Selling in a Buyer's Market
- I was recently having a conversation with a friend of mine and the question of whether or not it is a good time to sell came up. Selling in a buyer’s market can be tough, but it is possible. The secret is to price the home right. This market has had a major correction for the increases we saw in the late 90’s into the early 2000’s. We are looking at 2003 prices across the board, some areas as low as 1999 prices, ouch! But, it is what it is. And the people that are ready for it come out strong. If you get too overzealous and price it out of the market, it will sit for months and get stale. Proper pricing will get the home sold, always.
- An aspect of this market that is widely overlooked is that when you sell in a buyer’s market, you are likely to become a buyer in a buyer’s market. Most likely you will take a hit on the sale, but when you become a buyer, it is you that is hitting back! And as everyone knows, when it comes to investments, it is not how you sell, but how you buy. Your money is made on the purchase. If you are a seller in a seller’s market, on the other hand, you may make out pretty good on the sale, but get hammered on the purchase. If you get hammered on the purchase, your investment will always suffer. So, in my opinion, it is not a horrible time to sell as long as you are then becoming a buyer in a buyer’s market.
