What Is a Buyer’s Market?

Given the decreased demand for homes, you can expect yours to stay on the market for longer. However, you may also use this as an opportunity to make your home more appealing to potential buyers. Use the added time to declutter or make any necessary repairs or updates that will make your home stand out among the rest.

In a less active market, home prices may decrease due to sellers wanting to appeal to buyers who have more options that usual. If you are considering lowering your selling price, then it’s worth researching similar listings in your area and ensuring that your new price is the same or slightly lower than the homes you surveyed.

With increased negotiating power, buyers may consider other options before submitting multiple offers on a single home. With homebuyers less likely to get into a bidding war for your home, you may want to focus on how you market your home. You may consider hiring a team to help you organize and stage your home for professional photos and schedule open houses or home tours.

Although the most straightforward concession is lowering the price of your home, sellers can also make the deal more appealing by covering some of the closing costs themselves. Given that first-time homebuyers often underestimate all costs associated with buying a home, some sellers may incentivize buyers to close the deal by agreeing to pay property taxes, title insurance or other home closing fees on behalf of the buyer. If offsetting the steep costs of buying a home is a priority for a potential buyer, this could be an effective strategy.