Selling your home in a seller’s market is an entirely different ballgame compared to selling your home in a buyer’s market. If you are fortunate enough to be in a time when it is a seller’s market, know that it is a wonderful time to sell your home.
In a seller’s market, you will likely have fewer days on the market. You may even receive more offers, which could drive up the overall price.
Driving the Price with Pent-Up Demand
We typically recommend taking advantage of pent-up demand, as this is the type of demand that breeds competitive markets. The odds of making more money comes from having a larger number of potential home buyers.
In a seller’s market, homes that are typically hard to sell or are pinned as “unique,” might be much easier to sell. Some seller’s markets have fewer homes to choose from. While nicer homes will typically attract a bit more attention, seller’s markets also pave way for uglier homes.
Attracting Multiple Offers
While many people will simply stick a “For Sale” sign in the front yard to attract buyers, it is much better to strategize if you are looking to sell your home fast and optimize your profits. Here are a few things that you can do to strategize:
Prepare Your Home
Whether or not you stage your home is up to you. However, you must clean your home as best as you can. In seller’s markets, buyers typically overlook smaller defects, as they typically don’t have a choice with the small number of homes on the market.
Homes typically sell a bit fast with new flooring, for example, though even some bad carpeting or faded wood won’t stop an interested buyer in a seller’s market.
Publish Your Listing on Friday
Friday is the top day of the week to “sell my home“. You might want to prepare your listing on Thursday night so that it can go up first thing in the morning on Friday.
Make sure all of the photos are top-notch and each one of the photos has been color-corrected to absolute perfection. If you can afford to do so, we recommend adding a virtual tour as well.
Lower Your Sale Price
The best way to attract more buyers is to set the price of your home just slightly below the market value. Doing so will also leave a bit of buyer wiggle room, allowing buyers to bid on the asking price, which could eventually raise the price.
While doing this isn’t necessary by any means, it is a great strategy that can work well depending on the market.
Taking Advantage of the Seller’s Market
If you’re selling a home in a seller’s market, you’re in luck. Typically, you’ll be able to find a solid offer in the initial offers and get the most out of your sale. Make sure to market your home correctly and allow the market to do the rest.