Buyer's Market

We have firmly shifted into a buyer’s market, where buyers are calling the shots on property prices and terms. What this means for a seller is that they need to decide whether they are serious about selling or should take their property off the market for now.

If a seller is motivated to sell now, there are things they can do to make their property more sellable. They can reduce their price in line with comparable properties that have actually sold. They can offer buyers assistance with their loan by helping with closing costs or buying down the interest rate. Sellers can also have a home inspection done and deal with any items on it upfront, so they don’t become an issue once the property is under contract.

My advice to any seller right now is to treat every offer with respect, even if it seems low. Sellers need to realize that it is not personal; it is just a sign of the times. Some sellers are going to buy when they sell their house, so hopefully the price will be down on the home they buy and it will even out some.

Some sellers are losing money compared to what they paid or what they have invested in the property, and that is very sad. Hopefully it can at least help them with taxes in some respect, alleviate the burden of the ongoing expense of holding a property, and free them to move on.

Here in the beautiful Black Hills of South Dakota, we are blessed that our market does not seem to swing as far as other areas, because we are such a desirable destination. That being said, it is a good time to be a buyer. 😉