Nationwide, there is currently a 5-month supply of homes on the market. That is considered a seller’s market.
When supplies build to 7 months or more, the it is considered a buyer’s market.
How many months of supply does Birmingham have? 8 months. That’s right, it’s still a buyer’s market here.
So what are some strategies for selling your house in this buyer’s market? Taking your house off the market is not an option — it’s definitely not going to sell if no one knows about it! The real estate market is constantly in motion, and houses are always being bought and sold.
Some things are out of your control — interest rates, job growth, unemployment, etc. But there are several things you can do to help your house sell in today’s Birmingham real estate market.
Market Analysis: Ask your agent for an analysis of the 3-6 months trend in your area. At the very least, this will help you mentally prepare for how long it may take your house to sell. Pay attention to the average “Days on Market” for houses similar to yours.
Condition Counts: Keep your house as close to move-in ready as possible. Here are some additional tips for preparing your house. Keep in clean, uncluttered, free of pets, and free of personal mementos and knick-knacks. Help your buyer visualize themselves living in your house.
Expect Picky and Demanding Buyers: You will almost certainly be asked to pay all closings costs. (Figure about 4-6% of the sales price). You will likely be asked to pay for a home warranty, termite agreement, survey, septic cleaning and inspection (if applicable), and a host of other items. You may be asked to leave certain appliances. And above all, you will likely be asked to make a lot of repairs or even updates that you may personally find to be unnecessary or even ridiculous.
Ask your agent about what to expect in your specific area. It may help to advertise any concessions you are willing to make in your listing to attract the right person.
Price It Right: This is extremely important. If you want your house to sell quickly, price it BELOW the CURRENT comparable sales (current meaning the past 6 months). This is the number one factor in getting your house to sell as quickly as possible. If you can afford to wait longer, price it AT the CURRENT comparables. DO NOT price it above the market. And don’t “party like it’s 2006” — you have to price it against what buyers are paying TODAY.
Expect Low Offers: This is just part of the market, and this aspect probably doesn’t change much with the times. Just make sure your agent is prepared to show recent comparable sales and to be polite with the buyer’s and their agents.
All the above should help position you to sell relatively more quickly in this soft market, and above all help with your mindset going in to the process.
If dealing with picky buyers, real estate agent commissions, crazy closing costs, and the like is not what you are looking for, consider calling us to discuss ways that we may buy your house. We Buy Houses in Birmingham and the surrounding area, and have a variety of solutions for almost any situation. We buy in Any Condition, Any Price Range, and Any Condition. Don’t be afraid to ask what we can do to help!
Call us at 205-390-1050 or see our “Sell Your House” form at http://www.WeBuyBham.com.