When it comes to selling your home, being in a seller’s market is very different from a buyer’s market. There are unique advantages and challenges that every seller should be aware of. If you live in an area that is currently experiencing a seller’s market, it might be a great time to consider selling. It means demand for new homes is high and inventory is low, giving your house the potential to sell quickly and at a higher asking price than you may have expected. Here are a few tips for how to take advantage of being in a seller’s market.
It is natural to question when you should move forward with the selling process. Being in a seller’s market is a positive sign that the timing is right. You should strongly consider finding a local real estate agent who can help connect you to potential buyers in your market. When there is pent-up demand, your odds of closing a home sale increase dramatically. More buyers in your area means a lot of competition. As in any industry, more competition drives prices higher, and that benefits sellers.
Especially if you own a unique home that offers features some other homes don’t, you are in a strong position. On any given day, your home could be the best option available due to limited supply. When contacting your real estate agent, you should ask for detailed information about the current market situation. You may be surprised to learn how many buyers are already lined up, waiting to see a home like yours. If this turns out to be the case, you’ll want to take the necessary steps to make sure your home is ready to sell.
These steps include thoroughly cleaning your home so it looks its best for buyer showings. Even though there is low inventory in a seller’s market, no one likes to picture themselves in a dirty home. You should also repair any unsightly holes or other cosmetic damage. Most buyers will overlook small defects, but eliminating any major visible repairs can make a difference in maximizing the value of your home.
Another way to take full advantage of a seller’s market is to consider pricing your home just under the market value. This may seem counter-intuitive, but it’s a pricing strategy that can make buyers more anxious to submit offers, and multiple offers or bids generates further competition. Anticipating that there will be competing offers, some buyers will then increase their offer price, putting more money in your pocket. Going to market on a Friday is another potential advantage because that is the most popular day for selling homes.
A final tip for how to utilize a seller’s market is to limit your number of house showings. If you don’t have your home open for showings 24/7, people will begin to get more excited about the dates when it is available to see. It’s important to work closely with your realtor on showings, since they are experts in your area and have a feel for which buyers are serious. They will guide you toward setting an asking price and help with the preparation.
If you currently live in a seller’s market and have been considering selling your home, it might be the perfect time to move forward. Contact G2 Real Estate Group today to get started!