Relocating? Tips For Buying and Selling in Varying Markets

Zillow featured a blog post on tips for buying in one market while selling in another market.  The bottom line of the post was do your research ahead of time and know the local markets almost as well as your realtor.  The more you know, the more time and headaches will be saved down the line in negotiating.  Also a lot depends on whether a local real estate market favors a buyer or or seller at the moment.  

How to Sell in a Buyer's Market

A buyer's market is one with a high level of inventory of homes for sale, low demand from buyers or a slow economy.  Selling in this atmosphere may be more difficult.  That's why it's imperative to heed to the advice of a realtor that does his homework and knows the current climate of a local market.  Pricing your home to sell and preparing your home for listing before it goes on the market are two examples of ways to sell faster in a buyer's market.  Zillow's blog stated, "strongly consider any suggestions your agent makes for slight cosmetic fixes or staging" and we agree.

How to Sell in a Seller's Market

A seller's market is one where demand is high and there are a lot of buyers looking for homes, with lower level of inventory.  Although it may seem intuitive that this real estate climate is a "walk in the park" for selling your home, sellers still need to take precautions.  For instance, choosing the right buyer among a few offers is imperative to avoiding having to put your home back on the market.  The "right" buyer is one that has usually seen the home a few times, is pre-approved for a loan and/or has been looking in the market for a while.

How to Buy in a Buyer's Market

A buyer in a buyer's market may feel like a kid in a candy store...there are lots of homes to choose from and sellers give full attention to a prospective buyer.  But, before signing that contract, ask as many questions as possible through your agent to the seller.  Why is the seller moving?  How long as the seller lived there? What's the timeframe for moving?  These questions can unearth which properties have the best values and the buyer can get the best deal possible.

How to Buy in a Seller's Market

Competition is the name of the game here.  Few homes on the market and lots of hungry buyers looking at these few homes.  To give your "team" the best chance at winning, build a team!  Make sure to be represented by a buyer's agent and have a mortgage pro on hand.  Don't wait for open houses.  When a home comes on the market, have your agent contact you immediately and set up a showing of the home.  However, don't move too swiftly.  Sellers are aware of the desperation in many buyers.  And foregoing inspections or contingencies for the sake of "winning" a home is not the right approach.  Do your due diligence.

To read the full post on Zillow, click here and as always contact us with any real estate questions you may have!