Selling Your Home in a Buyers Market

Because prices have gotten higher, and interest rates are on the move up, we are seeing an accumulation of inventory in the residential market.

Monmouth County buyers who were considering moving to Ocean County for reduced property taxes are aware that the increase in gas prices will impact their daily commute. And the rumors about increased fuel costs has people rethinking the move they had been planning.

The factors of increased housing inventory, longer days on the market and higher interest rates add up to a buyers market. Although our market is actually normalizing and becoming more typical of the slow and steady equity gain realized in other parts of the country, the past few years have made real estate sales easy, for agents and for sellers.

As we’ve seen in the auto industry, incentives can do a lot to attract buyers and in real estate there are a number of low cost incentives that give your house super appeal.

It’s a good deal when buyers can incorporate as many updates and appliances into their mortgage as they can afford on a monthly basis and spread the cost over 30 years rather than charge these items to a charge account at higher interest rates. Offer to include appliances, a carpet allowance (if carpet is dated or worn), or to pay for the first years heat. Consider offering a sales bonus to the sells agent to encourage the showing of your house.

Pricing is important as well as the experience of your agent to generate buyers to your home.