Edmonton real estate, it seems, is heading into another year of being a buyer’s market. The downturn in the economy has made the housing market slow down, which is leading to the conditions that are perfect for people looking to buy. But just because we’re in a buyer’s market doesn’t mean that sellers are getting the short end of the stick. In fact, there are plenty of advantages to selling in a buyer’s market. Here are just a few that could make you rethink staying in your current home.
1. Upgrade for Less
Being in a seller’s market may mean that you’re selling your home for less, but that also means higher-priced homes are selling for even less still. Think about it: if housing prices are down 10%, just as an example, a $500,000 will sell for $50,000 less. But a million dollar home will be on the market for $100,000 less. That means you will take a hit, but the difference will be more than made up when you upgrade to a more expensive home. So if you’re wanting to upsize, a seller’s market is the perfect opportunity.
2. Take Advantage of Finances
A buyer’s market doesn’t just refer to the homes, it refers to the people offering mortgages as well. Since less people are buying homes and are taking more time to do it, financial institutions have to be more competitive with their rates. This means that not only could you be getting a house for less, but your interest rates could mean you’re paying less overall as well. The end result is something that’s doubly cheap and usually only possible in a seller’s market.
3. Set Yourself Apart
A buyer’s market is often flooded with less than desirable homes, places that have been stripped down for parts, sold off in hasty auctions, or are even condemned and awaiting someone to simply buy the lot. If you have a legitimately well-maintained home in a buyer’s market, you can easily set yourself from the competition. The trick is to familiarize yourself with what’s out there and get a competitive appraisal for what your home is worth. With the right selling tactics, you could close the gap on what your home is worth and for what it ends up getting sold.
Being in a buyer’s market isn’t necessarily a bad thing if you’re selling your home. In fact, there are some serious advantages. You can upgrade for cheap and it’s usually easier to differentiate yourself from the competition. All it takes is some solid sales skills and a knowledge of the market, which you can find in the right real estate agent quite easily.