If you watch the news, read the papers or have any contact with the internet you hear that the housing market is currently being referred to as a seller’s market. What is a seller’s market? When inventory of homes for sale is less than the demand for people looking for homes, it becomes a seller’s market. Demand is higher than supply so prices go up and the seller’s hold the leverage in real estate transactions. For buyer’s, this means you may pay more than at other times and it means you will have to be patient to find the right home for the right price. For sellers you will see better prices, less time on the market and buyers more desperate and willing to compromise. This article is directed at those of you considering selling your home.
Don’t be seduced by the so called seller’s market.
You will hear stories of listings receiving multiple offers after just a few days on the market. You will hear stories of bidding wars and offers well over asking price. If you are selling your home you want to get the most money you can in the time frame that suits your needs. Even though the market and leverage is in your favor, there’s no reason to be complacent and assume selling your home won’t require any effort. You have to consider that you are competing for buyers not against buyers no matter what the market is doing. It is the other sellers you are competing with. Those are usually sellers in your price range and geographic area and that list of competition is growing. New housing is growing rapidly, more people are selling because the market has improved, and agents are actively searching out sellers and are working hard to convince people to sell. I just moved into a new home myself and I am bombarded with 3-4 solicitations per week between the mail and the phone asking me if I am ready to sell, and I just moved in!
How to compete with other sellers.
So even if you are selling and the market conditions are in your favor, that’s no reason to throw away money. Ensuring you put the best product forward still allows you to receive the best price. The clean home will bring more than the dirty home. The better designed home will bring more than the dated designed home. The more energy efficient home will bring more than the drafty inefficient home. Overall the home in better condition will fetch more no matter what the market dictates. There are a few things you can do to bring the best price on your home without breaking the bank on renovations:
- De-clutter your home. Nothing hurts a first impression more than junk and clutter. Have a sale and get rid of everything you haven’t used in some time. Move stuff you can’t part with to storage. Don’t just stuff it in the garage, get it out. Buyers want to see the whole house and envision their belongings in the home, not yours.
- Clean your home. Top to bottom. White glove clean. Carpets, windows, walls, and even the garage. For a minimal investment and some sweat equity you can really make a difference with buyers.
- Consider minimal investment improvements like paint and flooring. Investors that want to make the most profit on selling a property paint the entire interior and replace all worn or dated flooring virtually every time.
- Have the home inspected. For a relatively small investment you can have an unbiased third party inspect your home. You will know exactly what you are putting on the market. An inspector will not suffer from the blindness you develop while living in a home. If there are issues with your home, you can address them to ensure you are putting the best product out there and you are getting the best price. If you choose not to address major issues and sell “as-is” you will know up front and won’t be subjected to unrealistic demands from sellers or be blind-sided by last minute negotiations you didn’t plan on. An inspection is likely the best return on your investment dollar when preparing to sell your home..
The Peerless Service Company can help you with the inspection on your home.
Contact us at (612) 483-2295, firstname.lastname@example.org, or check out the website at www.peerless-servco.com. We will perform the same inspection that we perform for a home buyer. Top to bottom we go through the home with a fine toothed comb. We inspect lot features, roofing, foundation, structural, mechanicals, electrical, plumbing, doors, windows, appliances, safety items, and more. Afterwards we compile a detailed report that includes all findings, photos, and recommendations to address findings. You can use the report as a punch list to fix up your house or if the house is already in great condition you can use the report as a selling tool. If you do fix things up we can revisit the property and update the inspection report. We can even provide a link you can use on internet advertising so home shoppers can see the report before even visiting. Think of the impact a clean inspection report would have on a potential buyer.
So don’t be seduced by a seller’s market. Don’t be complacent and throw money away. Put the best product out there for buyers. Contact us today so we can help you know exactly what you are putting on the market.