If you live in Ontario Canada, you woke up January 1st to another government real estate policy change, this time by the Federal Government. The impact of this change has reduced buyers' eligibility for a mortgage by roughly 25%. The result is the market has moved from a balanced market to a buyer's market.
What Is A Buyer's Market And What Does This Mean If You Are Trying To Sell Your Home?
A greater number of listings compared to the number of buyers looking to buy is a buyer's market. Greater supply than demand. Unlike in a seller's market where properties were flying off the shelf, with multiple offers all around. In a buyer's marker, sellers can expect their property to sit longer waiting for an interested buyer to make an offer. In the previous seller's market, buyers were reluctant to include conditions in their offer for fear their offer would be rejected. Many sellers enjoyed the luxury of choosing through a list of clean offers with nothing more to do than choose the highest price. Today you will have to utilize the best marketing strategies to attract an interested buyer and once you receive that offer you will then need to hone in those negotiating skills to ensure you get the best deal.
Today Is More Than Just Marketing... NOW It's Time To Negotiate
In a seller's market, many homeowners were surprised at how little a listing agent had to do to get their home sold. Some homeowners said they felt cheated paying 2.5% when their agent did nothing more than put a sign on the lawn. Although many agents are more professional, some agents didn't worry about the quality of pictures they put on the MLS and took the pictures themselves. Other agents discouraged their clients from wasting time on staging, it will sell and in a heated seller's market it did. Negotiate? What's that? There was no negotiating.
Well I'm sorry to say not today folks! If you want to successfully sell your home in a buyer's market, your staging needs to be quality, your pictures need to look like they could grace the cover of a magazine and you and your agent better be prepared to negotiate. If, of course, you want the best price for your home.
What Style Of Negotiator Are You?
Don't get me wrong, you don't have to do anything to sell your home. You will however, need to be prepared to settle for a lower price. If, on the other hand, you want to get the best price for your home and you hire an agent, your agent needs to provide quality marketing options and have the ability to negotiate.
Buyers will be coming to the table with conditions and they will expect to negotiate on price and so should you. So the question is: what style of negotiator are you? The ability to be a successful negotiator is to first be able to identify what style of negotiator you are dealing with and of what style of negotiator are you. Here are seven styles of negotiators:
- The Conqueror - The Genghis Khan Negotiator
- The Emotional Negotiator
- The Slow and Steady Negotiator - The Tortoisse
- The Logical Negotiator
- The Jimmy Carter Negotiator
- The People Pleaser Negotiator
- The Speedy Negotiator - The Hare
For your information I have added a link to a quiz. Take this quiz and discover what style of negotiator you are and some helpful tips to maximize your negotiating style.
If you are interested in selling your home for the best price or would like to receive a free market value estimate, contact me.
Rachel Craggy has a license in real estate and has been working in the real estate industry for the last 10 years. Successfully flipping houses since 2015, Rachel has education in interior design and real estate staging, was the owner of a success home staging company in Toronto and has worked with many home owners to help them achieve their real estate dreams