Just what is a buyer’s market, anyway?

Quite simply, it’s when there’s a greater supply of homes than demand.  There are more homes on the market than qualified buyers to buy them.  Buyers have more choices available to them, which has two effects.  One, they become more picky.  Two, they will negotiate harder once they’ve found their dream home.

As a seller, what does that mean to me?

It means that if your home isn’t in top-knotch shape, don’t expect to get top dollar.  Fewer qualified buyers means that there will be fewer showings; so sellers have to work harder to make every showing an outstanding one. And it means that if you do the same thing as all the other sellers, it’ll take longer to sell your home.

Will this temporary condition change any time soon?  

Nobody can predict that with any degree of accuracy. Two things are currently affecting the market negatively: 1) the large number of foreclosed homes on the market; and 2) buyers are encountering more difficulty in getting loans, due to stricter qualification standards. Until these change, we'll remain in a buyer's market condition.

What can I do?

The most important thing for you as a seller to do is to empower yourself.  Here are a few ideas.

1. Make sure your home is show ready.  Fewer buyers means fewer showings.  So every showing must be a good one.  Often there are simple, inexpensive, cosmetic changes that will improve a home’s appeal.  A good Realtor should be able to make several suggestions.  Check out my BLOG for some ideas.
2. Don’t procrastinate.  If you’re thinking of moving in the next year, the time to list your home is now.  You’ve heard the expression “time is money”?  There’s a good chance your home will take longer to sell, and may bring a lower price in six months.
3. Select your Realtor carefully.  Every Realtor will put a sign in your yard and list your home on the MLS.  In a seller’s market, this often works.  In a buyer’s market, it’s a one-way ticket to frustration and missed expectations.   You can empower yourself by being thorough about interviewing your Realtor, and making judgment calls on how proactive he/she is.  Does he have the marketing and promotion skills to actively promote and market your home, beyond the “norm”?  The creativity to write engaging ad copy, and target your home to specific niches?  The technology skills to leverage the power of the Internet to attract buyers?  The concepts and contacts to use creative financing as a leverage point for getting your home sold at or near full price?
4. Don’t waste time trying to save money.  It sometimes makes some degree of sense to try to sell “by owner” or using a discount broker. But NOT in a buyer’s market.. or when interest rates are headed north!  A full-service Realtor has access to leads, tools and techniques that just aren’t available to the “by-owner” seller at any price.  Discount brokers?  They’ll be glad to take your $500 to lend you a sign and list your home on the MLS.  But they have no skin in the game.  Once they have your money, where’s their motivation to sell your home?  Answer: there is none.  And should you ever get to the stage where you’re ready to negotiate price on an offer, you’re on your own.  (This stage alone can make a 2-10% difference in what you put in your pocket from the sale of your home!)  And finally, if you later decide to list with a full service Realtor, your 500 bucks is gone. 

I spent 25+ years in sales and marketing in the Information Technology industry – a very competitive field! (like real estate).  I became an expert at marketing and promotion, and negotiating with Purchasing Managers for Fortune 100 companies (talk about bulldog negotiators!)  I bring those skills and experience to real estate sales. 

There’s a huge difference between what I do to sell homes, and what most other Realtors do.  If you spend 30 minutes with me after talking to five other Realtors, you’ll be amazed at the difference.  You’ll know what I mean when I talk about proactive marketing, and you’ll know what that difference will mean to you. 

I don’t expect you to take my word for it.  If you’re a serious seller, pick up the phone right now and call me.  I’ll be happy to share names and phone numbers of recent clients – clients whose homes sold quickly, and for a good price in the midst of a buyer’s market!

-- Bob Wuest             Cell phone: (513) 328-1520

If you're looking to buy a Cincinnati home or sell a home in Cincinnati, why not work with a Cincinnati Realtor who specializes in Cincinnati properties that are listed in the Cincinnati MLS.  The Cincy MLS allows anyone to find Cincinnati Homes for sale, along with Cincinnati condos, and homes in Anderson Township, Loveland, Milford, Pleasant Ridge, Mount Washington, Mason, West Chester, and a number of other communities in the Cincinnati area. Most Cincinnati homes for sale can be found on the Cincinnati MLS, also known as the Cincy MLS. Bob Wuest is a Cincinnati Realtor who can help you buy a home in Cincinnati or sell a home in Cincinnati.