A seller’s market is characterized by high buyer demand and a low housing inventory. If you are looking to sell your home, this is good news because such conditions attract higher prices and increase the odds of a quick sale. Nevertheless, you need the right strategies to sell for the best price. Here’s a sneak peek of what to consider.
Finding a Professional Who Understands Seller’s Market
Hiring a top real estate agent who knows what works and what doesn’t is the smartest decision you can make. You need someone to help with the best marketing tactics and win you a competitive price. An experienced realtor outmatches their peers in terms of pricing strategy, market research, and bidding war negotiation. They work out these factors to maximize the sale potential by fighting for your home value. Plus, a seasoned agent knows how to address an appraiser for a good closing. You want to hire a realtor who specializes in listing and knows how to differentiate between tire kickers and qualified homebuyers.
Protect yourself from crooks when searching for a real estate agent. If they only ask how much you want to sell the house without giving suggestions, run away. Find someone more knowledgeable than you. If they are constantly seeking affirmations and feedback, that should be a red flag. Moreover, a realtor who cannot figure out your home value is not worth hiring. A qualified professional runs a comprehensive CMA (comparative market analysis) and studies similar properties in the neighborhood to arrive at a reasonable price.
The first impression often drives buyers, and the best way to make someone like the house instantly is staging it. If you’re considering property viewing, it would be best to limit the showings. For instance, restrict the number of days and time for an open house. That way, you’ll be receiving prospective buyers at the same time hence sparking competition.
The best part of selling in a hot market is that you can close the deal quickly, even if it is an outdated house. Buyers sometimes overlook the flaws and areas that demand costly repairs. It is possible to sell the home without major upgrades. If you need to do significant renovations for home staging, be sure to discuss it with your agent. Focus more on the kitchen, living room, bedrooms, and bathrooms.
The Curb Appeal
Your home’s curb appeal has a great impact on the buyer’s first impression. Depending on the appearance, the outdoor landscape and entryway can either invite someone to view the interior or drive them off. Trim hedges, groom the turf, and prune trees. Don’t forget to wash the windows and dress them up with flower boxes. Power-washing the exterior is a cost-effective way to make your home look like it has been painted again.
Do not overinvest in upgrades like the driveway, roofs, and garage. The front walk leading up to your house should be clean. As for the front and backdoors, get some new doormats. If you have a swimming pool, brush the floor and walls, and maintain crystal clear water. In the backyard, consider designing a living space with patio furniture.
Budgeting for Interior Decor
With fewer properties on the market for sale, you don’t have to design a brand-new kitchen or bathroom to impress a buyer. If you must update something, work on a low budget to get the most value out of your price. Otherwise, an expensive remodel will force you to raise the sales price by tens of thousands of dollars. There are many ways to make your interior look its best without spending too much money.
• Thoroughly clean every room
• Spruce up the corners with colorful potted flowers
• Declutter- put electric cords away
• Rearrange furniture to give an illusion of a spacious house
• Apply beige or gray paint in the living area
• Add a homey feel with throw pillows, vases, and candles
• Light up dark areas
• Use a reed diffuser to enhance the smell
• Keep personal items like family photos out of sight
• Use decorative bins to store unused items
An expert realtor knows what buyers are looking for. They can give you the best advice on interior design. When selling an empty house, you could use a professional home stager to set up the rooms with furniture and décor. Seasoned realtors have connections with stagers. If you’re living in the house throughout the selling process, revamp your existing furniture at a low cost.
Photos and Videos
Nowadays, people search for houses for sale on the internet. Inquire about what advertising options your agent uses and see whether it will work for you. Stunning visuals can set your home apart. Get a good agent who can shoot listing photos or hire the best real estate photographer to do the job. Spectacular listing photos highlight your home’s best assets to generate extra interest. They are best taken under natural light and with a wide-angle lens. Because a potential buyer wants to see details of the entire space, a 360-view of the house will improve your listing.
Adding videos to your marketing strategy can help you get more offers. Compared to text, social media videos generate more shares and followers. Videos have been shown to have a high ROI because they boost brand awareness and attract more interested buyers. Though word-of-mouth is vital in real estate, social referrals are essential. Videography gets the word out faster in a competitive market. It is for this matter that marketers place SEO-friendly videos on homepages to increase the conversion rate.
Bidding wars are fierce in a seller’s market, but you still need an exceptional pricing strategy to sell your house for the highest dollar. Overpricing can scare away informed buyers, making your home sale sit on the market for too long. Even if a homebuyer is willing to pay the sky-high price, they might walk away if the appraisal value comes back low. After all, a mortgage lender cannot approve a loan greater than the appraised value.
On the other hand, underpricing your house will make you lose a good profit. As such, you need to strategically set the purchase price and find a sweet spot. The best price reflects a fair market value depending on the home’s condition. Work with your real estate company to analyze recently sold and comparable properties to calculate your current home value. In a fast-paced market, it pays to know the prices of homes in escrow. A good realtor should touch base with agents managing those sales to get more insights before including prices for pending homes in their CMA.
If you’re lucky to be marketing your house in a seller’s market, never forego the expertise of a professional. Strive to make your days on the market as few as possible. Yet, you want to receive as many offers as possible that will drive up the selling price. A hot market might give you the impression that buyers will take the first home they spot on the listings. For this matter, you could be tempted to sell it all by yourself.
In a seller’s market, buyers liaise with agents to locate homes before approaching FSBO sellers. The agents will probably check up on MLS and speak to other agents to get listings for the potential buyers. If you want to have the most exposure for selling your house, consider hiring a real estate agent to advertise and get all the leverage you need from multiple buyers.