Date:22nd August 2019
1. Stand Out in a Buyer’s Market
2. Tips to Boost Sales in a Buyer’s Market
3. Understanding Buyer/Seller Sentiments
4. Solving the Buyer’s Market Crisis
5. Planning Better in a Buyer’s Market
We all know that the real estate sector in India has been facing a slump at the moment with the housing inventory piling up, coupled with feeble demand from the buyer, thereby making it challenging for the developers to hit their targets. In scenarios like this, the market favours the buyer and one should keep in mind few things to make selling a home in a buyer’s market seamless.
Let’s first understand how buyer’s market is different from a seller’s market. It is different because of the vast gap in demand and supply. In a buyer’s market, the buyer is spoilt for choice amidst the growing inventory. Since they have multiple options, they tend to have control over things and will decide what suits best for them thereby making the whole process time consuming too.
In this situation, one may find more people wanting to sell their properties rather than listing them. However, a seller’s market will provide more opportunities to list the properties as the supply is less than demand. This environment is also the reason for home prices shooting upwards owing to lesser options to buyers and higher demand from them. The efforts put in to sell a property in a seller’s market is far less than that of buyer’s market.
How to sell a property in a buyer’s market?
Track your competition – It is imperative to understand what your competition has been doing and paying attention to their movements is a key to the right strategy. It is beneficial to know when the nearby properties (of more or less the same kind as yours) are sold, what price did it sell for, what location is preferred by buyers and what are the amenities provided by your competition.
Focus on what can attract the buyer – We know that a buyer’s market has the challenge of over supply and hence it is essential to pick that one aspect out of the clutter that you feel can best help sell the property. It is the job of the real estate agent to help the seller understand what would attract and appeal a buyer. The three most crucial steps in this are:
A property ready for sale has to be marketed well for it to stand out in the over crowded market. While it is a basic strategy to put up a ‘For Sale’ sign board or a pop-up online, it will always help if one puts a conscious effort in enhancing the property’s visibility and amplify it manifold.