Today’s housing inventory is suffering from a shortage, and buyers are fighting tooth and nail for available listings. Since the demand for homes has exceeded supply, you can take this opportunity to sell your property at a much higher price.
This situation is known as a seller’s market, where bidding wars create a condition in which homes can sell above the asking price and at a faster time. Homeowners have greater leverage in a seller’s market, but there’s a lot to take in if their goal is to maximize their home’s profit-making potential.
Let’s look at a few expert tips for coming up with a selling strategy for today’s favorable real estate market.
Set your goals at the earliest
Whether you are planning to downsize or acquire a much larger home that fits your lifestyle preferences, it’s important that you set specific goals before you list your home.
Give yourself time to search for your next home within or outside your state. Once you have found the ideal property, plot out your move-in date and start emptying the property of personal items.
Be prepared to move out quickly. Since it’s a seller’s market, it will take less than a month for your home to sell. If that’s the case, consider staying with a relative or renting out an apartment for the meantime while you process the purchase of your new home.
Get excellent representation through a realtor
Many homeowners are thinking about selling their properties themselves in lieu of a real estate professional. While today’s buyers are more than willing to purchase for a much higher price, it’s still important to get valuable advice and assistance from a seasoned real estate agent.
You can maximize your home’s selling potential with expert help. This will also help you focus on acquiring your next home and preparing for moving day. With a realtor at the helm, you can navigate today’s seller’s market, get a better price, and transition seamlessly to your new home.
Focus less on upgrades and improvements
Another good thing about a seller’s market is the fact that you can spend less time and money on remodeling projects and home staging. Considering how heated bidding wars can get, buyers are willing to accept a deal regardless of interior and exterior appearances.
You won’t have to spend too much on new interiors, appliances, and landscaping features. You are better off doing cosmetic improvements that cost less but can slightly nudge your home’s resale value upwards. These will include repainting your interiors and replacing your lights with energy-efficient bulbs.
Get a good price for your home
You may be tempted to come up with a higher figure when it comes to your home’s price, but there are numerous other factors that will influence the price of your home. Apart from current market demand, you will also consider the condition and age of the property, the average prices of similar homes in your area, and local market fundamentals.
There’s a lot that goes into crafting an asking price. You wouldn’t want to go too high or too low, regardless of how the market is performing. Look for a realtor and have them pull out the comparative market analysis of recently sold homes in your area. From there, you can come up with an asking price that’s just about right.
Be ready for an appraisal
The fact that you can sell your home at a higher price in a seller’s market shouldn’t leave you complacent. Getting a high offer doesn’t necessarily lead to the actual closing price. In today’s market, realtors are seeing offers that go over and beyond the appraised value. In this case, buyers could make up for the difference or sellers may bring the final price down to the appraised value.
As a homeowner, you also have the option of challenging the appraisal if the assessment turns out to be inaccurate. You and the buyer may decide on getting a more qualified appraisal service provider like Northwest Construction Control to give you a more reliable valuation.
If you are selling in a seller’s market, make sure you come equipped with the right knowledge. You deserve more from selling your home, so consider these tips and get the most out of a home sale.