In the real estate industry, a seller’s market is when there is a high demand for houses, but supply is scarce. Its opposite is what’s called the buyer’s market, a condition wherein supply is abundant but demand is low.
Clearly, a seller’s market is an ideal condition for home sellers. If you put your property on the market during this condition, the chance of selling your property at a good price is high. Since demand is low, competition amongst home buyers can be intense. Several buyers could be eyeing the same property. For sellers like you, this can mean numerous offers which can in turn drive up your home’s price.
Moreover, during a seller’s market, experiencing longer days on market is something you should not worry about. Knowing that their options are limited, buyers would not take their time shopping around. Once they see a property they like, they are most likely going to place an offer right away. In fact, since there is a scarcity in supply, even houses which are not very pretty get sold during this market condition.
Suffice it to say, if there is a best time to sell, it is during a seller’s market. However, while getting a buyer is easy during this time, this does not mean that simply putting up a “For Sale” sign would do the trick. You still need to employ some strategies to ensure that you get noticed immediately and receive multiple offers. How do you make this happen?
Tips on Selling Your House During a Seller’s Market
Clean and prepare the house. The fact that buyers have limited options shouldn’t be a reason for you to ignore the appearance of your property. If there are fixtures like carpets which are worn out or dated, consider replacing them. If you have walls with peeling paint, repaint them. You can also opt to stage the house if you want to. The bottom line is that you still need to make the place presentable and more importantly, clean. However, you do not have to overly focus on renovating or upgrading the look of your house. During this time, home buyers are willing to forego small defects since they do not have a choice.
Hire a real estate agent. While finding a buyer under this market condition is a breeze, the selling process is still going to be demanding. You would need time to answer inquiries and show the house. You also need to take care of essential tasks like vetting the buyers and preparing the paperwork. If you a have a real estate agent, selling a house can be stress-free for you.
Slightly lower your home’s price. You probably heard that pricing your house lower than its actual value may send buyers the wrong message like there’s something wrong with it. However, under this condition, it’s a good idea to lower your asking price (but of course don’t set it too low). This can help you attract more buyers and get multiple offers. With buyers outbidding each other, you could end up with an offer higher than your asking price.
Limit your viewing schedule. While it’s always a good idea to accommodate buyers’ preferred viewing schedule, it’s wise to limit the showings under this circumstance. The idea is to have several prospective buyers view the house at the same time. This can bring out the competitive nature in them and push them to make good offers immediately.
Learn more about how to sell your house during a seller’s market. Call us at 01 495 9020 now!