Buying or selling real estate in slow market

A slow market is usually identified by little or no activity going around in the market. Normally, real estate bubble bursts are followed by slow markets where sellers find themselves at the wrong end. Sellers are reluctant to sell at low prices (because they have purchased it at insanely high prices) while buyers are reluctant to buy at high prices (because the actual value of the property is less than what the seller is demanding). It results in lots of properties lying vacant for months; supply outstrips demand, which gives buyers an upper hand over the sellers. Eventually, sellers are forced to revise their pricing and buyers are in a strong position to negotiate.

Quite obviously, Buying in a slow market is not a problem; however, you are in for some real stress if you are the one, looking to sell your property in a slow market. If you are not in urgent need of money, you may think of delaying the sale, but even then you will have to incur carrying cost (e.g. utility bills, mortgage installments or property tax). You must start from realizing that you’ll have to compromise on your asking price. Irrespective of how much the property cost in the past, you must settle on a price which is in line with the current situation. In some cases, waiting too long for market recovery will result in unsustainable financial burdens, so it’s better to sell it out on give and take basis.

Apart from the compromise on prices, you’ll have to be a little creative when it comes to marketing your property for sale. Remember that there are thousands of properties lying vacant in the market; you need to make sure that your property stands out from those properties, one way or the other. In a market, where buyers are few and far between, you need to work extra hard to tempt these buyers. There is no need of getting desperate and setting a price too low, the best idea is to do a little research and watch out for the prices of properties which were sold in recent past. It will give you a good idea of what is the appropriate selling price for your property. You can also offer good commission rates to real estate agents to tempt them into selling your property sooner than the others. Take maximum advantage of the low cost or free advertising mediums such as online property portals or local newspapers.

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