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Buyer's Market: Facts

Buyers market is when there are more houses on the market than buyers. The property buyer must make sure that their financial homework has been done effectively before purchase.

Author: Andrew Stratton

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We are currently in a buyers' market. In a true buyers market a large percentage of the listings have had at least one price decrease since they initially entered the market. With more homes on the market, buyers can afford to take their time. If necessary, buyers should hire an agent who only represents them, and not the seller. If they are buying a brand-new house, builders may offer incentives, such as free upgrades, because of the overabundance of inventory. Buyers should remember that the builder cannot make the buyer work with its preferred lender and therefore a buyer should talk to other lenders.

If you are a seller, you can still sell your property for a reasonable price in a buyer's real estate market. For sellers, it is especially important to price the property appropriately. Since there is an overabundance of houses available, buyers will avoid a house that is overpriced. In addition, sellers should take special care to prepare the living space before an open house. If you are selling your home in a buyer’s market, make sure it is as move-in ready as possible before it goes on the market. Sellers are competing with new homes, so ensure there are minimum cracks, stains or eccentric paint.

Make sure your home is as clutter free as possible. This means that you should remove pictures, attention-getting art and books from walls and shelves. In addition, home owners should take out some furniture to make the rooms look large and expansive. Remove clutter from the shelves and pack up or throw away any magazines or books. Clean out your closets so viewers feel that there is more than enough storage.

If your closet, cabinet or pantry looks too full, it's a sign there may not be enough available space. And, since cleanliness is important to how appealing a home looks, you may want to consider hiring a cleaning service. Home sellers may also want to hire a home stager who will help arrange the interior to maximize space and to minimize clutter. The stagers also focus on the first impression of homes.

Trim your trees and shrubs because the buyers often make a decision on a property from seeing the outside. Remove your pets while you show your house because others may be intimidated by your dog. Also, ensure that your living space does not smell like pet odor. Some may find pet odor offensive, and others may be allergic to or afraid of animals.

Finally, be flexible. Leave during the open house because no one likes to view a property with the homeowner. Consider paying for closing costs as a buyer's incentive. Leave the washer, dryer or fridge as extra bonuses that other houses may not be offering. Make up for lacking amenities, such as paying for a gym membership if there's no gym.

Finally, face reality. If you have had your home listed with three different agents and it still hasn't been sold, then maybe its time to realize it's not the agents. Something is keeping your home from selling and it could be that either you are not preparing your home properly or it is too expensive for the market.

About Author

Buyers market provides you an opportunity to purchase property. Asheville NC real estate helps you fetch the best deal in a buyers market through its service offerings. To know about the buyers market and to find an experienced agent in your area, visit http://www.preferredrealestatecenter.com.

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