How to sell in a buyer's market

As either a buyer, seller or someone who is interested in their local property market you will have heard of the terms 'Buyers Market' or 'Seller's Market'.

What do these terms mean, and more importantly what do they mean for you in today's property market?

Essentially, the market is defined by the levels of supply and demand. When the supply of property to the market is outweighing the demand from buyers then this would be called a Buyers Market.

These kind of market conditions give buyers an advantage as they have more property to choose from and time to make their decisions, this can put them in a position of strength when it comes to price negotiations. 

The good news is: This is currently a great time to purchase property!

Does that mean it is a bad time to sell?

No. Properties are selling and transactions are proceeding at a good pace once in the hands of solicitors (generally speaking).

Here is our best advice in regard to selling your property in a buyer's market.

1. Remember your objective: Whether you have a time pressure or have time on your side to make your move it will be key to factor this in when discussing marketing strategy with your agent. To move quickly, you will have to price competitively to encourage a greater number of viewers to your property. Once there your property professional will be able to get an understanding of the potential buyer and encourage offers forward.
2. Present your home at its very best: Buyers can spend days, weeks or even months scrolling through properties online. Ensure your property gets the maximum exposure by working with an agent with extensive local knowledge and excellent marketing. Good imagery is absolutely key, consider staging your property to maximise your photos.
3. Get in the mind of buyers: It is essential to be mindful of what your potential buyers are comparing your property to. What else is on the market locally, are there many of those under offer? The best thing is to conduct a property search for available properties in your area to see what is on sale, for how long and what is under offer.
4. All offers are good offers: In a buyer's market some people will try their luck with low offers, they do not mean this as an insult. This is a very good sign of their interest. Very rarely will this be a buyer's one and only offer. This is where your agent will be invaluable in negotiating for you. 

Considering that 81% of sellers also become buyers, it is crucial to understand the dynamics of the market. While it may take patience and negotiation to sell, you will have advantages when transitioning to the buyer's side.