Selling Your Home in a Buyer's Market: Strategies to Stay Competitive

Selling Your Home in a Buyer's Market: Strategies to Stay Competetive

Home sellers quickly discover a slew of real estate slang, including “buyer’s market.” 

A real estate market fluctuates between a seller’s, buyer’s, or balanced market.

The atmosphere of a buyer’s market in real estate is buyer-friendly and creates a competitive playing field for sellers. Supply outpaces the demand, meaning that buyers have lots of housing options. As a result, they feel less pressure and sellers must price lower to become attractive. 

This guide teaches sellers about buyer’s market strategies - Photo via Canva

California is a seller's market now, though future market conditions may swing in the buyer’s favor. So, being a home seller carries advantages in California, which is great news for you. However, the guide you're reading now will address areas in the buyer’s market phase, favoring homebuyers.

We should talk about what buyers markets mean for home sellers before strategy.

How a Buyer’s Market Affects Home Sales

A buyer’s market is not specific to real estate - it can affect any industry. Common items like potatoes or bags of potting soil are plentiful and not in significant demand, falling under a buyer’s market effect. On the other hand, Rolex and Ferrari products are in demand and have limited quantities, creating a seller’s market conditions.

If you are selling your home in a buyer’s market, here’s what to expect.

  • You won’t have as much power during negotiations.
  • Listing prices must be fine-tuned.
  • Buyers will be less likely to turn a blind eye to issues.
  • Homes may take longer to sell. 
  • Marketing strategies must be effective.

In a buyer’s market, a home seller needs to maximize allure and stand out from the crowd of listings. Buyers are being wooed by plenty of other properties, so it becomes slightly harder to secure their interest. They may be even more focused on value, as the choices instinctually raise their selectiveness. 

Professional photos, drone shots, and virtual tours could make your home stand out - Photo via Canva

Many of the top metro area buyer’s markets are in the eastern US, like Philadelphia, Chicago, and Cleveland. Top sellers markets are on the opposite side of the nation, along the west coast.

“Markets can take years to swing and residential home sellers rarely have the luxury of waiting,” notes Sandy Jamison. “With a precise approach, sellers can navigate these markets and collect reasonable value for the property - but buyers spend more of the transaction in the driver’s seat.”

A realtor with multiple awards and decades of success in California, Sandy Jamison primarily operates in California, which has been mostly a seller’s market for the past decade.

Tested Strategies to Stand Out in a Buyer’s Market

Now that the forces in a buyer’s market are understood, you need some solutions. There are several ways to sell homes optimally in these conditions, despite the imbalance between buyers and sellers.

Discuss your options and make a plan for buyer’s market home sales - Photo via Canva

Pricing matters - now more than ever.

Being paired with an experienced realtor is your best bet for selecting the perfect listing price. For a few reasons, local real estate agents are well-equipped for this vital task. Knowledge of comparable properties is one asset you’ll have on your side. What your agent is looking for is a balance between the home's true value, perceived value, and value compared to similar properties. Landing on the right number is key to selling in a buyer’s market.

Explore pricing guarantees.

In a buyer’s market where selling times and final prices are more uncertain, guarantees are a comforting insurance policy. Our team offers a Guaranteed Sale Program that more or less locks in the value of your home, safeguarding that financial outcome for you. 

It’s the time to repair and renew.

Letting disrepair or anything lackluster get in your way of a sale, is not advisable, to say the least. Unless you’ve got the luxury of time, these negative aspects could take you out of contention when buyers have a plethora of other choices. Avoid giving your prospects anything to dislike and ask your realtor which parts need to be updated. A pre-listing inspection can also tell you what needs attention.

Apply the correct marketing strategy.

The ideal marketing strategy in a buyer’s market highlights your home and its best features. Putting it up on MLS sites and hoping for bites is too passive in a buyer’s market. A mixture of proactive outreach and local social media coverage is usually part of your realtor’s plan. They also have a network of buyers to show off your listing to, so offers could be on the table quicker than you’d expect. The point is that they know what works and what won’t in your area.

Negotiate realistically.

Buyers become a more precious commodity to sellers in a buyer’s market. Realtors need to negotiate to retain buyers who have made offers, whether they receive one or multiple offers at once. In a buyer's market, sellers may see a lower range of offers, especially if the initial pricing was not well-chosen. Experienced realtors will counter this by setting accurate listing prices from the get-go and using negotiations as a starting point.

Need any more answers? You could use one of Santa Clara County’s most successful realtors as your resource. 

Sandy Jamison began her agency in 2008, picking up numerous awards like Realtor of the Year by the Santa Clara County Association of Realtors, Woman of Distinction award by the National Association of Women Business Owners, and was included in the Top 100 Women of Influence by the Silicon Valley Business Journal. 

Discuss your home selling situation online or by calling The Jamison Team’s San Jose offices.

More Questions? Follow Up With Us!

If you have more questions about what to expect from the markets around the Bay Area, don’t be afraid to reach out to us today. Our experts are experienced in all property types and the entire San Francisco Bay Area, and we can help you to find what you need to know today.

Contact Us To Learn More

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Post a Comment