If you are considering selling your home, the price you set will play a huge factor in how long your home sits on the market. Any home will sell in a given market if the price is right. But in a buyer’s market, sellers need to become more realistic about the price they are setting for their property. 

With a plethora of choices, buyers are no longer in a hurry to make a quick decision and can drag the process out until they find exactly what they are looking for. 

What is a Buyer’s Market

A buyer’s market refers to the conditions of supply and demand. Essentially there are more houses for sale than there are buyers for the homes. Buyer’s markets are heavily influenced by the available inventory, interest rates, and the economic outlook. 

Pricing

Proper pricing is the key to selling a home in a buyer’s market. Your price needs to match or undercut comparable listings in your area. When selling in a buyers market, it doesn’t matter if your home has nicer features or is better condition than other homes in the area. Sellers can get a general idea of what their property may sell for by checking a home value estimator, but that is only the start of the process. 

Knowing your baseline price will give you and the real estate agent you are working with an idea of where to start when factoring in other things like the age and updates made to the home. Once this step is completed in a seller’s market, you’d be able to list your home, but in a buyer’s market, you have to adjust your price to be competitive to what’s already out there. If you overprice in a buyer’s market, your house will not sell. 

Buyer’s Market Marketing

With a surplus of homes available and not enough buyers, marketing your home becomes important. Staging your home, updating your curb appeal, and hiring a real estate photographer to take high-quality photos of your home will be the base of your strategy. This allows the buyer to picture themselves living in the home and also allows them to see how the furniture fits into the space. 

While selling a home is a nerve-wracking undertaking, selling in a buyer’s market can be even more stressful. With the right pricing and aggressive strategy, it’s possible that your home will sell quickly and for the price, you’re asking!

For more information on pricing your home in a buyers market, please contact Mehran Redjvani. Or for more information on Richmond Hill and the surrounding areas, please visit Mehran’s RE/MAX West Brokage page.