Discover the signs of a buyer’s or renter’s market and how to adapt your strategy to keep your property from sitting empty.
Let’s talk about something every property owner needs to understand: the buyer’s market. If you’re frustrated because your property isn’t renting or selling, I'll help you by letting you know what exactly is happening and the answer might surprise you.
What is a buyer’s market? A buyer’s or renter’s market happens when there are more properties available than people looking to buy or rent. When supply is high and demand is low, prices drop. That’s good news for buyers and renters but challenging for property owners.
Signs of a buyer’s market. How can you tell if you’re in a buyer’s market? Look out for these signs:
• Lower prices: Rental rates and sale prices tend to go down.
• More concessions: Landlords and sellers offer perks to attract renters or buyers, like free months of rent or covering closing costs.
• More options for renters and buyers: They can afford to be picky since there’s less competition.
“A buyer’s market doesn’t have to mean frustration because all you need to do is stay flexible with the offers and set realistic expectations.”
If you’re pricing your property based on what you think it’s worth, this market can feel frustrating. But here’s the truth: The market sets the price, not you.
Why isn’t your property renting or selling? It’s easy to feel stuck when your property doesn’t move. But blaming the market won’t help. The real question is: are you pricing it right? In a buyer’s market, holding out for a higher price won’t work. If your property isn’t rented or sold, it’s likely priced above what people are willing to pay. Remember, the market always decides the price. If you want results, adjust your strategy by following these steps:
• Reevaluate the price: Look at current trends and compare your property to others in the area.
• Offer incentives: Consider concessions like discounted rent, waived fees, or upgrades to make your property more appealing.
• Get professional help: Partner with a property management expert (like us!) who knows the market and can help you navigate it.
A buyer’s market doesn’t have to mean frustration because all you need to do is stay flexible with the offers and set realistic expectations. If you need help in selling your property, you can call or text me at 803-727-7256. I help owners like you thrive in any market so your property will not sit empty.
