Edward Williams' Blog
For home sellers, a seller's market is ideal. Ultimately, this type of housing market empowers home sellers to maximize the value of their residences, and for good reason.
Typically, a seller's market is defined by several key traits, including:
1. Shortage of Quality Houses
A seller's market often features a shortage of quality houses, which means many home sellers frequently are able to set higher initial asking prices for their residences that they would in a buyer's market.
Although a seller's market may enable home sellers to get more for their houses, a home seller still must find ways to generate interest from prospective homebuyers.
For example, a home seller who revamps his or her home's exterior will be able to boost the residence's curb appeal. As a result, this home may generate greater interest from homebuyers than other residences that are on the market, increasing the chance of a quick home sale.
2. Abundance of Homebuyers
A seller's market may feature an abundance of homebuyers who are ready to make their homeownership dreams come true. As such, a home seller may receive offers as soon as his or her residence becomes available. And in some instances, a home seller might even get multiple offers that exceed his or her initial asking price.
Oftentimes, a seller's market provides increased confidence to home sellers. Conversely, it is important to establish realistic home selling expectations, regardless of the market conditions.
For instance, a home seller who prices his or her residence too high from the get-go is unlikely to generate significant interest – even in a seller's market. Thus, this home may remain on the market for many days, weeks or months, and a home seller might need to lower the price eventually.
On the other hand, offering a competitive price, i.e. a price that corresponds to the prices of similar houses in a particular area, is ideal. If you provide a competitive price on your home from day one, you should have no trouble receiving plenty of interest in it, especially in a seller's market.
3. Consistent Supply of Dependable Real Estate Agents
Real estate agents are happy to help home sellers maximize the value of their residences in a seller's market. These real estate professionals may possess many years of industry experience, which means that they likely understand the ups and downs of the real estate sector. Therefore, real estate agents can offer practical tips to ensure that you can stir up substantial interest in your home, get the most for your house and accelerate the home selling journey.
Perhaps best of all, your real estate agent will be happy to respond to any concerns or questions as you add your home to the housing market. This real estate professional works for you and will do everything possible to ensure you get the best results.
Ready to add your home to the real estate market? Employ a real estate professional, and you can move one step closer to optimizing the value of your house.
If you plan to sell your home, it may be helpful to prepare for a difficult negotiation with a homebuyer.
Although your home may be in great shape and you've set a fair price for it, there are no guarantees that you'll be able to avoid a long, complex home selling negotiation. However, a home seller who prepares for a difficult negotiation now may be better equipped than others to remain calm, cool and collected throughout the home selling journey.
Now, let's take a look at three tips that home sellers can use to get ready for a difficult negotiation.
1. Assess the Housing Market Closely
A home seller who sets a competitive price for his or her residence may be able to avoid a complicated home selling negotiation entirely.
To determine a fair price for your house, a property appraisal is ideal. During this appraisal, a property inspector will evaluate your home's interior and exterior and help you identify any problem areas. Then, you can complete assorted home improvement projects and price your house accordingly.
Furthermore, it is important to assess the prices of comparable houses in your area. With this housing market information at your disposal, you can enter a home selling negotiation with data to support your arguments.
2. Understand Your Home Selling Goals
How a home seller approaches a negotiation may vary based on his or her goals.
For example, a home seller who needs to move out of a house as soon as possible may be willing to go above and beyond the call of duty to satisfy a property buyer's requests. By doing so, this home seller can speed up the property selling cycle.
On the other hand, a home seller who can afford to be patient may be unwilling to budge on various homebuyer requests.
Consider your home selling goals closely before you enter a negotiation with a homebuyer. And if you feel uncomfortable, you can always walk away from a negotiation and reenter the housing market.
3. Focus on the End Results
A home selling negotiation can become contentious, but it is important to remember the end goals of this negotiation.
Ultimately, a successful negotiation will meet the needs of both a property seller and buyer. If a negotiation heavily favors a homebuyer, a home seller should be ready to exit the negotiation.
A home selling negotiation can be stressful, and you should be ready to take breaks as needed. For example, spending a few minutes meditating or walking outdoors may help you clear your head and reenter a home selling negotiation with a fresh perspective.
Lastly, if you want additional support, real estate agents are happy to help you. A real estate agent knows what it takes to negotiate with homebuyers and will do everything possible to ensure all parties involved in a negotiation get the best results.
Take the guesswork out of a home selling negotiation – use these tips, and you can prepare for a difficult negotiation before you add your house to the real estate market.
