Property sellers need to prepare to sell in an overstocked market

While it is expected that there will be more movement in the property market, the economic fall-out of COVID-19 will be that more property listings will flood the market as many property owners will be forced to sell for financial reasons according to the Seeff Property Group

In an overstocked market, price and value will be the overriding considerations for buyers. If you are looking to sell in this type of market, you will need to:

  • Price to sell. Price is important in any market, more so when the market is overstocked, says Samuel Seeff, chairman of the group. It is one of the main deciding factors for any buyer. Let your agent help you to set your asking price in the right range to sell in the shortest possible time.
  • Choose the right agent. Agents will be competing fiercely for your property mandate. Choose an agent with a track record of operating and selling successfully in your area, not just someone who promises a high price that will cost you in the long run.
  • Make sure your home pops on the portals. Buyers will now have more to choose from and unless your property offers value for the asking price, buyers will move on to the next property listing. If you want to secure a good price in a competitive market, it needs to stand out on the property portals.
  • Ensure working utilities and a sound structure. All plumbing and electricity must be in perfect order. Any issues should be sorted out before putting your house on the market to avoid any reduction in offer prices. Fix all cracks in walls, broken roof tiles and faulty windows and doors.
  • Consider all offers. Provided your asking price is market-related, any offer close to your asking price should be considered. You can always make a counteroffer if you sense that the buyer might come back with a slightly better offer. What you can accept will ultimately depend on your financial circumstances, but remember, the longer you wait, the lower the price that you may need to settle for.
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