Tips for Selling Your Home in a Seller's Market

    While selling your home in a seller’s market is optimal and will probably result in you selling your home with the least amount of hassle, there’s a bit more nuance involved in negotiating the best price during this ideal time. To help you out, we’ve come up with some tips to ensure you get the most out of your home sale during this beneficial time.  What is a Seller’s Market? The local market becomes a seller’s market when there aren’t enough houses up for sale to keep up with the demands of the local market.  As generally happens when there’s low supply and high demand, those lucky enough to sell their house in a seller’s market will have more power to ask for higher prices, and the house will spend less time on the market.  This is in contrast to a buyer’s market, in which the market sees an increase in available properties, with not enough demand to warrant it.  A seller’s market is usually created by one or more of the following three factors: Lower than usual interest rates An influx of those looking to buy in the area Less houses available on the market Usually, selling in a seller’s market means there will be an increase in bids, as there will be more potential buyers looking for this desirable property.  How to Take Advantage of a Seller’s Market While you’re certainly at an advantage when selling your home during a seller’s market, there are certain steps you can take to drive sales up during this already lucrative time. List the Property on a Friday During Spring While you can’t choose when the market becomes a seller’s market, you can choose when you list your house. Research has shown that houses tend to sell faster during spring months, and that buyers often use the weekend to view home listings. This means that listings that are posted as early as possible on Friday morning have a better chance of standing out above the competition. Spend time creating a welcoming open houseThe more time you spend ensuring a clean home, and setting it up to make it as warm and inviting as possible, the more open house visitors will be able to picture themselves living in it. Spending a little money on upgrades can mean seeing that investment pay for itself with higher bids for your desirable property.  Lower the sales price to encourage bidsA great strategy for encouraging bidding wars with potential buyers is to set your sales price to just below its appraised market value. This encourages potential buyers to engage in bidding wars, which can raise the price higher than it would’ve been had the property entered the market with a higher asking price. These are just a few strategies that can have your home sold faster and at a higher price, allowing you to take the greatest advantage of the desirable seller’s market.    For more tips and real estate advice that will help you get the most value for your home, contact Geoffrey Moore today    

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