What Is a Sellers’ Market?

What Is a Sellers’ Market?

A sellers’ market is a real estate buying and selling market where there are more people wanting to buy homes than there are actual homes for sale. This is to the advantage of the seller, as it helps increase the value of their home and what they can sell it for. They will be able to sell “as is” quickly at a good price with little to no repairs. Buyers will have a harder time buying a home as the competition will swoop in first with a higher bid and charm the seller with a better price.

How to Price Your Home to Sell in a Sellers’ Market

In order to price your home in sellers’ market, there are several things to consider. First take a look at your surrounding area. Much of the U.S. is in a sellers’ market right now, but pricing varies from locations to any homes for sale winter haven fl. Is your area growing? Desired schools and doctors help to value your home. Find out the average (DOM) days on the market for homes in your area. If homes are selling in 10 days or less, then you are in a strong sellers’ market and have more leverage. If homes in your area have been rising with the market curve, then it is suggested to start your listing with the market value. You will likely get your price quickly and possibly a higher price should you have multiple bidders.

How to Take Full Advantage of a Sellers’ Market

First thing of order is to get your home ready for sale. Give it a good clean up from top to bottom and get rid of extra junk and things you’ve been hanging on to. Worn carpeting won’t stop a buyer in a sellers’ market, but more often new carpeting sells as well as when it is mixed with hardwood flooring. Friday’s are a good day to go on the market. Upload virtual tours and pictures Thursday night so buyers can see you new listing first thing that day. Limit your showings of the house, you don’t want people to come sees your home at all hours of the day. When you limit the hours, more than one buyer is likely to show up at the same time. Let the bidding begin! Review all of the offers on your home. Consider the earnest deposit, is it cash or financed? How much of a down payment can the buyer afford? Are there waivers for inspections or a contingency on selling another house first? Consider the costs to you as far as closing and any requests or allowances regarding the house. If you’re not thrilled with an offer, counter offer to the buyer or to several buyers. Then ask them to resubmit their new best offer price for your home. If the buyer is going to finance, then your home price must meet the appraisal price of your buyer’s lender. Sold to the highest bidder

Comments are closed.