How to Sell Your Home in a Seller's Market
A seller's market is very different from a buyer's market. In areas with a seller's market, now is indeed a good time to sell. You might also receive multiple offers, potentially increasing your sales price. Your days on the market may be fewer, and you may also receive fewer days on the market.
In general, since it is the demand that drives competition, it is a good idea to capitalize on pent-up demand. If you have a larger number of potential buyers, your chances of making more money are higher.
In a seller's market as well, some homes, especially those referred to as unique and difficult to sell, will generally be able to sell faster.
There may also be few homes for sale in some seller's markets. When there isn't much to choose from, the nicest houses will get the most attention. But even the ugly houses will sell since the number of options is so small.
HOW TO ATTRACT MULTIPLE OFFERS IN A SELLER'S MARKET
The common misconception is that all you need to do is erect a sign on your property and the market will handle the rest. A seller's market may seem appealing, but the process of selling a home is much more complex than simply hanging a sign. It requires a strategy.
GET YOUR HOUSE READY TO SELL
Cleaning your home thoroughly from top to bottom is a crucial part of preparing your house for sale, regardless of whether you stage your home. When there are few homes available, buyers will overlook minor defects.
LIST YOUR HOME ON A THURSDAY
The best day of the week to sell a house is usually Friday. Listings can be published on Thursday night at midnight so buyers will discover them among the new listings on Friday morning. You should make sure that your online presentation looks awesome by having a professional take all photos.
Consider uploading a virtual tour and going live on Facebook and other social networks with digital ads.
CONSIDER LIMITED SHOWINGS
Most people want what they think they can't have. Don't open your home to visitors at all times of the day. Set hours and days for tours. In turn, this will cause some buyers to tour around the same time as other buyers, possibly sparking competition.
USE A STRATEGIC SALES PRICE
Sometimes a solid strategy is to set the price just below market value to attract more buyers. Also, it will leave some wiggle room for buyers to bid above the asking price. It may not be necessary, but it can work in certain markets.
The wording "all offers will be reviewed on a certain day" can discourage some buyers. The buyers want to know as soon as possible whether their offer has been accepted. Consider taking all offers when received with enough time to compare.
- Review Seller's Market Offers
- Once you have received all the offers, make notes on each offer so that you can compare them easily. Be sure to consider other factors as well, such as:
- Cash Offers
- Down Payment
- Unusual requests
ACCEPTING AN OFFERUsually, a seller can find an acceptable offer among the initial offers made. It is not always the highest offer, but if it is financed, it is the offer the seller believes is sufficient to meet the buyer's lender's appraised value.
WORK WITH MIKE BOLGER, CHESTNUT PARK WEST
When searching for a REALTOR® to list your home, you will want to work with someone that treats you like a VIP. Consider working with Mike Bolger and going with his VIP Home Seller Service.
The market is always changing; having the best insights will help you see an opportunity where no one else does.
Contact me today to discuss your real estate selling needs.
CALL MIKE NOW: (519) 616-2656
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