Buyer's Market: an economic situation in which goods or shares are plentiful and buyers can keep prices down.
In real estate a buyer's market is essentially that, a larger supply of homes for sale than actual buyers ready to purchase. I have a number of vendors who are always worried when listing a home in this type of market. It is true that their home may sit a little longer than usual. The average home now is taking around three months to sell. A few years back, it was challenging to even book a time to view a great home before it was snatched up.
So what do I say to the concerned home seller? Simple, it is going to take a combination of good pricing, marketing and presentation to make your home stand out. You can no longer put up a house that has broken door knobs, chipped walls, dirty carpet and expect buyers to "see past it." In this market, buyers can be more selective and will take the time to comb the area for the best quality home for the best price.
Photos sell houses. Century 21 believes this statement so much that their agents must post at least 21 photos. This is a critical piece to selling a property. Many times buyers come to their agent with their top five homes even before the agent had the opportunity to run a search. Todays technology puts power into the hands of the buyer and they are part of the selection process. Dark blurry photos of cluttered kitchen counters and messy rooms can kill the sale of any home. There are times when I run into acquaintances and they say they have been trying to sell their homes for a long period of time. A quick search on MLS and it is obvious. The description and photos are failing this client.
Just like a photo of a beautiful plate of food makes us crave that meal, a beautiful photo spread of a home makes us crave that property. Your home description is the icing on the cake. Your description should give you the basic information about the property but don't forget to include the lifestyle. Buyers want to feel like they can live in your home and your description should engage them.
So dear homeowner, don't fret. Work with your agent and understand that we are here to help you stand out and a few adjustments here and there will translate into more money and a quicker sale!