A buyer’s market is when the housing supply exceeds the housing demand. The greater inventory of homes for sale, the more negotiable these properties become. This shift comes as result of any number of external conditions such as comparable sales in the neighborhood, the economy, public confidence and changes in tax laws.
According to RE/MAX Metro realtor Estelia Mesimer, from a seller’s standpoint it is not advantageous to put your home up for sale in a buyer’s market. The idea of selling is to get the most amount of money in the shortest period of time.
Having said that, we know life happens and a move may be out of your control. There are, however, things you can do to help your home stand out from the others.
Tips for Selling in a Buyer’s Market
According to an article in Opendoor (https://www.opendoor.com/w/blog/home-buyers-vs-sellers-market), here are a few tips to help increase your chances for getting what you want for the sale of your property in a buyer’s market.
Boost curb appeal and consider high Rate of Investment upgrades: In this market, the most attractive homes go first and to higher bidders. Before putting your home on the market, make sure it’s in peak condition by fixing any lingering maintenance issues, pumping up the curb appeal, and maybe even investing in a few affordable upgrades like fresh paint or new countertops.
Invest in top-notch photography: Listing photos offer potential buyers their first impression of the property. Make sure it’s a good one by investing in photography that presents your home in its most flattering light. This will ensure that buyers are clamoring to come see your home, rather than passing it over for more attractive options.
Price to sell: You don’t have to give up on making a profit from the start, but you should list your home at a price that remains competitive for the market you’re in.
Be flexible: Be flexible when it comes to accommodating showings and to negotiating offers. The more people that are able to see your home, the more likely you are to find someone that’s interested. Then, when you’re ready to negotiate an offer, be sure to keep an open mind.
St. Petersburg Real Estate Market Outlook – Great News
According to a November 2019 Global Mansion article titled Three U.S. Markets Where Luxury Home Investment Can Still Pay Off (https://www.mansionglobal.com/articles/three-u-s-markets-where-luxury-home-investment-can-still-pay-off-20953), one breakout market has been Pinellas County, which includes the twin cities of St. Petersburg and Clearwater. For an amenity-rich beach locale, the region offers affordability compared to its Atlantic coast counterparts and greater opportunity for growth in the near future.
The average luxury sale price in Pinellas County rose a whopping 17% in July compared to a year ago, according to the latest luxury data from realtor.com, which defines luxury as the top 5% of sales. But at $762,000, luxury real estate there is still considerably more affordable than in Palm Beach and Miami-Dade counties, where average luxury prices top $1 million.
Bottom Line: There are ways for Sellers to navigate a “Buyer’s Market” as well as strategies for Buyer’s to get the best deal in a “Buyer’s Market”. Real estate is fluid, cyclical and demands patience.
Whether you’re looking to buy or sell, The Mesimer Team will set you up for success every time!