What exactly is a seller’s market? A Seller’s market in real estate terms means that the demand for real estate far exceeds the supply of real estate in a particular area for a specified period. During periods of seller’s market, the inventory of homes for sale is usually low. This puts sellers at an advantage to sell at higher prices, and be on the market for short periods.
As a home seller, there are several ways in which you can benefit from a seller’s market. Read on to find out ways to get the most out of your home sale in a seller’s market.
- Make Sure Your Home is Presentable:
A presentable home does not mean that your home should go through a complete overhaul just because you want to sell it (you are trying to make money, remember?). Making your home presentable means cleaning it. It also includes fixing some of the essential amenities in the house before putting it up for sale. Buyers might be desperate for a home in a seller’s market, but they still need to feel like they are getting the most value for their money.
The idea here is to make the house look as welcoming as possible, perhaps a welcome rug at the door is a good start! Zillow is a good place to check for house listings.
- Scarcity is Key:
Already, houses for sale are scarce in a seller’s market, but it would not hurt to even make your home seem more in demand to the buyer. This strategy involves simple tricks, such as only allowing physical or virtual tours of your house during certain hours of the day. You can even restrict the number of people allowed to come and check out the house by limiting the number of people allowed to be registered for a virtual tour.
- Friday is a Major Key
DJ Khalid will be happy with this one. According to veteran home sellers and agents, Friday is a good day to allow buyers to check out the house. The strategy involves you putting up your house listing on a Thursday midnight to attract buyers on Friday morning. Make sure that when you put your home up for sale on a listing site, you have all the things you need to present your house to the buyer as “the right one.” You can use the Zillow Virtual tour app to create a 3D virtual tour of your home.
Make sure you have professionally captured and color-corrected photographs, and if possible, a video of a virtual tour. You want the home to sell itself to the buyer before you even meet them.
- Lowered Price:
Yeah, I know that selling your house in a seller’s market is supposed to be all about making more money. And yes, it is. However, by setting the price of your house just a tad bit lower than the usual asking price in that neighborhood or selling season, you are set for a sale. Also, by setting a lower price for your house, you get to attract more customers; and this can even make them bid to buy at a higher price. Trovit is a good place to explore the price of houses in your area.
Note: While a seller’s market might be all about putting the seller in a better position to set the rules; you should avoid setting a time for offer presentation. Do not make the buyers feel like they are begging you to sell your house by telling several buyers to submit their offers at a specific time. Treat every buyer like the “one.”