Buying and Selling in a Competitive Market

Brent Palmer
Published on May 2, 2016

Buying and Selling in a Competitive Market

In many areas of the country, the housing market is growing and its strength has lead to a competitive market for buyers and an easier market for home owners looking to sell. Below are some top tips for those looking to enter the property market and also for those looking to sell in today’s competitive market. Seller Tip: Know your property well and be honest with potential buyers Sellers are in a position of strength in today’s market, but you don’t want to lose a potential buyer and a great deal after negotiations fail, and have to re-introduce your property to the market. Make sure you know all the details and potential pitfalls of your property and be honest with me at the time of listing your property for sale, so I can pass on the correct information to potential purchasers. Buyers are much more forgiving of a property’s faults if they know about them before entering negotiations. Withholding information could kill your deal later. Buyer Tip: Be ready to close a deal and move Be alert to property listings and ready to arrange a viewing with me as soon as something interesting comes up.  I can ensure you are receiving all my latest update emails when new properties hit the market. There will be lots of buyers looking for the same property as you, so when a great house is listed on Tuesday it may be off the market by the weekend. Serious buyers are ready to make an offer and close a deal quickly. Seller Tip: Have an organized process for receiving offers As a property owner, there is no golden rule on whether to accept the first offer you receive or to leave your property on the market waiting for a more attractive offer. It depends on the time of year, the town and other factors that I will be happy to discuss with you.   In some areas it can be a great idea to jump on the first good offer you receive, whereas in other areas, it is best to wait and have more open homes and buyer visits before reviewing all the offers you have received at once. Buyer Tip: Buying your dream home won’t be easy It’s very rare that a buyer closes a deal on the first property they like and make an offer on. The process takes time and with lots of competition you can easily lose out on a property if you don’t act fast or your offer is too low for the seller to accept. If you miss out on a home, it’s important to stay hungry and keep driven to find the right property next time. First time buyers are often inexperienced, however, every home you see and every offer you make is helping you learn more about the market and become more comfortable with how the whole process works. Missing out on a property is not always a bad experience, as the home you thought was perfect a month ago does not seem half as suitable as the property you find a month down the line. Seller Tip: Study the competition and know your market well A seller should know the market before they put their home up for sale. When contacting me to come and meet you and view your home, I will be able to provide you with an information report on recent sales statistics in your area.  Spend a few weeks studying the other properties for sale in the area. Once you are ready to sell, know your competition and how to price your property to receive the most attention from buyers. Every property is different, but you should know your own property inside and out and how it compares to the competition. Although the house for sale down the street may have a brand new bathroom and kitchen, you can price your property as an attractive alternative with great value for buyers that want to do their own home improvements. Well priced homes attract the attention of buyers and lead to faster sales and increased competition, which boosts prices. I will be able to aid you in all the processes mentioned here. Buyers and Sellers Tip: Preparation and staying alert The housing market can be stressful for both buyers and sellers. In a competitive market, things can move along very quickly and both sides of the market need to be attentive if they want to successfully buy or sell a property. Sellers have the upper hand as they can put in weeks of preparation before entering the market, something sellers should definitely make use of to maximize their success. Buyers have to be on their toes and ready to react to listings and be prepared to make an offer and move as soon as they find the right property. A competitive market is fast moving and can be very exciting for both buyers and sellers, so try to enjoy the ride.

About the Author: The above article on Buying and Selling in a Competitive Market was written and provided by Brent Palmer, a local leader in the field of Richmond and Nelson Real Estate sales, marketing, advanced technology for home selling, and social media.

You can contact Brent Palmer here, or at 027 544 9921. He has helped many people buy and sell homes in the Nelson, Stoke and Richmond areas for years, and would love the opportunity to help you as well.

Thinking of selling your home? I have a real passion for helping people sell their homes in our Nelson and Tasman Region, as well as the marketing, social media & advanced technology for home selling that goes along with it. I’d love to have the opportunity to sit down with you discuss how we can work together to get you the best price.

I help people buy and sell real estate in the following Nelson and Tasman  towns  & neighbourhoods: Wakefield, Brightwater, Hope, Appleby, Redwood Valley, Mapua, Stoke, Tahunanui, Atawhai and of course, Richmond and Nelson City.

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Buying and Selling in a Competitive Market
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