The market is on fire! Partly because of the time of year we are in and partly due to the dramatic shift in our marketplace. As of just a few months now, we are completely in a seller’s market where there are far fewer homes for sale than there are buyers. So how does a seller in this environment get top dollar on their property? It’s more than just time of year or general buyer trends; it’s a matter of actively, aggressively going after the best outcome. Here are three tried and true strategies that we use to get our sellers top dollar.
Price Your Property Effectively
We’re not suggesting you set a price lower than everyone else in the neighborhood to get it sold. But we are saying it’s critical to know and understand the market pulse in your area as it relates to today. The key word here is today. It’s no secret that one of the most prevalent methods used to determine market value is by evaluating comparable properties.
Appraisers and Realtors® in general, look at homes sold in the last 6 months to a year when considering values. However, when we are dealing with the drastic change that is our housing market today, it’s important to look at under contract values. This is what shows the truth of what buyers and sellers value in the market right now.
Follow the Laws of Supply and Demand
In any marketplace, whether real estate or otherwise, the basic principles of supply and demand play a huge a role in market activity. With real estate, we tend to see an upswing in activity beginning the spring months and it stays active until the fall when people slowdown from their home search. Listings also follow closely with those trends.
When there is increased supply, demand goes down. Conversely, the fewer homes available for sale will dictate increased demand – a phenomenon we are experiencing these days. This translates to the spring and summer markets being better for sellers, with the expectation they will earn top dollar if the home is well priced.
Promote, Promote, Promote!
You can have any number of homes on the market but until and unless the word gets out, they will just sit there. Promotion is the key word and the way you promote your listing is also critical. In today’s fast paced, very NOW world – it is essential to cater to buyers’ needs. That means putting your property on social media, on every syndicated property home search site possible and advertising in other locally preferred ways.
Kick it up one more notch by working with a broker that has an extensive database of active buyers that are just waiting to be matched with the right property. Imagine – finding a buyer that is willing to pay over and above your asking price because your home is exactly what they’ve been looking for!
The first step to getting top dollar on your home is to know and understand your local neighborhood’s buying and selling trends. Contact us today for an updated market analysis that’s catered to your locale. We’ll give you real time values so you can move forward with your listing with all the leverage you need to come out on top!