When it comes time to sell your home, understanding the market will help you do so quickly and for the highest price possible. In this article, we are going to discuss selling in a seller’s market. A seller’s market means that there are more buyers than there are homes to be bought.
Many people assume that selling in a seller’s market is easy. In fact, many online “experts” might suggest that you simply stick a sign in your front yard and wait. Although it is true that you are likely to get a higher price for your home in such a market, and you are likely to sell your home more quickly, there is still more to selling your home than placing a sign. Let’s look at a list of do’s and don’ts for selling in a seller’s market.
1. Do Prepare Your Home For Sale: Even in a buyer’s market, buyers want to see a home that is ready to move into. The cleaner and fresher your home, the more likely they are to make an offer that meets or even exceeds your asking price. To prepare your home, you need to clean it from top to bottom, do any repair work, repaint the walls to a neutral color, and replace worn flooring. Then you will want to stage your home to present it in the best light. Staging including furniture elimination and arrangement, as well as bringing in splashes of color and unique items. (To learn more about home staging, read 7 Home Staging Tips That Will Take Your Home From Ordinary to Exceptional.) Be sure to think about curb appeal as well. First impressions are critical.
2. Do Think About When To Go To Market: Since this is a seller’s market, buyers understand that homes are more scarce. Therefore, the longer your home sits on the market, the more likely buyers are to assume that your home has issues. One way to reduce the time on the market is to put it on the market on a Friday. This will mean that your home is “fresh” for the weekend and will likely attract many buyers as they tour homes.
3. Do Hire a Good Agent: As your agent, I have experience selling homes in your area and in your price range. I understand the value of Internet marketing and beautiful home photos, as well as numerous other marketing techniques. I also understand selling in a seller’s market and know the tricks of the trade that will help you sell quickly and for top dollar. Finally, in a seller’s market, you could easily get several offers at once. Dealing with all of these buyers and their offers can get chaotic, especially as counteroffers begin to come in. I know how to turn this chaos to your advantage. Then there is letting down buyers easily if you don’t accept their offer. I know how to do this so that if your first choice falls through, you can go back to those you dismissed earlier. Rather than throw up your hands and just pick any offer, I can help you find the one that is best for you.
1. Don’t Price Too High: Yes, it is a seller’s market, and yes, you are likely to get a good price for your home. However, if your price is unrealistic, buyers will simply not choose to look at your home. As your listing agent, I will help you set a price that reflects the trends in your area. I will look at market inventory, the value of your home, upgrades, and many other factors to determine the best selling price for your home. If you don’t price correctly, your home will remain on the market for a longer period of time. When this happens, particularly in a seller’s market, you will end up having to lower your price substantially, just to get traffic looking.
2. Don’t Move Too Fast: You may be tempted to just put out a sign and try to sell quickly. Remember, the “do” step above about preparing your home. You will not get the best price possible by selling your home “as-is”. Buyers, even in a seller’s market, don’t want to spend a lot of time or money on a home they just bought. They want to see themselves living in the home easily and comfortably. Be sure to spend a little time to upgrade your home from “as-is” to “just right.”
3. Don’t Shrug Off Your First Offer: Some seller’s in a seller’s market think the first offer should be ignored because better offers are sure to come. This is often not the case. The buyer that comes into your home and makes an immediate offer must love your home enough to move quickly. They are likely to offer you something very reasonable. Waiting for a better offer can be risky. Remember, the longer your home is for sale in a seller’s market, the more likely it is that you will have to drop your asking price to get it to sell. As your listing agent, I will be able to help you evaluate all your offers and be your consultant for all aspects of the negotiation process.