If you’re thinking about selling your home, you’re in an ideal position. There’s little doubt that we are firmly in the midst of a seller’s market. As more people move from heavily-populated areas to the suburbs, the prices for single-family homes have soared. Even prices on multi-family homes are rising in some areas as buyers feel motivated to purchase thanks to historically low interest rates.
If you’re wondering how a seller’s market is defined, it’s simply an environment in which the seller has the greatest advantage. There are more buyers than sellers and a shortage of homes at certain price points. If you own a home, this is a great time to sell. Here is what you need to know.
What to Expect in a Seller’s Market
Selling your home in a seller’s market is a bit different than in a buyer’s market. How so? In most cases, homes in this environment will sell faster because there are more people interested and even competing to get the contract. In some places, homes even sell the same day they are listed.
Depending on where you live, you might receive multiple offers on your home. This means you have some room to bargain and be selective. But, you don’t always want to choose the highest offer since one might have a long list of contingencies and another might not have any.
Why You Should Use an Agent
Things can move fast in a seller’s market, and it can be easy to make a costly mistake. Selling a home isn’t always about getting the highest price possible. You also want to get the terms that meet your needs, such as a shorter or longer period until the closing date. A real estate agent will make sure you are dealing with qualified buyers, protect your interests, and help you consider the best offers so that you walk away satisfied with the process.
Strategies to Get the Best Offer
So, how do you get the best offer for your home when you’re in a seller’s market? There are several winning strategies you can use:
- Have an excellent listing – The quality of your listing still matters. Make sure it includes high-quality photos to showcase every aspect of your home and has an accurate and complete description.
- Consider listing your home below market value – It might seem counterintuitive to choose a lower price during a seller’s market, but this is a winning strategy. There will be so much interest in your home that it is likely to generate a bidding war that drives up the price.
- List your home on a Friday – Statistically speaking, this is the best day of the week to list your home for sale because potential buyers are heading into the weekend and ready to “shop.”
- Set your priorities upfront – Speak to your agent about your priorities when you list your home. If you want a quick close, you might only consider all-cash offers. Or, if your house is in need of repairs, you might consider an “as is” sale or one that doesn’t require an inspection.
Ready to Buy a Home in Coastal North Carolina?
Once you sell your home, you may wish to relocate for any number of reasons. And beautiful coastal North Carolina is an excellent option! Creekmore Realty Group specializes in helping clients find and purchase the perfect property throughout Brunswick and New Hanover Counties.
Contact us today to learn more about why this area of North Carolina is so special and how our agency can help you make the dream of living here a reality.