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Posts tagged buyers’ market

The 24 Hours after a Bid

Mar12
2009
Leave a Comment Written by Alicia

shakinghands

We are currently living in a buyers’ market, plain and simple. Because there are so many more homes available than buyers to buy them, sellers have to be willing to accommodate buyers’ requests in order to acquire and retain interest.

That’s why the first 24 hours after a bid could be called the most crucial.

Buyers could lose interest and move on if you don’t respectfully respond to their bid. There is a market full of other homes to distract them. This means that you must consider your options quickly and smartly.

What to keep in mind:

Hopefully you’re already keeping up with the local competition: Take note on houses for sale that are similar to yours in size and upgrades, and keep track of what sells and for what price. Remember these figures when considering your bid.

The hardest step, after receiving a bid, is to forget how much revenue you were hoping to make from this sale. If you’re forced to move to a more expensive location and you were hoping for this investment to cover your costs, it might not. Depending on how badly and how quickly you need to sell, you might just have to reconsider, reevaluate and negotiate.

Deciding whether to accept a low bid highly depends on your time restraints. If you need to move by a specific date, you’ll probably want to accept any bid you receive. If you have no time restraint and have not found a new house yourself, you can still hope for a better offer.

Find out what the buyer’s time restraints are. If you accept the bid, prepare to accommodate the buyer’s needs as much as possible. Even if you accept the offer, they could still lose interest. Be as polite and understanding as possible with them.

All of this should be considered within the first 24 hours after a bid is made. Which means, start planning ahead now. Imagine different scenarios and what plan of action you would use if they were to occur. This way, when the long-awaited bid arrives, you’ll be prepared to accept, deny or counteroffer it in a timely, respectable fashion!

Because, once again, it’s a buyer’s market. Plain and simple.

Posted in Market News, Tips and Ideas - Tagged bid, buyers' market, negotiating, real estate, selling a home
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Buy Now or Buy Later

Oct28
2008
Leave a Comment Written by Shanna

A Time for Bargain Shoppers

Here at Buy Owner, we’ve been shouting Buyers’ Market! for quite a while, and that’s never been more true than now. With mortgage rates set to improve and a wealth of for-sale homes on the market, you as a buyer stand to reap the benefits, giving you the home you’ve been searching for at a fair price, now more than ever.

If you’re in the market, here’s why you should buy… now!

1. Available Homes: More homes on the market means more homes to choose from. Looking for a large lot? Water views? A move-in-ready townhome? Whatever your dream, it’s out there. This is in stark contrast to the market of a few years ago, where buyers often fought bidding wars to grab up the right place.

2. Reduced Prices: Houses listed for $XX six months ago are often 75% of that now. In other words, it’s a 25% off (give or take) sale, and you get your pick of properties. Of course, if you’re selling your current home to buy a nicer one, this also means your property’s selling price may need to lower, as well. That makes now a smart time to act.

3. Bargaining Power: From making an offer to asking for assistance with closing costs, you’ve got opportunities to make the home sale what you want it to be. Be sure to get an inspection and talk with the seller about any defects. Most reasonable sellers will try to work with you and come to a reasonable conclusion.

If the above factors don’t entice you into the real estate market now, maybe this recent article we featured will. The truth is, now is an excellent time to buy, so start searching!

Posted in Buying Tips, Tips and Ideas - Tagged buyers' market, buying a home, fsbo, housing, real estate, real estate market
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6 Tips for Selling in a Slow Market

Sep28
2008
1 Comment Written by Shanna

Even in a slow market, people buy homes. Whether due to relocation or life changes or something else, they need to find places to live. It’s just that in a slower market, there are fewer buyers buying, meaning there are plenty of homes for them to choose from. Available buyers can choose from the cream of the crop, usually at affordable prices.

So what does this mean for you as a seller? Simply put, it’s not enough to stick a sign in the front yard and continue life as normal.

Essentially, selling in a slow market is all about outshining the competition so you can appeal to the smaller pool of buyers. How can you do this? Here are six ideas:

1. Comparison Shop: Are there other homes for sale in your neighborhood? What about in your city for the same price range? Compared to these other for-sale properties, which you can be sure buyers will see, how does your home stack up? Knowing this information will help you know what needs to change (amenities, price, etc.) and can give you a great starting point for preparing to sell.

2. Advertise Aggressively: You need to get the word out about your home, ideally at a highly trafficked website that can appeal to visitors worldwide. Buy Owner is the nation’s leading “For Sale by Owner” company, providing customized individual ad pages with virtual tours, professional photography, quality descriptions and more. Advertise your home at a site like BuyOwner.com for maximum exposure.

