Every home seller wants to time the real estate market so that they can get the most value for their home. Unfortunately, life gets in the way, and the timing may be out of your control. You may find yourself moving to a new city for a new job and having to sell your home at a time you did not anticipate. If your listing agent has told you it is currently a buyer's market, you may be a bit confused about what this means and how it will affect the price of your home. Here is what you need to know about this unique state of the real estate market.
What A Buyer's Market Means To You
Selling during a buyer's market means that there are way too many single family homes for sale when compared to the buyers actively looking for a home to purchase. You may notice that your home is not getting much interest in terms of showings and that it sits on the market for a while without getting an offer. This can force sellers to be competitive to attract that small pool of buyers.
How To Price Your Home
You need to find ways for your home to stand out among other homes on the real estate market. This means that you may have to price your home at a price that is a bit lower than what you wanted in order to get a buyer in the door to look around. Work with your agent to figure out what a home similar to yours has recently sold for, and use that as a basis for your home's pricing.
Know that you can always price your home low to see if it will sell. If you instantly get a lot of offers, maybe you priced your home too low. You can always reject the offers and list your home for a higher price and see which buyers are still interested.
How To Generate Interest
It is possible that your home sits on the real estate market for quite some time without any offers. If so, there are ways to help make your home look like it was recently put up for sale again. Your agent can help take down the listing for a short amount of time and then put it back up. To buyers, it will show as a new listing and will not have the price adjustments attached to it. This will also get the home in front of the eyes of buyers that look at new listings every day.