In a seller's market, selling a home is pretty easy. You list it for sale, and within days, you usually have multiple great offers to select from. It's always a relief to be confident a home will sell, thanks to a hot market. But you still don't want to take things for granted or leave any money on the table. Follow these tips when selling a home in a seller's market. You may earn a bit more, enjoy a smoother sale, or both.
Don't set the asking price too high.
You might see that homes are selling for more than the asking price and be tempted to then push your asking price up a little bit. The problem with this approach is that it tends to turn off buyers. Buyers and their agents do a lot of research into the value of a home, and seeing that a home is overpriced may actually deter them from making an offer. You are better off setting the asking price fairly and then waiting for multiple offers to come in. That's how homes get bid up over the asking price. Multiple buyers show a lot of interest, and one ends up offering more than asking because they don't want to miss out.
Think twice before making any renovations.
If there is something clearly wrong with the home, such as a leaky roof or broken windows, then you definitely want to have the issue fixed before listing the home for sale. But you may not want to make other upgrades, such as replacing the carpet. These things are often done to attract more buyers in a slow market, but in a fast market, buyers are unlikely to turn down a home because the walls are the wrong color or the carpet is a bit worn. You probably won't get back what you put into these projects.
Make a decision promptly.
When you get a rush of offers within days, as is common in a seller's market, you might be tempted to take your time and sort through them all very carefully. But while you don't want to throw caution to the wind and pick a buyer without reason, taking too much time to make a decision can be detrimental, too. In a seller's market, buyers know they're going to have to make multiple offers before one sticks. If you wait too long to accept an offer, that buyer may have already assumed their offer was refused and moved on to a new home.
Selling a home in a seller's market is easy, but doing a great job of selling a home in such a market takes a little more finesse. Contact an agency like the Olivia Cooley Group to get help.