The seller’s market at times can get competitive and when that happens sellers start dreaming of big profits. While this isn’t impossible, it is important that you take the time to assess your market and handle your sale accordingly. As a seller’s market softens there are fewer interested buyers and prices start to get lower. If you are a seller and your home isn’t getting a lot of interest, it might mean it’s time to reevaluate your expectations. The following is a list of common myths that you may have heard about selling a home when it’s a sellers market.
Myth #1: You Don’t Need To Make Any Repairs Or Upgrades, Buyers Will Still Close The Deal
When the market is in their favor, sellers can get a little confident. They are quick to think that they will be able to get top dollar for their home without renovating the space or making necessary repairs. This is an easy assumption to make that may lead to the demise of the sale. Even in a seller’s market, you can’t assume that you are going to be able to sell your home as it is and still maximize your profit. While there might be limited inventory, listing your home too high when it needs work will likely turn prospective buyers away. Most are searching for properties that are turn-key. Buyers are still expecting to enter into a clean home that looks freshly painted, contains organized closets, cabinets, and drawers, nice appliances, and properly functioning fixtures and faucets. To keep it simple, take the time to paint your walls, clean up your landscaping, apply new mulch, replace any burnt out lightbulbs, and clean your home thoroughly. These cheap fixes are sure to help you get the return on investment you’ve heard about. Every little detail matters to someone.
Myth #2: You Can List Your Home For More Than It Is Worth And Get That Much Or More
A hot market has sellers quickly assume that they will be able to get whatever they want out of their home. This is false– the market is dependent on supply and demand. List your home with a realistic price that matches your market, your home, and its current condition. The right price will attract more interested parties which could bring more bids. Avoid taking matters into your own hands and putting your home online with a wild price that is going to keep the right buyer from looking. When a home is priced too high, it might sit on the market for quite some time. As interest rates rise, buyers are pushing back on jumping into homes that are overpriced. They are pausing their search and not making offers on things they may have jumped on not that long ago. This means sellers are having to reduce their asking price to find a buyer– not something they expected to do.
Myth #3: You Won’t Need To Market Your Listing Much In Order To Get It Sold
Sellers think they won’t have to make much effort to sell their home. Listings are going up with just a few pictures because they are confident that is all it will take before they get an offer, or several offers, above asking price. Assuming that marketing your home appropriately is a waste of time is crazy. The majority of buyers are doing their search online, so if your listing doesn’t contain enough information or pictures, it won’t get enough attention. They will keep searching until they find a listing that doesn’t leave them wondering. Not all potential buyers are buying in communities that they currently live in so they can’t just drive by and take a look, this is why it is worth the money to get good pictures for your listing. Avoid making the mistake of not providing enough details on your online listing. You don’t want to miss an opportunity to sell your home. Include ample photos, videos, 3D tours, and plenty of details in your description. These will all help prospective buyers decide if they are interested in your home and whether or not it is worth taking a tour.
Myth #4: You Should Pick The Highest Offer In A Bidding War
It is not unusual for homes to undergo a bidding war, where sellers are presented with several offers, some that are over asking price. It can be easy to go for the highest offer, but this is not always the best choice. Take the time to assess the terms versus the price in each offer. Experienced sellers know that it can be better to take a little less in order to get better terms. An all-cash offer that is less might be more appealing as it removes dealing with financing and can mean you will be able to close quicker. But if you need more time to stay in your home until you find another place to go, terms that allow you to do just that might be more attractive. Sellers need to look through each offer and consider every factor, this includes the buyer’s financing. Do not be tricked into believing that the largest amount offered is the best. There are other things that could be more important to you. These include, extended occupancy, flexible closing terms, no inspection, or other terms that are ideal for the seller.
Tom Reese has 20+ years experience in helping his clients sell their homes for a price that sells and makes them a profit. Tom has helped his clients buy and sell property in every neighborhood in Northern Kentucky and Cincinnati.
About Tom Reese
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