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Nice house front door to represent preparing your home for a seller's market

Planning Your Home Sale in a Seller’s Market, Part 1

Some people can get a little confused by the notion of a “seller’s market.” There is no doubt we are in a hot seller’s market right now, and we have been in one for quite some time. Housing inventory is low. Home prices are high. Buyer demand is high. Mortgage rates are still relatively low. All the ingredients are there to give home sellers many advantages in the current real estate market.

Don’t Sell Without a Plan

However, just because it is a seller’s market doesn’t mean you should go into a home sale without a proper plan. This is how bad decisions get made and how problematic sales happen. The sellers aren’t fully prepared to list. All sorts of issues come up during closing. Contracts get derailed and nobody walks away happy. These are the problems you hope to avoid when selling your home. This is why planning and preparation are still vital no matter what the market conditions can dictate.

It is true that today’s sellers can get away with a little more. Many buyers are willing to concede certain things when making offers because they know how competitive the market is. Yet, if you truly want to get top dollar for your home and conduct a smooth, successful sale, it pays to be prepared and make smart strategic decisions throughout the entire process.

Desirability = Value

The truth is homes are selling quickly in this seller’s market, but not all home sellers are being overwhelmed with amazing purchase offers. There are still many factors that will impact a home’s desirability. Here are a few qualities that will negatively affect resale value:

  • Stucco Walls
  • Popcorn Ceilings
  • Poorly Maintained Property
  • Dated Décor
  • Undesirable Location
  • Weak Floor Plan
  • Priced Too High

Understanding What Today’s Home Buyers Want

Buyers know they must pay more to get a home, but they still have their limits. They are going to be turned off by certain negative qualities and they aren’t even going to look at homes that are significantly overpriced. It’s true that some buyers and investors may be looking for fixer-uppers. They just aren’t going to want to offer top dollar for properties that need a lot of work. If you put your house on the market before it is ready to sell, the results probably aren’t going to be as amazing as you think they’ll be!

If a home shows well and is maintained nicely, the buyers will pay more. If it has a nice floor plan, tasteful décor and desirable features (such as a home office space), the house will naturally draw more qualified buyers. Buyers will not be as interested if features are outdated or damaged. You may want to get rid of your house because it has a leaky roof, old HVAC system or faulty water heater. Of course, you’d rather sell it as-is instead of paying money to make the necessary upgrades or repairs. However, you can’t expect buyers to be lining up to buy your home and pay exorbitant prices when the property clearly isn’t up to today’s standards. They will hesitate. They will hold back on offers. They may not show up to look at your property at all if it isn’t desirable.

Getting Your House Ready to Sell

As a home seller, it will benefit you to get your house ready to list. Investing some time and money to make repairs and add some much-needed upgrades could boost its desirability and resale price potential. Buyers in a seller’s market will be eager to buy a well-maintained property, and you can reap the benefits when great offers start rolling in almost immediately. This is how you create bidding wars and come out a winner!

Other home selling prep tips in today’s seller’s market will include hiring a real estate agent, home staging and understanding how to evaluate purchase offers. The highest price offer isn’t always the best deal to make. We will explore these concepts (and others) further in Part 2 of this article, so stay tuned to The Cyr Team Blog.

For all your home selling and buying needs in Southeastern Pennsylvania and Northern Delaware, contact The Cyr Team today.

 

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