Author: Dan Rafter / Source: Wise Bread
Planning to sell your home soon? That’s good news, because the odds are good that you’ll be trying to move your home in a seller’s market — one in which demand for homes outpaces the supply.
But just because demand might be higher this spring doesn’t mean that there won’t still be challenges to selling.
The price you set remains critically important. So does staging your home so that it looks its best.Selling a home in a seller’s market means that you might be fortunate enough to receive multiple offers. This also means that you’ll have to decide which offer is best — not always an easy task — and that you might need to move quickly. You may even have to rent a space to live while you search for your next home.
Yes, selling a home in a seller’s market is preferable to doing so in a buyer’s market. But you’ll still need to take certain steps to succeed.
1. Set the right price
Listing your home at the right price is still key for selling quickly, even in a seller’s market. Just because the market is hot doesn’t mean that buyers will rush to pay more than fair value for your home. Setting a price that’s too high could mean that your house will sit on the market for months, even as your neighbors’ properties are snapped up.
If you are working with a realtor, they will study what are known as comparables, or comps; these are the sales of similar homes in your neighborhood. Your agent will show these comparable sales to you, along with the range of prices that these homes sold for.
Maybe five homes similar to yours sold in the last month. The lowest price fetched by these homes might have been $200,000, while the highest might have been $285,000. From this information, you can determine that your home’s asking price should fall somewhere in that same range.
Where exactly it falls depends on several factors: How old is your home? Has its kitchen or bathrooms been renovated? Does it have a larger yard? Does it sit on a busy street or a quiet side avenue? How well have you maintained it over the years?
Pricing at the higher end of the scale can work in a seller’s market, as buyers don’t have quite as many options. You might be able to squeeze out a…
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