family pictures from around the house
and declutter as much as you can. This goes for the outside of your house, too.Make sure your garden is clean and neat and fix any chipped or peeling paint.
What is a seller's market?
In a seller's market there are a lot of people who want to buy a home, but not a lot of
homes for sale. That means you might end up getting top dollar when you sell in this
type of market.
How do I buy a home in a seller's market?
Buying a home in a seller's market isn't as easy as buying in a buyer’s market. But,
with the right mindset you can still find a great home in your price range.
Be open minded
You can picture the perfect house, but that home might not exist in this market in
your budget. So, keep an open mind about the types of homes you’re being shown.
In a seller’s market, a listing today could be a memory tomorrow. Which means you
can’t always wait for that weekend showing. Try to be flexible and make yourself
available for showings as listings become available.
We always recommend getting pre-approved before you start your home search, but
it's even more important in a seller's market. Getting pre-approved lets the seller
know you’re qualified and motivated. It demonstrates financial security, giving the
seller confidence that the sale will go smoothly with you as the buyer.
How do I sell a home in a seller's market?
Selling in a seller's market means you're likely to make a good profit on your home —
and you'll probably do it quickly!
You want to price aggressively in a seller's marketing, but don't get too overzealous.
If your price is unrealistic, buyers will simply not choose to look at your home. Ask
your Hendra real estate agent to help you set a price.
Get ready for multiple offers
The absolute best result when selling a home is to receive more than one offer. If
you're fortunate, you'll get into a bidding war in which multiple sellers try to outbid
each other to win your home. Having multiple offers can be great for your bottom line, but it can also be a little overwhelming! Talk with your Hendra real estate agent about how to choose the best offer and the best buyer.
Be ready to move quickly
Unless you're moving into your second home or overseas or you're prepared to rent,
selling your house will mean you're going to quickly become a buyer. Since your area
is in a seller's market, you shouldn't waste any time looking for your next home.
There’s a lot to think about when buying or selling. Talk to Hendra Estates to make
the process an enjoyable one.
Author: Wayne Hendra