If it is a buyers’ market and you need to sell - strategies for you.
Obviously, if you are considering Selling Your Home in a known Buyers Market then you are truly motivated to sell and are facing an opportunity that causes you to taken action sooner, rather than later. You do not have the option of waiting. No matter what the market conditions are, you need to sell your house.
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 over the past few months. would you as the buyer, offer more or less than $450,000 for the next home that came on the market? How could the answer not be less? 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.
Determine a number known as 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 HOA or Condo dues. In addition, add on the amount that property values have been declining and multiple this by the period of time that it has been taking homes to sell. 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: In a Buyers Market, there is no room for the old mindset or Sellers Market mindset of Pricing it high with room to negotiate or room to come down in the future. 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 correctly.
The Silver Lining to selling a condo in Northern Virginia 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.
Robert Earl - Founder of The Earl of Real Estate Team is a Real Estate Entrepreneur & Real Estate Coach based in the Northern Virginia. The Earl of Real Estate Team focuses on Springfield VA Real Estate, Condos, Townhomes & Homes for Sale
- Robert Earl The Earl of Real Estate
