6 Tips for Dealing with Sellers in a Buyer’s Market
The real estate market is dominated by distressed properties. Real estate professionals are competing with short sales and REOs. The best strategy is to price the property right when it’s listed. If the market demands change, then it’s time to lower the price. Here are some things to consider if one of your listings isn’t moving:
- You’re drawing few lookers
What are the sales statistics? Why aren’t buyers looking at your home? The answers to these questions may tell you why your listing isn’t attracting potential buyers.
- You’re drawing lots of lookers but have no offers
Something is wrong if good buyers are buying other properties. An overly high price may be discouraging buyers from making an offer.
- Your home’s been on the market longer than similar homes
How long is it taking similar homes to sell? It may be time to price the home UNDER the market.
- You have a deadline
It’s a race against time. The price is not determined by how much money you need or when you need to sell, it’s determined by the market.
- You can’t make upgrades
If comparable homes in better condition are selling, buyers are paying less for a home that doesn’t show as well as others. If the money isn’t there for fix-up, then the price must drop.
- The competition has changed
Take a look at recent sales and current listings. You’re competing against the properties priced to sell, not the properties that are priced to sit.
Keep these 6 points in mind when trying to consider whether or not to lower your client’s selling price.
About Larson Educational Services:
Utilizing 30 years of real estate training and professional education experience, Florida real estate school Larson Educational Services is the premier provider of Florida real estate licensing, exam preparation, post-licensing, CAM licensing, mortgage loan originator licensing, and continuing education in Southwest Florida. Classes are available in Fort Myers, Naples, Sarasota, and online.
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1400 Colonial Blvd. Suite 44
Fort Myers, FL 33907