If you’re selling in today’s low-inventory market, you might assume you’ll get top dollar for your home and maybe attract multiple offers. Even with the number of available homes projected to remain low this fall, homeowners need to recognize their roles in making their properties worthy of buyers’ attention.
In areas with low inventory, sellers often have the upper hand, but they still need to take steps to position themselves to take advantage of market conditions.
Keep in mind that even in a region where there are few homes on the market, demand for one particular home isn’t guaranteed. Like buyers, sellers need to establish their priorities, such as their timeline for moving and the profit they hope to achieve with the sale.
Home sellers can improve their chances of a solid offer and a successful sale by taking the following steps:
Upgrade the condition of the home. Even when few homes are listed for sale, buyers expect to see a property that looks like the staged and decluttered houses they see on TV and at new home communities.
If your home looks dated, crowded or dirty, buyers might pass it by or value it less than it is worth. An entire makeover is rarely necessary or financially worthwhile, but taking the time to improve the condition of your home inside and outdoors is essential to getting a good offer.
Check out the competition. While a real estate agent can provide a comparative market analysis of similar homes currently on the market, as well as those that were sold recently or taken off the market, it’s a good idea to see some of those homes in person.
When you look at properties in your price range, as well as just above and below that amount, you have a better sense of the value of your own home. You can also gather ideas that you can use in your home to make it appeal to buyers.
Consult an experienced real estate agent. Condition and pricing are the two variables that you can adjust to generate an offer for your home. An experienced real estate agent can help you evaluate your home and suggest a price that will entice buyers.
Your agent can help you understand why it’s critical to price your home right the first time and potentially how to generate multiple offers.
If you do receive several offers, your agent can help you evaluate them. The highest bid isn’t always the best offer, and your agent will help you determine what best matches your goals.
If you’re thinking about buying or selling soon, consider consulting a knowledgeable Long & Foster sales associate, who can provide you with a wealth of market data and tell you how they can help you find your dream home or sell your current house.
To see tips for buyers coping with the low-inventory housing market, please read Part 1.