Monday, December 14, 2009

Selling Tips in a Buyer’s Market (Part Two)

In a buyer’s market it’s extra important to assure that your asking price actually reflects your property’s current value. By pitching your property too high, you miss out on the initial wave of interest. Then, when you drop your price, people think there’s something wrong or that you’re getting desperate.

Plus, by being more realistic, you also can limit your marketing expenses since your selling campaign is likely to be shorter in duration.

The method of sale may also be affected. Auctions tend to work better in heated markets, since the marketing campaign will be shorter and intense competition drives the price higher. When there are less buyers around, your auction campaign will stretch out from a few weeks to six to eight. So it may be better to advertise as a private sale with a set asking price. This allows you to spread out your marketing dollars over a longer period. And, you can then deal with buyers on an individual basis.

But, most important of all, is to remember that while you may be selling into a buyer’s market, if you’re re-purchasing you’re also going to get similar reductions. So, in the end, you are not disadvantaged at all. And, if you’re trading up, you may even be advantaged, because the discounts will exceed your discount.

If you have a question about real estate, or would like assistance in locating a property, feel free to phone me, Noel Thompson Principal Professionals Logan Lifestyles at either Browns Plains 3800 4000, Marsden 3200 4495, Springwood 3808 5544 or Waterford 3299 7733.

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