Selling in a Buyers Market

Our region was experiencing a sellers market during the early part of this decade. A home would attract multiple contracts and the ensuing bidding wars meant that homes were selling at high prices. It seemed that as soon as a home was put on the market, buyers swooped in to grab it.

This is not the case at the present time, but there is no need to despair. As a seller you have to be more flexible, but that doesn't mean that you should give your home away. You can sell it at a price that you are comfortable with if you make sure it is sale-ready and are willing to bend a little.

Here are 5 tips for sellers in a buyer's market:

1) Agree to pay nonrecurring closing costs
This assistance will really go over big with buyers.

2) Offer incentives up front
Don't wait until a buyer frowns at worn carpet or outdated paint colors. Tell them that you will give them an allowance for these things if they buy.

3) Be flexible about the move-in date
If a buyer wants to move in sooner, let them! You may have to camp out with a relative or find other temporary housing, but you will accomplish your goal of selling your property.

4) Get a home inspection before you put out that "For Sale" sign.
You don't want a prospective buyer to discover a major issue at their home inspection because that could kill the deal.

5) Be patient
True, a house much like yours would have been snatched up within a week in a seller's market, but do not get discouraged. It may take more time than you think to sell, but hang in there.