Back HomeThe seller’s market: How to make the most out of it when selling a home
Selling a home has its challenges, but it can be a different story if your property is located in an area where the demand for homes far exceeds the available supply. This means that you’re in a seller’s market. That can spell good news for homeowners because demand will drive home prices up, allowing sellers to list their properties for a lot more money than normal. It’s an opportunity that’s hard to resist, especially if you’re still on the fence about whether you want to sell your home or not. If you do decide to take advantage of the market, it’s best to take a strategic approach. Continue reading to learn how.
Perks of selling a home in a seller’s market
You can sell quickly
In a seller’s market, properties for sale spend less time on the market. It’s exactly what you want to happen when you’re selling a home. This is because the longer a home remains on the market, the more challenging it becomes to sell. Sellers of homes languishing on the market often have to reduce their listing prices to generate buyer interest and, hopefully, make a sale.
Your property can stand out and sell for more
A seller’s market opens more opportunities for homes that may be referred to as “unique” in the market. If your home falls under this special category, it stands a better chance of attracting more buyers and selling faster (for a higher price.) Scarcity will also work to your advantage. Because of the low inventory, the nicest homes will attract the most interest. With a little strategy, you too can turn your home into one of the “nicest” ones around.
Being smart in a seller’s market
You can’t be complacent even in a seller’s market. Look at it as a chance to make the most of the moment. Here are several tips for selling your home.
Prep the home for sale.
Get down to basics and have the house cleaned before anything else. Check for safety issues and potential repairs and resolve them before listing the home. Consider staging the property to make it even more irresistible to buyers.
Time it right.
The day you list your home can affect the outcome of the sale. According to experts, Friday is the best day of the week to sell a home. See if you can schedule your listing to go live on Friday at midnight. This way, buyers will see your home included in new listings by Friday morning.
Go virtual.
These days, virtual tours can attract potential buyers who are hesitant to visit homes personally. Moreover, it helps you widen your reach. Consider uploading a virtual tour of your home so that buyers from all over the country can see your home safely.
Create a feeling of exclusivity.
You can do this by limiting viewing hours and days when potential buyers can visit. Doing this could encourage buyers to tour your property with other buyers present. If a buyer sees another buyer expressing interest in your home, this might push them to make a better offer.
Tweak the sales price.
Consider listing your home for slightly lower than its market value. The lower price may attract more buyers and more offers. It might even spark a bidding war.
Be cautious of buyers who try to appeal to your emotions.
Some buyers will try to gain an edge over their competition by sharing some of their personal information in hopes of winning your sympathy. Some may be telling the truth, while others may be lying in order to secure a deal. Be wary of the latter and try to distinguish the difference between the two.
Avoid setting a schedule to review offers.
Buyers want a fast transaction just as much as you do. And they won’t wait around for days to find out if their offer will be accepted, especially if there are a limited number of homes for sale. While it’s important to carefully consider each offer, don’t take too much time, or else you’ll lose buyers.
Work with an experienced Realtor
The best way to make the most out of a seller’s market is to team up with local and reliable Realtors who know how to navigate this situation. Fortunately, you don’t need to look further. Berkshire Hathaway HomeServices (BHHS) Caliber Realty is right here. We’re the Brazos County real estate experts, and we can help you take full advantage of the current seller’s market in Texas. Call us today 979.694.8844 or send us an email at sales(at)bhhscaliber(dotted)com.
