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Selling Your Home in a Buyer's Market

What goes up must come down, including the value of your home. The real estate market moves in a cyclical pattern, swinging back and forth between one that favors sellers and one that favors buyers. A variety of economic conditions influence which type of market prevails at any given moment, but many elements are predictable and consistent. Recognizing when the market is shifting from one end of the spectrum to the other will help you form a strategy for selling your home. However, you may not be able to wait for the next seller's market or might have just missed one, in which case you'll need to know how to get the most money out of a sale when economic conditions don't favor your position as a seller.

First, it's important to recognize the factors that dictate a buyer's market. The primary economic indicator of such a market is the current level of interest rates. Home buying activity is clearly correlated to the swings in interest rates, as lower rates allow homebuyers to borrow money more cheaply than when rates are high. Rates typically follow the monetary policy set by the government through the Federal Reserve. When the Fed wants to stimulate the economy--usually in response to fears of inflation or lack of consumer spending--they employ a mechanism that effectively lowers interest rates to encourage people to borrow and spend or invest money. Keeping close tabs on what the Fed is thinking and doing will help you to forecast market conditions in real estate.

The Right Sale Price is the Best Way to Sell Your Home Quickly

No matter what the market conditions are, the most important component of selling a home is setting an appropriate sale price. A competitive price will ensure foot traffic and a relatively quick sale. The best way to determine the sale price is to look around your neighborhood and take note of the prices at which other homes have sold in the last few months. In a buyer's market, the point is to sell your home quickly, rather than to get the highest possible price for it. If you can afford to let your home languish on the market for months and months, you're much better off waiting until the market shifts and favors sellers.

Another important tactic is to make sure your home stands out among all the other homes being listed. Find a good listing agent who will market your home through every available medium and outlet. Many anxious homeowners and their agents will also agree to add on some kind of tangible benefit to the buyer once the home sells, like a year's membership to the local gym or a gift certificate to a furniture store. Think creatively about how you can make your home stand out and what you can offer that will sweeten the deal for a prospective buyer.

Ready to sell? Then don't wait another minute! Trust to handle the sale. After serving the Tampa Bay community for many years, we know how to navigate the ever-shifting real estate market, and we will do everything we can to get you the best possible price for your home, whatever the current market conditions.