By Barbara Chartier, CENTURY 21 Coastal Lifestyles

A BUYER’S MARKET is a tough environment for sellers. Sales are few and far between because the market is out of balance. There’s a lot more property for sale than interested buyers… and prices keep drifting lower.

That describes the condo market in Myrtle Beach. In June, over 8000 condos were listed for sale, while only 355 condos actually sold. That’s a seller / buyer ratio of 22 to 1. Most experts believe it will take a couple of years for the market to rebalance itself.

Right now, buyers control the condo market: they believe prices are going lower… they have a lot of choices… and they are in no hurry to buy. They are cherry-picking only the best buys. So what does it take to sell in a buyer’s market?

SELLING in a BUYER’S MARKET: Do you have what it takes?

1. Motivation: You may be a motivated seller if… your monthly payments are a stretch… you bought to flip… you want to protect your gains… your personal circumstances have changed (e.g. health, family issues). Most of today’s sellers are not highly motivated… that’s why their properties don’t sell.

2. Timing: Motivated sellers want to sell quickly… time is working against them. The prime spring selling season is over and prices are likely to drift lower over the summer and fall… and on into next year. Most experts agree that it will take a couple of years for the market to improve.

3. Location: Some locations are more desirable than others. Golf condo buyers want 1st or 2nd floor end units, unless the building or townhouse has an elevator. Beach condo buyers want direct oceanfront units. You can’t change your location, but motivated sellers can overcome a location disadvantage with pricing.

4. Condition: Beautifully decorated units in mint move-in condition sell… it’s the “WOW” factor. Buyers see it and want it. Motivated sellers are willing to… fix it, clean it, paint it, and stage it in order to attract buyers. Modest investments of time and money can greatly improve salability.

5. Pricing: Motivated sellers price to sell now… at today’s market prices. Most properties on the market are overpriced… that’s why they’re not selling. Buyers look at price first. The biggest mistake sellers make in a buyer’s market is to lower their prices too little, too late.

THE FINAL TEST – OK, you’re motivated to sell quickly. Your condo is in a great location… shows beautifully… and is priced to sell. And – in the meantime – you’re getting good rental income. Oops!

Buyers won’t buy what they can’t see. If your condo is on an active rental program, it will be much less likely to sell… even if everything else is positive. Rental programs are a major problem for sellers. With so many condos on the market, buyer agents only show condos that are available on short notice.

If you’re really motivated to sell, then take your unit off the rental program this summer. You’ll get a lot more showings and greatly increase your chance of selling.

If you’d like some help with all of this, just call… or email me.

Barbara Chartier, phone: 843-902-0204, email: barbara.chartier@century21.com