Although location is one of the most important factors that will impact the marketability of your home, it's not the only thing prospective buyers are thinking about.
If they're organized, focused, and serious about finding the right property for their needs, they've probably developed a detailed checklist of "must haves" and a "wish list."
In all likelihood, those who are working with a real estate agent are being shown properties that conform to their requirements and many of their wish-list items. A comprehensive list would include everything from the number of bedrooms and bathrooms they want to square footage and the quality of the school district.
Many people also have specific preferences about features like floor plans, amount of storage space, the size of the backyard, architectural style, and the availability of a fireplace, patio, porch, deck, eat-in kitchen, two-car garage, and privacy features. Some are even looking for the traditional white picket fence in front of the house!
While your home can't be "all things to all people," it is highly recommended to target the widest possible audience. Your agent, a home staging consultant, or a home decorator can provide you with valuable tips on how to achieve that outcome.
Stand Out and Get Noticed
Just looking good on paper, though, is not always enough to attract motivated buyers. Prospects need to love what they see and be inspired to envision themselves living in your house. Doing what you can to create irresistible curb appeal is one vital aspect of making a great first impression. A manicured lawn, a fresh coat of paint (if needed), and some strategic home staging -- inside and out -- can make all the difference in your results!
Curb appeal is vitally important because that sets the stage, so to speak, for creating high expectations in your prospects. Once you get them in a positive frame of mind, they'll be more inclined to notice all the positive aspects of your home. If your house meets all or most of their requirements and is arranged in a way that's pleasing to them, a purchase offer and negotiations may be right around the corner.
One of the most crucial hurdles to clear in getting prospects to consider buying your house is to help them imagine living, relaxing, raising a family, and pursuing their interests in your home. Your real estate agent can help you effectively stage the interior and exterior of your home to make it inviting and appealing to the widest range of potential buyers.
You can support their sales and marketing efforts by making sure your home is always clean, fresh smelling, and ready to be shown at a moment's notice to house hunters. Doing your best to eliminate clutter, keeping counter tops neat, and making sure pets are on their best behavior (or happily frolicking at the local "doggie daycare" center) can play a key role in winning over interested buyers and successfully selling your home!
Adding a residence to the real estate market can be stressful, particularly for a first-time home seller. Fortunately, we're here to help you maintain a positive outlook as you await offers on your house.
Now, let's take a look at three tips to help a first-time home seller remain calm, cool and collected after he or she lists a residence.
1. Set Realistic Expectations
Although a first-time home seller might expect dozens of offers in the days following a house's addition to the real estate market, it may take some time to stir up interest in a residence. However, a home seller who establishes realistic expectations from the get-go will know how to stay the course throughout the property selling journey.
A first-time home seller should understand both the best- and worst-case scenarios. That way, a home seller will know how to respond to any potential pitfalls that may arise.
Furthermore, a first-time home seller should have a plan in place for what will happen after a home offer is accepted. This will ensure a home seller is fully prepared to vacate a house as quickly as possible.
2. Learn About the Housing Market
The housing market is exceedingly complex, especially for those who are selling homes for the first time. Conversely, a first-time home seller who takes a diligent approach can gain the real estate market insights to make confident decisions.
For example, a first-time home seller should analyze the competition closely. By looking at the prices of similar houses that are available, this home seller can establish a competitive price for a house and increase his or her chances of a quick home sale.
A first-time home seller also should check out the prices of recently sold houses in his or her city or town. By doing so, this home seller can find out whether he or she is entering a buyer's or seller's market and plan accordingly.
3. Collaborate with a Real Estate Agent
Selling a home may seem like a simple process on paper, but challenges can quickly arise that prevent a first-time property seller from achieving his or her desired results. But with support from a real estate agent, a first-time home seller can get the assistance that he or she needs to remain confident at each stage of the property selling journey.
A real estate agent understands the challenges associated with selling a house and will help a property seller avoid such problems. In fact, a real estate agent is happy to provide expert guidance to help a first-time home seller operate like a home selling professional.
Perhaps best of all, a real estate agent will respond to a first-time home seller's concerns and queries. This guarantees a home seller can obtain unparalleled insights into how to set a competitive price for a residence, how to bolster a house's interior and exterior and much more.
Want to keep things positive as you proceed along the home selling journey for the first time? Use the aforementioned tips, and you can maintain a positive outlook as you navigate the home selling cycle.