Tips to sell in a buyers’ market
Published: Jul 15, 2013
Selling your home in a buyer’s market can be very difficult and discouraging, especially if your property is not priced according to our current market values. A buyer's market occurs when there is a surplus of properties available for sale and few buyers looking to purchase. In this scenario, your property will be faced with stiff competition from other neighbouring houses or condos actively listed for sale. It is imperative for you, together with your BREA agent, to insure that your house or condo is in the best condition possible.
If your home is not in good condition, it will not be appealing to potential buyers and may be very difficult to market. Many sellers will adjust pricing to make a non-appealing home more attractive; however, sellers may not get a chance to start negotiations if we real estate agents can’t get the people to view the property in the first place.
If you are selling your home in a buyer’s market consider incentives that make your property more attractive than others in the same price range. For example, agree to include in your sales price seven percent of the stamp duty instead of the standard five percent; by doing this, the purchaser will only have to pay three percent stamp duty which may be the difference between qualifying for a loan or not. If you have a pool, include in the price six months of pool maintenance with a reliable pool company.
If you own a condo or live in a gated community, the price can include six months of association fees, this idea is very well received by young couples and first time buyers who, in general, will need a couple of months to get adjusted to the mortgage payments and the extra expenses of owning a home or a condo.
The above ideas are just a couple of examples I have chosen to share with you today. I encourage you to be creative and to think outside the box, as there are many ideas you can implement to make your home more attractive against the competition.
• Carmen Massoni is president of Bahama Islands Realty and has 18 years of experience in the real estate profession in The Bahamas. She has been the recipient of many international awards recognizing her as a top producer amongst her peers. If you have any questions or need real estate advice, call 322-7770 or email Carmen@BahamaIslandsRealty.com.
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