When it comes to selling a home, the ideal time is during a seller’s market. A seller’s market occurs when there are more buyers than sellers. While selling in a seller’s market is ideal, there are several things that can maximize sales potential in this favorable environment. In this article, we will give the top East Bay real estate tips for selling your home in a seller’s market.
Maximize Your Selling Price
There’s a fine line between setting the perfect price on your home and having it overpriced. Setting a price too high could scare away potential buyers and have your house sitting on the market longer than necessary. A common strategy is to list your home $10,000 to $15,000 below the fair market value. Multiple buyers may put in an offer because they know a good deal when they see one, especially if there are more buyers than sellers.
This result could be a bidding war, with prices eventually going higher than the listed price. Here are a few ways to maximize offering prices:
- Notify potential buyers of other offers. This may prompt them to increase their offering price.
- Respond to an offer with a counteroffer. Many buyers will oblige if they are particularly fond of the property.
- Accept the offer that is best. Cash offers are typically favored more than offers that require financing because they tend to close more smoothly. However, the best offer is typically accepted, cash or financed.
Place Listings On Fridays
Fridays tend to be the most popular days for buyers to schedule appointments or schedule weekend viewings. If a lot of showings are scheduled, this could be the perfect time to go out of town or on a 2-day mini vacation.
Be Prepared For Appraisal Issues
There is a chance your home can appraise lower than the offering price. If this happens, any of the following could occur:
- The price is reduced by the seller to match the appraised value
- The buyer pays the difference out of pocket
- Seller offers to cover some of the closing costs
- The appraisal is challenged with a Reconsideration of Value
The sale is canceled and the house is put back on the market
Improve Curb Appeal (On a Budget)
While it may not be necessary to spend a lot of money on your home in a seller’s market, there are a few small, inexpensive things you can do to increase its value:
- Put personal objects away (photographs, mementos, etc.)
- Hide all electrical cords and loose wires
- Keep up with yard work (mow the lawn, trim hedges, etc.)
- Place a few plants or flowers near the front door
- Paint the walls in the main living areas a neutral color (grey, white, beige, etc.)
Be Prepared to Move at Any Time
According to the National Association of Realtors, properties in April 2021 stayed on the market for an average of just 22 days compared to 35 days in April 2020. Homes tend to sell quicker in a buyer’s market. As a result, sellers should be prepared to accept an offer relatively quickly. When you decide to sell your home, start looking for a place to live immediately: an offer to buy your home may come quicker than anticipated.
Putting It All Together
When it comes to selling your home, the smallest things can make the biggest difference. By improving the curb appeal of your home, you increase the odds of receiving the offering price you desire.
At Range Homes, we pride ourselves on our ability to work with sellers to understand exactly what you want and to be transparent as to what is happening in the market and therefore what is achievable. Often sellers can be disillusioned by agents with big promises and no delivery. You won’t get that with us. Our agents are hardworking, passionate, and honest.
Want to Know More About East Bay Real Estate?
While other states and territories have experienced a decline in housing prices the Bay Area real estate, in general, has remained strong. This doesn’t mean you should not diversify your portfolio across many states, but our East Bay CA Realtors agree that this is certainly a strong place to start for a novice investor. There are even some great low-cost homes that are ripe for renovation.
We have a team of friendly, helpful East Bay Realtors that specialize in East Bay real estate and property sales that can help you work out how to best get your property portfolio started. Our agents are here to put your needs first, get you the best deals and offers, help you buy or sell your dream home and build your investment portfolio. Reach out to our team today to find out your options.
If you are looking to find an East Bay Realtor, or looking for homes for sale in East Bay CA, or even to sell your home with someone who will make sure you get the best deal and understand your needs – look no further – when you work with us, consider yourself family.