In a buyer's market, sellers frequently are at a loss as to how to market their property. They wish to sell their property but also to obtain maximum price and struggle to reconcile the two. Let's begin with a definition. A buyer's market exists if there is more inventory of a given property type and price than is likely to be sold in a period of time at current absorption rates. For example, if one owns a two bedroom, resort community condominium valued in the $750,000 range, twenty similar properties sold in the last twelve months and thirty are on the market? That's  a buyer's market. In combatting a buyer's market, sellers must understand the process of showing property. When a real estate agent shows a client property, they know that "showing fatigue" sets in after 5-6 showings in a day. What happens is that people here on Maui looking for a given property type get tired of the process and confused by a series of similar properties after they see five or six in a day.. The effectiveness of a given showing falls as the number of properties viewed increases. Good agents know this and don't show eight or ten properties because they know it is counterproductive. This has significant implications for a seller. In short, your property MUST BE WIDELY BELIEVED TO BE ONE OF THE FIVE BEST VALUES IN THAT PROPERTY TYPE TO OBTAIN REGULAR SHOWINGS! If one doesn't obtain regular showings? One will not obtain offers, it is that simple.

In our next post, we will discuss how to market a property in order to be one of the top five.