Choosing the Right Sales Representative
A knowledgeable and experienced sales representative can be invaluable in navigating the real estate market. They can save you time, money and frustration, and help you find the best deals. It’s important to choose a sales representative who specializes in your area, as they will have the expertise and knowledge needed to successfully market your home. Take the time to interview a few potential representatives and choose one who you feel comfortable working with. After all, they will be your advocate and representative throughout the entire selling process.
Should You Go With a Non-Exclusive or Exclusive Listing Arrangement?
By entering into an exclusive agreement with your sales representative, you are granting them the sole right to seek out a buyer for your property. Under this type of arrangement, no other sales representative is allowed to bring potential buyers to your home, as only the listing sales representative is entitled to receive the commission for the sale.
You may consider this type of arrangement in a Sellers’ Market during which time there are more people interested in purchasing a home than there are homes available.
Understand Market Conditions
The real estate market is ever-changing, both as a whole and in specific regions. Being aware of the current conditions in the overall and local real estate markets will help you comprehend how these factors can impact the sale of your home. To provide you with an overview of the three major market positions, we have created the following comparison. When you meet with your sales representative, be sure to inquire about the current state of the market.
Buyers' Market:
When the supply of homes on the market exceeds demand, there are typically a high inventory of homes available but few buyers to match. Homes tend to stay on the market for longer periods of time, and prices may either remain stable or decrease. This situation gives buyers more time to search for a home and provides them with greater negotiation leverage.
Sellers' Market:
When the number of potential buyers exceeds the supply of homes on the market, there are typically fewer homes available but many buyers. Homes sell quickly, and prices usually increase. As a result, buyers may need to make quick buying decisions and their conditional offers may be rejected. This situation may result in higher prices for homes.
Balanced Market:
When the number of homes on the market is roughly equal to the demand, there is a balance between the supply and demand. In this situation, sellers usually accept reasonable offers, homes sell within a reasonable time period, and prices generally remain stable. This balance results in less tension between buyers and sellers, and there is usually a reasonable number of homes available to choose from.