Selling your Louisville Home in a Buyers Market
Navigating the real estate market is a bit like riding a rollercoaster. There are a lot of twists and turns as well as ups and downs. If you are a seller, this means that you can either realize a smaller profit than you had hoped or receive better offers than you had ever expected for your home for sale in Louisville, KY.
Unfortunately, when it is a buyer’s market, four basic facts are true:
- It is going to be harder to sell your Louisville real estate and require more effort on the part of your agent as well as yourself.
- You are going to get less money than you may like once the sale of your real estate in Louisville, KY is finalized.
- It is going to take longer to sell your home than it would during a seller’s market.
- If your property is one of the Louisville, KY homes that sits on the market for months or even years, as often happens in a buyer’s market, all of the above truisms are going to have an even greater impact on your selling scenario.
Perhaps the most important aspect of trying to sell your home in a buyer’s market is to set your asking price at an attractive price point for buyers. Overpricing your home for sale in Louisville, KY in a market flooded with available properties is like committing real estate suicide. You want to attract a buyer who is ready to buy, willing to buy at your asking price, and able to buy because he has already been pre-approved for a home loan.
While it only makes sense that you would like to receive the largest amount of money possible from the sale of your real estate in Louisville, KY, the ugly truth of a buyer’s market is that your price point needs to be much lower than you would like if you want to sell your Louisville home any time soon. If you can’t accept this fact, then you might as well ride the market out and wait until the rollercoaster climbs up that hill and crests during a seller’s market. Even then, there aren’t any guarantees that you are going to receive the asking price that you and your real estate agent set for your property.
How can this be true if you are waiting it out until it becomes a seller’s market once again? The truth is simply this: the buyer determines the ultimate value of the home. Without the buyer’s willingness to spend his money on your property, you aren’t going to get a sale. This is even truer during a buyer’s market when prospective homeowners have their choice. You can’t drag a prospective home buyer, kicking and screaming, to settlement. It simply isn’t going to happen.
Quite often, potential home buyers even have their pick of several different homes for sale in Louisville, KY on the same block, in the same cul-de-sac, or scattered throughout a popular neighborhood. What can you do as a seller who is trying to find someone to purchase his home in a buyer’s market? Fortunately, you have several options available to you that can enhance your opportunity to sell quickly and relatively painlessly.
Creating a Beneficial Scenario to Sell Homes in Louisville, KY in a Buyer’s Market
Perhaps the most important step to take is to set the asking price at the current market value of Louisville, KY homes for sale in your area. Try to look at your home objectively. Realize that just because you like a specific aspect of your home, it doesn’t mean that everyone else will appreciate it too. Therefore, you can’t just randomly add thousands of dollars to your asking price because you love the powder room with the retro look or the balcony sitting off the guest room.
Your Brad Long Group real estate agent can assist you with this aspect of setting the price of your house for sale in Louisville, KY in line with existing market values, while also taking into consideration attractive features that other homes in the area aren’t offering. If it eases the pain of listing your home for less than what you think it is worth, consider the additional costs that you will incur when your current home does not sell.
You should always avoid emotional aspects when considering a price point for your home for sale Louisville, KY. Look at the listings for recent sales to get a realistic idea of what you can expect to get when you sell.
Select a real estate agent who is knowledgeable about selling Louisville homes. You should also be comfortable dealing with the agent. After all, you need someone with whom you can establish a good rapport so that you feel at ease asking questions or speaking your mind.
You may want to consider hiring a stager to assist with your home’s presentation to prospective buyers of houses for sale in Louisville, KY. You can also decide to de-clutter, clean, and complete minor repairs yourself. You will have a better chance of selling your real estate in Louisville, KY, if the home presents well.
Benefits of Arranging to Sell Houses for Sale in Louisville, KY Quickly in a Buyer’s Market
One of the initial benefits of trying to sell your Louisville Real Estate quickly is that you spend less money on “fixed” costs as well as “variable” costs related to your home. Once you sell the home, you can move forward with your purchase of a new home. As you complete settlement on both homes, you are no longer funneling money to weekly cleaning and landscaping services in order to keep the first home looking nice. Plus, you don’t have to spend money on maintenance for this home and you can spend it on the new one instead.
You can also avoid the disappointment that comes with having to lower your price of your house for sale Louisville, KY three months down the road. Not only does this strategy offer a less effective method of attracting potential buyers (they now begin to wonder why the home didn’t sell in the first place as well as what is wrong with it), but real estate agents are not as eager to show a “stale” property when so many new ones have arrived on the market. So now, your home is going to continue to sit as prospective home buyers hesitate to take a chance on Louisville real estate that no one else wanted.
Perhaps most important of all is the fact that if you buy a home in the same type of market (in this case, a buyer’s market) as you sell a home, everything sort of balances out. After all, during a buyer’s market, you are in the same position as the potential home buyers looking at your home for sale Louisville, KY – a position that enables you to save money on the purchase price of your new home.
When you work with the Brad Long Real Estate Group in the sale of your Louisville Home we will make sure you have all of the knowledge necessary to get your home sold for the best possible price and terms.
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