Tips For Selling Your Home In A Buyer’s Market
Homeowners thinking of selling in a buyer's market have to tread very carefully. Set your price too high and you could end up sitting on it for 6 m...
Homeowners thinking of selling in a buyer’s market have to tread very carefully. Set your price too high and you could end up sitting on it for 6 months or more or it might not sell at all. Set your price too low and you might sell it faster however will you have enough money left over for moving expenses and a down payment on another home? You need to put a lot of thought into your asking price when selling in a buyer’s market.
When all of the other homes around yours also are for sale your initial inclination may be to price yours so it is the lowest in the neighborhood so yours will sell first. But keep in mind, you may have closing costs, fees for the selling agent, inspection fees, insurance payments and any number of other hidden fees to cover before you sign those closing papers. And then you are going to need a down payment for another home, whether you rent or buy, and the extra fees that go together with that. Selling your home at any time is a difficult process but even more so if you’re selling in a buyer’s market.
The first thing your agent is going to do is recommend that you price your house appropriately before they even begin to talk about painting and sprucing up the place. And you may not want to hear the price they have in mind. Bear in mind, your Real Estate agent is representing you and has your best interests in mind, not the buyer’s. He also is aware of the current trends in your marketplace, what homes like yours have recently sold for and the asking prices of other homes in your neighborhood.
Your agent doesn’t get paid unless he sells the house and when he does get paid his commission is based on the final selling price. So it behooves him to get as much as possible for your house. If he suggests a lower price it’s because he thinks that all you’ll be able to get out of it at this time.
You may think your house is worth more than what the agent suggests and it’s your right to list your home for whatever selling price you chose. Keep in mind though that if your Real Estate agent thinks you’ve priced it way out of line with current market trends he’ll also think it’s just a waste of time to even show your home. Granted, when he signs that contract with you he’s agreeing to do everything within his power to sell your house. But especially in this economy, where do you think he’s going to be taking all of his clients?
He’s going to be showing them the houses he knows are priced to sell quickly so he can make a living, too. Your home and property might be the most beautiful in the neighborhood and you might think it’s worth far more than your Real Estate agent does. But when you’re selling your home in a buyer’s market if it isn’t priced to sell you might as well get used to living there for a while.
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