Selling in a Buyers Market


If you are thinking of selling your home during a buyers market you should know what to expect.  

In a typical sellers market, you could sell a home in one weekend with multiple offers and receive  an offer over your asking price.  But in a buyers market when you have plenty of homes and fewer buyers the tables have turned.  In this video I will discuss 4 things your should expect if your selling during a buyers market.  


#1. Low ball offers - Sellers in soft markets lose equity. Less overall demand for homes puts pressure on sales prices, causing buyers to make lowball offers.


#2. Less Activity - less viewings brings about less offers for your home.  It is important to be patient and understand that it will take longer to sell your home, 3 - 6 months is the norm in a buyers market.  


#3.   Buyers demand repairs - Buyers demand homes in good condition.  In most cases the buyers will perform a home inspection of your home, and may have a list of repair recommended by their home inspector.  In a buyers market the buyers may demand that the seller pay for these repairs or perform them before completion. 


#4.  Subject to sale clauses:  Not every buyer is a first time home buyer, or a new immigrant.  Most buyers need to sell their own home before they can purchase yours.   If a buyer's home does not sell, neither will the seller's and by that time, the number of buyers typically dwindle even more.


So there you have it the 4 things you should expect when selling your home during a buyers market.  If you have any questions please reach out to me.  


If you are thinking of selling view my playlist of videos here or reach out to my for a free home evaluation. 


Question of the day, would you sell during a buyers market?  Yes or No  Please leave it in the comments below. I will try my best to personally answer all comments myself.     


As always please like, share and subscribe and become smart savvy consumer.  I make educational videos every Tuesday and videos every Friday.  This is Alex from Vancouver and Thank you so much for watching this video eh?  

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How to buy a house before selling your current house


Are you thinking about buying a new home but still need to sell your current one?  Thats what I am going to talk about right now.  


So your looking to upgrade, but need to sell your property as well.  In this video I will tell you how to buy a house before selling your current one in 4 simple steps.  Markets are always changing, but I would follow this approach during a buyers market.  This is when there is lots of inventories and no bidding wars.     


Step #1. First get approval in writing with your banker, that you would qualify for a new mortgage at the price point you are looking for.  Most likely this mortgage will be approved subject to selling your current home. And if you current home has a mortgage if that can me moved to your new home, pay a penalty, or have that penalty included into your new mortgage.  In Most cases if you terminate your current mortgage early it will cost your 3 months worth in interest payments.   


Step #2. Find out the average days on the market and the value of your home.  This way you will have a good estimate on how long it will take to sell your home and how much cash you will have to close on your new home.  


Step #3 Look at new homes, and secure the property with an offer subject to sale of your current home. Also remember to negotiate for long move in dates.  2-3 months would be recommended.


Step #4 List your home, price the home at the market price, also make sure that if the buyer has a subject clause say for financing it is a few days before your subject to sale clause on the home buying side expires.  This way you can ensure that your deal is firm on your home before proceeding to firm up your deal on the buying side of your new home.  Also make sure that your move out dates match up with your move in dates of your new property. 


There you have it, how to buy a home first before selling your current one and with zero risk of being on the hook for two homes.   If you have any questions please reach out to me.  


Question of the day, would you consider buying a home first or selling first?  Please leave it in the comments below. I will try my best to personally answer all comments myself.     


As always please like, share and subscribe and become smart savvy consumer.  I make educational videos every Tuesday and videos every Friday.  This is Alex from Vancouver and Thank you so much for watching this video eh?  

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During the process of selling your home, there are certain things you should absolutely avoid. 
Today, I’d like to share four major seller mistakes that could negatively impact your home sale. 

  1. Selling your home by yourself. Doing this is a big risk. Certain data, such as the Multiple Listing Service’s sold information, isn’t available to you without the help of a professional. Additionally, when you sell your home without an agent, you are doing so without the kind of marketing leverage a professional can provide. Most homebuyers begin their search online. This means that you will need strong marketing to set your listing apart. Even if you do get your home sold, how can you be sure you did so for the highest price and with the best possible terms? Using an agent is always preferable.
  2. Pricing your home incorrectly. It’s difficult to know exactly how to price your home. In order to do so correctly, you’ll need to strike a balance between what is too low and what is too high. A home with a high price will bring buyers with higher expectations. Your home should ideally be priced to what the average potential buyer will be willing to pay. 

    “Having attractive photos of your home will always help you attract more buyers.”
     
  3. Using poor photography. With the majority of people turning to the internet when they begin looking at homes, the first impression your home will give off will be through photographs. Hiring a quality, professional photographer will be absolutely essential to ensuring that your home is put forward in the best possible light. Having attractive photos of your home will always help you attract more buyers.
  4. Ignoring your backyard. While curb appeal tips tend to focus on the front of your home, you should never neglect the state of your backyard. Remember to remove weeds and trim your hedges. If you need or would like help with completing this, I have a great list of professional landscapers who I would be happy to recommend to you.

If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon. 
 

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