How to sell your Nanaimo home in a buyers’ market

How to sell your Nanaimo home in a buyers’ market

I have reviewed the statistics that have come in from the Vancouver Island real estate Board.  In 2011 Nanaimo was experiencing a Buyer’s market in real estate.  It appears that trend will continue into 2012; at least for the first quarter.

A buyers’ market is a real estate market that has more homes for sale than there are buyers to buy them.

A buyer’s market is a wonderful thing for buyers because it means that they will have lots of choices when looking for a home.  From a sellers perspective a buyers’ market means that you are going to have more competition than you would normally have in a balanced market.

If you have decided to sell your Nanaimo home this winter or spring there are some things you’ll need to do to help your home sell.

How to sell your Nanaimo home in a buyers’ market

1.     Get your home pre-inspected – This is a proactive step and will bring to light any issues with the home.  It is much better to know in advance if there is anything wrong with your house.  This pre inspection may rule out any problems that may arise when the buyers do their own inspection.

2.      Get your house in shape before you list – With the additional competition that arises in a buyers’ market it’s important to have your house stand out in the crowd.  Get your copy of Tips to help you sell your house for many ideas on getting your home ready to sell

3.     Don’t over price your house – Overpricing your home, to allow for a little wiggle room, can back fire in this type of market. If you have priced your home too high, potential buyers won't even look at it.

As a Realtor I assist my clients in determining fair market value for their homes.  I do this by comparing homes like theirs that have sold in the past six months or are currently on the market.   These comparable homes that are on the market are homes similar to yours. So, it stands to reason that buyers looking for a home like yours will also be looking at these homes.  These homes will be your direct competition so it is important to list your home at a similar price.

For additional information on how to sell your Nanaimo home in a buyers market please call me.