It may seem obvious that if you are planning to sell your home, you would not want to do so during a buyer’s market. While this is true for real estate investors, it may not be true for you. We have found that the right time to sell a home for many depends on their own life – not what the market is doing.
The truth is that selling during a buyer’s market is not all bad – there are good and bad factors involved. Keep reading to learn about them and then contact Berkshire Hathaway HomeServices at (310) 373-0021 if you need real estate advice from the experienced professionals.
Pro: Selling During a Buyer’s Market Gives You Plenty of Time to Prepare Your Move
If you are selling during a seller’s market, you could end up with your home sold within hours of it being listed. On the other hand, if you are selling during a buyer’s market, you will likely have more time. This can actually be a bonus as it gives you extra time to find the right home, pack up your things, etc.
Con: There is a Lot of Competition
By its very definition, there is a lot of competition when you are trying to sell during a buyer’s market. You may be facing similar listings, which will require you to either lower the cost of your home or put in more effort to make it stand out. The good news is that at Berkshire Hathaway HomeServices we are well versed on how to highlight the unique features of each home we work with.
Pro: Your Competition May Be Distressed Properties
Generally speaking, there are more foreclosures and short sales during a buyer’s market. Many of these home require significant renovation and are not in good shape. They are generally sold as is. If you have a home that’s been well maintained, is not owned by a bank, and is move-in ready, it could be particularly appealing during a buyer’s market.
Con: It Will Likely Take Longer to Sell
Of course, if you must sell your home in a buyer’s market, you should expect that it will take longer to sell than if you were selling in a seller’s market. This does not mean that it will not sell or that you cannot get a fair price – it simply means that you must be patient.
At Berkshire Hathaway HomeServices we know how frustrating it can be to have a home that you can’t seem to be sold. The good news is that we also know how to get the public excited. Contact us at (310) 373-0021 and let us get started selling your home!