Dealing with a Poor Market
A temporary poor local market could be the reason for no or low offers. This mean there is a buyer’s market, characterized by a higher number of homes for sale than the demand or homes selling very slowly and sellers are offering many incentives to the buyers. Buyers have the upper hand in negotiations in a poor market, as they have several choices in front of them. It is easy for them to back away from a sale and find another choice if the negotiation does not meet their expectations. If your local market is performing poorly and you can wait some more time, it is the best to take your home off the market and wait for a favorable time to return. If you cannot afford this luxury, you can implement other strategies including sweetening the deal with a revised and attractive price, attending open houses in your area to explore the strategies other sellers are implementing, examine local listings to decide on best practices and the best pricing and consult your real estate agent on some other possible solutions. Compensating the buyer in some way with incentives can quicken the sale. Little things can help close deals in a poor market, and you must be prepared for some small expenses in this regard. Also, explore how strategies like better staging and better promotion can work. Work with accomplished real estate agents and give them enough incentives to push the deal. What you are likely to spend may be worth it if they can complete the deal quickly for as much price benefit for you as possible.
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