Sellers or Buyers’ Market, Which Direction Are We Heading?

Watch for Signs

Is it a Sellers or Buyers’ Real Estate Market? At times finding the right path in the complicated real estate market means understanding which way the road is headed. Without knowing which direction the market is going and having no available roadmap, many home sellers and buyers can be left at a dead end. Yet when buying or selling a home, there are signs within the marketplace that if followed correctly, will have sellers packing to leave and buyers on the freeway to home ownership.

Tips for Buyers in a Sellers’ Market

Get Your Loan Preapproved! I cannot say this enough, having a home loan preapproval will put you ahead in so many ways. It shows sellers you are serious and are ready to buy. It clearly lays out what your housing budget is. Last, if you get into negotiations, it could mean the difference in your bid being chosen.

Don’t Take the Scenic Route. So many times clients will find a home that meets every point on their wish list but then either due to cold feet or the greed of wanting something more, they decide to wait. The sad result is almost always that the home is long gone by the time they are ready to go for it. Yes, you want the best home for your needs and wishes, but realize in a sellers’ market, homes do not stay on the market long. *Also, if you are purchasing due to a life change such as a new job move, start your search early. You may even want to have a back-up plan of temporary housing in the event that your new home is not found quickly.

Be Prepared to Fight for Parking. Yes, it will feel like that. If you want that dream house, then you will probably have to battle for it. Do not start with your maximum bid, leave room for some negotiation.

Tips for Sellers in a Buyers’ Market

Be Prepared for Heavy Traffic. Knowing the market and especially your competition is critical in a buyers’ market. Shop around BEFORE you list your home to get a “feel” for what comparable homes in your area going for. Check out some of the social media boards to see what is hot on buyers’ wish lists. Scoping out the competition will help you know what price to offer your home at in the current market.

Get the Word Out, When the Time is Right. Active Marketing is key to any home sale but in a sellers’ market it is a no-brainer. Keep in mind that in marketing, the digital realm is the new frontier. Make sure any marketing initiatives include social media and specifically encompass a mobile platform. Timing is a key element. Remember the DOM (Days on the Market) can be a death nail in negotiations. It may pay to put some grassroots marketing at play, putting “feelers” out via social posts before actually putting the listing up.

Photos are a Necessity. Your home will need to be advertised online and nothing can kill a home sale quicker than bad photos. Spend the money and hire a good photographer. More than likely your realtor will have this covered upon listing but do your part; spruce your home up, do a major declutter before listing and de-personalize for the best shots.

Detour Ahead - Fix It up! To sell any home, it needs to look its best. Homes with major structural, HVAC or foundation issues are a hard sale even in a sellers’ market, but will be impossible to sell in a buyers’ market. Spend the money and fix your home up. If your home is in good shape, invest in some features that could put your home over the top, remember kitchen and baths always sell. Last, consider hiring a professional home stager. Home staging can increase your home sale chance by up to 49%.

STOP! You Need Someone Who Knows the Area. No matter whether it is a sellers or buyers’ market, having an experienced realtor on your team makes the difference. For home sellers facing a buyers’ market, a good realtor is going to know the trends and niches of your local market. They can advise on what pricing and features will get you home off the market in the quickest time.

Going into a sellers’ market with an experienced realtor representing you as the buyer is like having a secret agent on your side. A good realtor is going to know the market nuisances, can give you the best plan of action for bidding and can quickly alert you to homes that meet your needs in the area.

If you are looking for a realtor who has the experience and passion to represent you as a home seller or buyer, then contact me, Pam Santoro. I work with my clients to not only meet their goals but to put them on the road to success. Please visit my site at http://www.pamsantoro. com/ or contact me at 678-656-6627. 

As an experienced member of both the National and Georgia Board of Realtors, I can answer any questions you have about local market conditions, financing or buying/selling your home at the best market value.

Remember, no one sells a home like a Mom!