Question: How Can We Take Advantage of a Sellers Market for Home Selling? I have heard it’s a sellers market in the Upper Cumberland, but how can I benefit from that? Can I make more money? Does that mean it’s a good time to sell?
We are here to help you with those questions!
How to Take Advantage of a Sellers Market
Selling your home in a seller’s market vs a buyer’s market is very different. Luckily, the Upper Cumberland is experiencing this right now which means it is the perfect time to sell. What does that mean? Well, for one, the number of days your home is on the market is significantly less. If that’s not good enough…you might also receive multiple offers, which can drive up the sales price.
It’s a good idea to take advantage of demand because it’s the demand that drives competition. More buyers increases the odds you’ll make more money. Furthermore, in a seller’s markets, the number of homes for sale is few and far between. If there is not much to choose from, your home will be in high demand.
Ways to Attract Multiple Offers
Some people might think that all you have to do is stick a sign in the yard advertising the fact your home is available. It might be easier to sell in a seller’s market, but it takes a lot more to sell a home than that! It requires strategy.
Here are a few tips for home selling in a seller’s market:
Prepare the home. Clean up and if you are able, have the home professionally staged. Buyers overlook small defects in a seller’s market because there are not a lot of homes available. They don’t really have a choice. Small renovations will make a big difference too. New flooring, paint and light fixtures always make a big impression!
Limit showings. People tend to want what they can’t have. Don’t allow showings at all hours of the day. Restrict the hours and/or days. This will force some buyers to tour when other buyers are present, which should spark a little friendly competition.
Start low for your asking price. What! Why? If you set the price slightly under market value market value, this will attract more buyers. It also will leave some negotiation room for buyers to begin bidding. It is not necessary, but is a strategy that works well in some markets.
After all of the offers are received, ask your agent to make notes on each offer including:
- Amount of the earnest money
- Proposed type of financing
- Down payment amount
- Waiver of standard inspections or contingencies
- Seller costs
- Other requests
Are you ready to sell? Spring is just around the corner and it’s a seller’s market! You’re one call away from getting the process started! Call us today at 931.520.7750 and let’s get started.