Sometimes selling a property isn’t as simple as placing it on the market and achieving a quick sale. If you’re a buyer in a seller’s market, there may be other factors to consider to ensure your home is sold in a timely manner.
So what are these factors and how can you get around this issue? Don’t despair, as here at We Buy Any Home we’ve compiled a comprehensive guide to buying a property in a seller’s market to make the process easier and less stressful.
In this guide, we’ll define and identify the differences between a buyer’s and seller’s market, offer some top tips for each scenario, as well as answer some frequently asked questions about this subject matter.
What is the difference between a buyers’ market and a sellers’ market in Edinburgh?
A buyer’s market is one where there are more properties available to buy than there are people looking to purchase. This results in buyers being able to take their time when looking at properties, as they have more power due to there being a large number of properties available. Sellers will have more competition and will therefore have to work harder to make their property stand out to achieve a sale.
A seller’s market on the other hand is one in which there are fewer properties than there are buyers, resulting in sellers having the upper hand as buyers will often need to bid In order to secure their chosen property. This tends to result in properties selling for higher amounts.
Tips for a buyer in a sellers’ market in Edinburgh
Here are some of our top tips for buyers in a seller’s market to help you secure the property of your choice.
One of the best tips that we can give to buyers in a seller’s market is to make sure you act quickly. It’s likely that you’ll be competing with others who are interested in a property, and therefore it’s important to make decisions quickly and efficiently to avoid losing out on your favoured house.
We are certainly not suggesting that you should make rash decisions in this instance, however, being on the ball can certainly increase the chance of your property purchase going through.
Sell Your Property First
Buyers that aren’t in a long chain are typically more appealing to sellers, as this tends to indicate a quicker sale with less chance of things falling through.
This is why we recommend trying to sell your home before putting an offer in on your desired property to reduce the risk associated with you as a property purchaser.
Prepare For a Bidding War
Bidding wars are typical for buyers in a seller’s market as there is more competition with other property purchasers for available homes.
It is therefore important to prepare that you may be bidding multiple offers against other purchasers. We also recommend that you set a maximum budget for a potential property and stick to it to avoid paying over the odds for a property.
Tips for a seller in a buyer’s market in Edinburgh
Here are some tips for sellers in a buyer’s market who are struggling to sell their Edinburgh property.
Set a Realistic Asking Price
In a buyer’s market, it’s likely that there will be more properties available to purchase, therefore creating more competition for sellers. It is therefore key to set a realistic asking price for your property to avoid wasting time advertising at an unrealistic valuation.
By entering your property into the market at a realistic price, you’re more likely to achieve a quick sale and save yourself stress in the process.
Ensure Your Property Stands Out
As buyers will have their pick of a higher number of properties, it’s important to make sure that yours stands out from the crowd.
This will ultimately result in a quicker sale and potentially a higher sale price too. Make sure your property is tidy, and photographed well, and any quick DIY jobs that can be done have been completed prior to viewings taking place.
Be Prepared To Negotiate
With buyers having the upper hand in this situation, be prepared to negotiate when it comes to the sale price of your property. Buyers will likely be viewing multiple properties, so if you are open to negotiation this shows buyers that you’re serious about selling your property to them.
Remember that negotiation doesn’t have to be on price alone – you could offer to sell some furniture with your property or ensure a quick move-in date for your buyer. Openness to compromise and negotiate will be sure to go down well with potential property buyers.
What do you need to know as a buyer?
As a buyer, the main thing you need to know when buying in a seller’s market is that things may be a little tricker with fewer properties available, however, if you’re patient and open to compromise you will secure a great property for you when the time is right.
Many buyers will give up in a seller’s market, so be determined and your patience will pay off.
Are first-time buyers more attractive?
First-time buyers do tend to be more attractive to sellers as they don’t have a property of their own to sell.
This means that first-time buyers come without a chain, and ultimately less risk than buyers who are relying on their property to sell in order to purchase another.
How We Buy Any Home Can Help
If you’re concerned about selling your Edinburgh property and want to make sure your property sells quickly without compromising on the sale price, look no further than We Buy Any Home.
We are the top-rated online property-buying company in the UK and can offer our customers a quick turnaround on their property sales as we are a cash buyer, therefore eliminating delays caused by banks and mortgage providers.
It’s easy to get a free cash offer via our website, and once you’ve submitted your request one of our team members will be in touch within 24 hours to confirm your property valuation. We’ll then instruct a solicitor to work on your behalf as well as a surveyor to ensure the valuation we’ve made is accurate – both of these services will be at our expense. We don’t charge a penny for our services when working with property sellers, as we claim our fees from property buyers.
Get a free cash offer for your Edinburgh property today and speed up your house sale.