When the market shifts, tipping supply and demand in your favor, an opportune time arises to sell your home. This is what we call a seller’s market—when there are more buyers than sellers on the playing field at a certain point in time. Houses will fly on and off the market, buyers will make their bids faster, and sellers can become, well, overzealous. While it may seem like anything goes for sellers, it is important to remember some basic rules that apply to selling a home even in a seller’s market. For the best outcomes and highest return, follow these tips for selling a home while there is increased demand:
Selling Your House in a Seller's Market: Guidelines to Follow
Hire a knowledgeable Realtor
One common rule sellers may forget in a seller’s market is the great need for a knowledgeable Realtor. A Realtor is an essential tool which will certainly help you get the most for you money. Some sellers envision an easy transaction; putting their home on the market and signing it over days later to an excited buyer. Regardless of the market, however, there is still much work to be done to protect you, your home, and the buyer during this process. Your Realtor will navigate paperwork and terms for all aspects of your sale—an invaluable advantage to having him or her on your side. Realtors will also be able to professionally communicate with potential buyers and other vital people in the home selling process. Realtors will know how to effectively market your home and make it stand out, even in a seller’s market.
Price your home logically
In a quick market, sellers are often inclined to price their homes significantly higher than what they are worth, aiming to cash in on an eager market. While it is possible to get a great return during an advantageous time, you have to be realistic. Your Realtor will be able to refer to what similar homes in the area are selling for and will know the local market for your own interest as well. It will be a longer and more arduous process to overprice your home only to get an inconsistent appraisal, potentially making your buyer have doubts or back out of the deal.
Present your home well
In the long run, minor home improvements like fixing a faulty roof or leaky faucet will save time and money as these fixes can help sell a home faster and more smoothly. Sellers should consider minor home improvements before putting their home on the market. A favorable market does not imply you should sell a home without putting in the work to make it worth the sale. A Realtor will be able to predict what fixes buyers might point out and can direct you to quality resources during that process. Sellers should be aware that home buyers and their Realtors will come into a showing with a list of items to check before they consider putting in an offer. Home sellers should maintain yard work and simplify outdoor décor. Making sure your home is clean and decluttered is a basic rule for courteous home viewings. Neutral colors in fresh coats of paint and other simple, home staging are also necessary when putting a home up for sale and seeking the highest price point.
Flexibility is another attribute sellers should prepare for. With a great Realtor and their skill in properly marketing your home, showings will happen often and sellers will need to be ready to leave the house with children and pets so that a buyer can visualize their new life in your old home. In a hot market, sellers need to plan for the possibility of multiple showings in one day. Have places in mind where you, your family, and pets can go during these showings. It's certainly an inconvenience to pack up the family and leave for several hours at a time, but it's a necessary hardship when selling a home. No one wants to buy a house that they can't get in to see. Be as flexible as possible and keep in mind that this sacrifice will pay off with a home buyer!
While sellers in a seller’s market may in fact have the upper hand, it is still critical for the seller to abide by the basic rules to efficiently, effectively, and properly sell their home. As exciting times are ahead, taking the proper amount of time to prepare for a sell will benefit any seller, regardless of the market. Skillful Realtors are ready to support you in your move and work through repairs, opportunities and celebrations alongside you. We would love to hear about what aided your victory in a seller’s market. For those looking to purchase a home during the uptick, check out our recent post on buying a home in a seller’s market.
Here are additional resources that'll help you sell your home quickly and for top dollar:
- Most Important Things to Repair Before Selling a House by Bill Gassett
- Why is My Home's Initial List Price So Important? by Lynn Pineda
- 7 Ways Nightmare Neighbors Sabotage your Home Sale (And How to Handle Them!) by Xavier De Buck
- How to Sell the House That Nobody Likes by Debbie Drummond