3. Improve Curb Appeal: First impressions are incredibly important. The initial appeal (or lake thereof) can encourage a buyer inside or deter them from ever entering. Manicure the lawn, plant flowers, power-wash the driveway and/or walkways. The front of your home should wow anyone who pulls up.

4. Stage the Interior: Effective staging should showcase your home’s strengths by opening up the rooms with strategic furniture and décor placement. The goal should be making it easy for buyers to see themselves living in your home.

5. Offer Incentives: When you’re trying to stand out amongst other for-sale properties, incentives are a sure bet. Offer to give money back to the buyer or throw in some bonus with a completed sale, be it new carpeting or a vacation getaway!

6. Think Outside the Box: Selling your home fully furnished could be a selling factor for interested buyers. Even throwing in extras like appliances, a lawn mower, etc., may be enticing. Alternatively, you could offer a rent-to-own option, or you may choose to just rent altogether.

Posted in Selling Tips, Tips and Ideas - Tagged buy owner selling, buy owner selling tips, buyers' market, fast sell buy owner, fast sell by owner, for sale by owner selling, selling in a slow market, Selling Tips, selling your home
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Selling in a Buyers’ Market

Oct10
2007
2 Comments Written by Shanna

Simply put, a buyers’ market exists when there are more homes for sale than buyers to purchase them. In this situation, buyers can take their pick of quality homes, with more options and more negotiating power. Home prices tend to be lower, and properties tend to stay on the market longer. While this is great news for homebuyers, it’s a problem for sellers.

As a savvy seller, you need to proactively market your home to stay at the top of the playing field. Homeowners who sell homes quickly instinctively plan ahead and aim to charm buyers. They take the necessary steps to stand out among the competition. Here are a few important ideas to get you started:

PRICE COMPETITIVELY

Note that the best analysis comes from a skilled professional who has access to market information and trends. As a Buy Owner customer, you would be eligible for a free analysis from MLS Realty®, making this valuable part of your strategy remarkably simple!

The first step in analyzing pricing is to look at competitor home prices. Investigate the price range in which similar homes in the area are currently listed, have recently sold, or are pending sale. When considering the recently sold homes, focus on transactions that have occurred within the last two months. Because of the market’s changing rates, examining more distant sales won’t yield as accurate of a range. Determine the price range that similar homes in the area have sold for within the last two months.

Based upon the numbers you find, aim to market your home just below its value. This will make the price competitive and realistic.

IMPROVE CURB APPEAL

First impressions can make or break your sale. When potential buyers arrive, they should feel immediately attracted to your home and excited to see the interior. Knowing this, you want to do all you can to improve the exterior appeal. Attend to all landscaping areas: mow the law, trim the hedges, manicure the plants. Plant fresh flowers in front, if possible. Make any necessary repairs to the roof, the siding, or other parts of the building. Also take a good look at outdoor equipment like pools, sheds, decks, or patios. Everything should be immaculate, ready to be shown.

For more information, see the Buy Owner article: “Why Curb Appeal is Important.

CLEAN AND STAGE THE INTERIOR

Stop thinking like a homeowner and start strategizing as a product seller. Depersonalizing is a big step towards recognizing your home’s marketability to buyers. As a product seller, you need to consider every possible way to increase your home’s appeal—not to you, but to buyers.

In every room, stage furniture and decorations to maximize space and showcase style. Remember, you’re thinking like the buyer now. Get rid of all clutter—anything that you don’t need, put away. Rent a storage space if you have to. Doing this will make the rooms appear larger and full of potential, ideal for helping the buyer imagine living in the home. Another idea is to consider a professional staging company. Trained stagers can creatively plan ways to market your home at its best.

Clean your home from top to bottom. Everything should be spotless, like a show home. Get inside the cabinets and drawers, too: potential buyers will open everything.

Following these three steps can make all the difference in your home’s marketability and successful sale. Be proactively aggressive in getting your home in top shape, and you can compete, even in a buyer’s market.

Posted in Market News, Selling Tips, Tips and Ideas - Tagged buyers' market, market, proactive selling, selling, Selling Tips
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Welcome to the BuyOwner.com Blog, your source for regularly updated market information!

Founded in 1984, BuyOwner.com® is the leading provider of real estate marketing services. We pioneered the "For Sale by Owner" (FSBO) market, which today represents over 20 percent of all residential real estate transactions.

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