Negotiating in a softer housing market
For many participants in the housing market, negotiating in a softer housing market may feel totally foreign. For many years buying and selling in a hot property market has been relatively safe and simple. A softer market presents a whole new ball game for both buyers and sellers.
For most sellers, it is important to remember that this is not an all doom and gloom scenario. If you are selling now – you are selling for a reason. It is important to work to achieve the result you desire – the sale of your property. With that in mind there are some key strategies that you need to adopt to achieve your result. These are -:
- Price realistically. If you haven’t purchased the property in the past two to three years, any loss of value is likely to be a paper loss only. You are still likely to make a profit on the price that you purchased the property for. Price to sell the property. In a soft housing market – buyers are spoilt for choice – you want to meet the market from day one. Consider all offers that are made.
- Ensure that the property is properly presented for sale before putting it on the market. Seek advice from your real estate agent about presentation
- Put time into finding the right real estate agent that will sell your property. Look for the agent who can give you honest sincere advice on how to sell your home.
For buyers, opportunities still exist in a softer for market for those prepared to take a medium to long term view. It is after all a buyer’s market – currently.
The key word here is currently. If you’re looking for a property and are prepared to take a medium term view here are the key strategies to employ.
- Spend time researching the market – understand what a realistic market price is in the area that you want to buy in.
- If the property appeals to you make an offer and begin the negotiation process.
- Provided that you can maintain reasonable equity in the property, don’t hold out for property prices to fall further. You never know when the bottom has been reached until prices start to rise.
While the softer housing market presents challenges for both buyers and sellers, all is not doom and gloom, if you are looking to obtain finance for a property purchase call Australian Finance Hub today.