A seller’s market is when there are more buyers than sellers on the playing field at a certain point in time. Houses will fly on and off the market, often having multiple offers on one property. If you are planning to either buy or sell a home in a seller’s market, pay attention to these helpful tips.
Selling in a Seller’s Market:
1. Hire a good realtor. A knowledgeable realtor is an essential tool which will help you get the most money for your property. Your realtor will help you navigate paperwork and terms for all aspects of your sale. They will also be able to communicate effectively with potential buyers and other vital people throughout the home selling process.
2. Price your home logically. In a hot market, sellers sometimes are inclined to price their home higher than what they are worth. While you may be able to get a great return, you have to be realistic. Your realtor will help you to find similar homes in the area and help you to price your home accordingly.
3. Stage your home. Taking the time to do minor home improvements will go a long way in selling your home faster and more smoothly. Your realtor will be able to anticipate what fixes buyers might point out and can direct you to quality resources during that process. Maintain your yard and add some curb appeal with some potted plants. Inside, make sure your home is clean and decluttered. Stash personal items and keep the décor simple. If you have a lot of stuff that you don’t want to get rid of, consider renting a temporary storage unit. Keep your wall colors neutral as they are more favorable to potential buyers.
4. Be flexible. Flexibility is another attribute sellers should prepare for. The more you can make your home available for buyers, the more showings you will have. There may be multiple showings in one day and you need to be prepared that you may need to leave your home for several hours at a time. Be as flexible as possible and keep in mind that this sacrifice will pay off with a home buyer!
Buying in a Seller’s Market:
1. Hire a good realtor. Not only is this important when you are the seller, but it is an absolute must as a buyer in a seller’s market. During a competitive seller’s market, it’s critical that a realtor is able to accommodate the buyer’s schedule to view homes. Not being able to show a home because the realtor doesn’t work nights is not acceptable. This could cause you to lose out on the home of your dreams. In addition, an experienced realtor should be able to negotiate well on the buyer’s behalf.
2. Make sure you have a current pre-approval letter. The pre-approval shows the seller that you have been screened financially. It also will help you to limit your home search and keep you within your desired price range. Having a pre-approval ensures you can act quickly when you want to make an offer on a home.
3. Be quick with your offer. In a seller’s market houses will go quickly. It’s important that you don’t lollygag when a potential home you are interested in comes on the market. Don’t wait for the open house, at that point it may already be too late. Check real estate sites often for new listings and contact your realtor immediately when you see a home you would like to view. Once you see a home that you love don’t mull over it for a few days. Someone could make an offer while you are still pondering whether or not you want to take that next step.
4. Sell yourself. What does that mean? Often people are emotionally attached to their homes. They might have raised their family there for years. Not every seller is going to just take the highest offer. Sometimes they want to know that their home is going to go to a family or couple that will look after it and appreciate it as much as they have. It could be helpful to write the seller a personal letter that shows why you love the house or how you plan to use it. This could set your offer apart and help you realize the home of your dreams.