The market is not as robust as it was a few years ago. Real estate, as with any other products is becoming more difficult to sell. Unlike in the past where the buyers command the price, now it is the buyer who has the power over the prices. It is they that demand the price, which they think is more reasonable.
The time has passed for the seller's market. In the early to mid-2000s, it was considered a seller's market in the real estate industry because of the housing bubble. There was a high demand in property and real estate sells even if the price is high. There are times that properties would receive multiple offers from buyers, with some offering to pay more than the asking price. Now, the table has turned.
The crash in the housing market has caused it to become a buyer's market. There are plenty of properties that are being sold and there are only a few buyers. Buyers now have the command of prices for the properties. Many properties are selling lesser than the initial asking price. Sellers also need to invest more in making sure that the properties are in excellent condition so it would sell. Discounts are also expected by the buyers before they will even consider the property.
Even celebrity homes have become casualties of the buyer's market. Billy Joel's beach house which has an original price tag of $22,500,000 is selling for $16,750,000. Britney Spears' $6,750,000 five bedroom and bathroom house sold for only $4,500,000. Jennifer Aniston also suffered the same fate after she sold her twin apartment units in New York, which she bought for $7,000,000, for $500,000 less the price. The same goes for the average Joes and Janes out there, selling their properties at a lower cost than their buying price.
Even if it is not a seller's market anymore, there is still a way where sellers can manage to make a sale on the real estate market. To do this, sellers must accept the fact that it is not an easy market to sell properties. Accepting this fact will make selling much bearable. The next thing to do is to spruce up the house or whatever real property that is being sold. It would appeal to buyers if the house has had a new coat of paint.
Nobody knows just yet when the tide will turn again. The market is volatile and always changing. It may be a buyer's market now but there will come a season where it will again become a seller's market. Until then, sellers should just put extra work to sell the property they want to put on the market.
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