Tips for BUYING in a SELLER’S market
Set your sights on homes that have been on the market for a little bit. Sellers of brand new listings are much less likely to budge on price or concessions than those who have been waiting around for a while. Keep in mind that because it’s a buyer’s market, a home that’s been sitting for sale for a few weeks or months isn’t necessarily a dud—it may just not have had a ton of action. You don’t have to limit yourself only to homes with older active listings, but doing so would certainly increase your chances of getting a stellar deal.
Ask the seller to pay your closing costs. Closing costs for home buyers can run as high as 2% to 7% of the home’s purchase price, which is thousands of dollars out of pocket in addition to your down payment. Since it’s a buyer’s market however, it’s worth asking the seller to cover your costs instead, which will save you a lot of money. If you’re going to ask the seller to pay your closing costs though, just note that you’ll want to ask for less in terms of contingencies and post-home inspection repairs.
Tips for SELLING in a BUYER'S market
Market far and wide. All hope is not lost for a seller in a buyer’s market. But instead of sitting around and waiting for the buyers to come to you, you’re going to have to cast as wide of a net as possible and hope to draw more of them in. In addition to the usual channels like MLS and aggregate listing sites, talk to your real estate agent about coming up with a plan for marketing on social media and other community-focused platforms.
Have your home professionally staged. Staging is recommended in both a buyer’s market and a seller’s market, but it’s in the former when you really can’t afford to cut any corners. A professionally staged home may cost you a little bit up front, but it’s going to make a strong impression with the potential buyers who come through your door.
Add in some incentives. Buyers are more likely to ask for incentives in a buyer’s market, so why not offer a couple up front? Throw in your expertly designed patio furniture or new stainless steel appliances. A little bit extra can go a long way, so if you want to stand out find a cherry you can put on top to sweeten the deal.
