When it comes to selling a home, the dream scenario is to list the property for sale, and the property goes under contract very quickly for over asking price. This scenario tends to be a regular occurrence when it is a Sellers’ market. That is exactly what we are currently experiencing right now in Pittsburgh.
Last year, fewer homes were placed on the market than typical years yet due to low interest rates, buyers were entering the market in droves looking for their dream home. The competition was stiff causing many homes for sale to receive multiple offers driving sale prices far over the asking price. This year it seems as though this same scenario may be destined to repeat itself.
Pent-up demand drives that competition. For Seller’s—that is great news! The number of buyers for your home typically will increase the chances of multiple offers, thereby driving the price higher. Some homes, especially those that might be considered unique or one-of-a-kind, will generally stand a better chance of selling in seller’s market as well.
Strategize to Attract Multiple offers
Even though it is a great time to have a house to sell, it does take some forethought and planning to optimize your home’s potential.
- Hire an experienced realtor. Finding a buyer in a competitive market may be attainable but using an experienced real estate agent will be an asset when it comes to finding the RIGHT buyer and finding multiple buyers. Quite simply, a realtor can drastically increase exposure of your property locally and globally. Oftentimes the expertise of the agent comes into play during the time between executed contract and closing with managing of the transaction and problem solving. Strategical tips about timing, marketing, and negotiating can pay off big at the closing table.
- Prepare your home for sale. Because first impressions are everything, at the very least the home must be cleaned from top to bottom, inside and out. When inventory is low, buyers are more willing to overlook minor defects quite simply because there isn’t much choice when inventory is so low. But a clean home shows pride of ownership and that its been well cared for. Even it is a hot sellers’ market, staging is still is a very important part of preparing a home for sale, that is why I offer this complimentary service on all of my listings.
- Do not overprice. Knowing that sale prices for homes are starting to exceed asking prices, it might be tempting to list the home for a higher price. This can lead to problems such as lack of interest and more days on market. Today’s buyers are eager and aggressive, but they are also educated. Losing momentum so quickly tends to give the impression that something is wrong with the property.
- Be patient. Even if you get multiple offers on your home, bear in mind the first offer might not be the best offer. And sometimes the highest price offer is not the cleanest offer depending on the contingencies. Often, it pays to allow reasonable exposure time which will allow the maximum number of inquiries, showings and, ultimately, offers.
As a seller in a housing market with extremely limited inventory puts you in a position of power. To maximize your home’s value and take full advantage of this strong market, it still takes strategizing and preparation, and ideally the expertise of an experienced realtor to guide you through, looking out for your best interests every step of the way.