How To Win As A Home Seller In A Buyers Market
by Robert Earl The Earl of Real Estate
So an opportunity has arisen that you must act upon sooner, rather than later. And even though you know that it is a Buyers' Market, you have to sell you home and you have to sell it fast. Waiting is not an option for you. You need your property to sell, no matter what the market conditions.
The first one to sell, WINS in a Buyers' Market. Put yourself in the shoes of the Buyer. Looking at it like a buyer, If you knew that your area was in a Buyer Market, and you knew that the last property sold for $450,000 & that prices had been dropping with each new sale. Then would you as the buyer, offer more or less than $450,000 for the next home that came on the market? It would be hard to come up with a situation where the answer would be more. With this being the case, being the next one to sell would be better than being the second one to sell, wouldn't it? If you were the one at $450,000 you make more than the next one & so on & so on.
Calculate your holding cost: Most sellers look at the one shear number of how much less they are going to list for as compared to the home that sold 2 years ago or the last property that sold prior to your listing without taking into account something called the waiting cost. Holding cost normally includes the Principal, Interest, Taxes & Insurance that would be outlayed plus any Condominium or Home Owners Association dues. Add to this the amount that property values are declining in value on a monthly basis. Then ask yourself is it better to hold or wait or is it better to take the "hit" up front, rather than prolonging the issue.
The most amount of buyers you will get to consider your property will be in the first 30 days - Ride the Wave: A buyers' market does not allow a seller to try to price a property high hoping to leave room to negotiate in the future or to lower the price in the future and still get the top dollar the market will initially bear. The time to price the property correctly & have it in the best condition is right away. The greatest number of prospective buyers will be coming through your property in the 1st 30 days and most of these will categorize your property as overpriced & move on to another property if it is not correct when they first see it. It is very important that you determine your Northern Virginia Condo & House Values (http://www.theearlofrealestate.net/selling_how_much_your_home_is_worth.aspx) correctly.
The Silver Lining to selling a condo in Northern Virginia (http://www.theearlofrealestate.net/Condos.aspx) during in a Buyers Market is when you are trading up. Sure, you are not getting as much as you wanted on your existing property, but you will be paying the same percentage less in a trade up situation. And the same % of a larger number means you are saving more money than you "lost" on your current property.
Remember, In a Buyers Market, marked by declining prices, each month you wait to sell results in less money you will get at closing.
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