Selling a home in a seller’s market has advantages. An experienced agent knows how to take advantages of the seller’s market and position you to sell successfully, while minimizing the concerns of seller’s that come with a fast moving market.
Quick Sale: In a balanced market when Days on Market approach 6 months Sellers are not overly concerned with moving in 30 to 45 days. Today, when homes are routinely under contract in less than a week the concern becomes very real. Seller’s need to remember that because there are fewer choices for buyers, and the competition for a home is high, that the Seller has a high degree of control when it comes to the terms of sale. Before listing your home have a game plan. One great choice is to ask the Buyer’s for a leaseback up front. The leaseback allows you to remain in your home after closing. Have your agent include your desired term for leaseback in the Agent Only Remarks section of the MLS. By giving notice of your desired terms in advance you will be more likely to receive offers that meet your needs and mitigate the anxiety that comes with a quick move.
Multiple Offers: Selling in a seller’s market is certainly easier and many naively think that all it takes to sale a house is putting a sign in the yard. In reality this is a market that requires strategy and calculation. To maximize the benefit (profit) to the seller, consider:
- Staging: It is true that out of desperation buyers will overlook certain flaws in a home because of the shortage of supply. However, human nature has not changed and 99% of buyers prefer a move in ready home. Therefore a staged, well maintained home has the advantage and will attract more buyers, and likely offers above list price. In this market, dollars spend in staging and ensuring that no deferred maintenance exists will likely bring a return greater.
- Timing the Market: Skilled agents understand the patterns of buyers and when they should ideally be put on the market. The “go live” date for your home requires that the home is beautifully presented in pictures and description to drive buyer interest. Generally speaking, showing peaks on the weekends so listing just prior to the weekend will result in maximizing lookers in the shortest amount of time.
- Pricing: Price the home at market value. Pricing to market encourages the maximum number of buyers; it is also likely to result in offers above list price. A qualified buyer’s agent will advise their client of market value before writing an offer. The buyer can then stretch their offer above that price knowing that with a fast moving market that the likelihood of the house appraising at a number over asking price is a reasonable bet.
- Establish a timeline for receipt of offers: Have your agent communicate via Agent Only Remarks in MLS when offers will be presented. This serves two purposes. First, it lets everyone know that multiple offers are anticipated and secondly, it encourages buyers to take action.
These strategies allow you to take control while taking advantage of today’s strong seller’s market.
Terry Roberts, Broker/Owner