The success of selling your house depends on the market you’re selling into. In this article, you’ll read about how to take advantage of a seller’s market in Fort Worth when selling a home…
In a buyer’s market, there are many sellers and not many buyers. In a seller’s market, it’s the opposite – many buyers and not as many sellers. If you’re a seller in a seller’s market, you have the advantage already of having a scarce commodity that buyers want.
As a seller in a seller’s market you don’t have to allow the buyers to dictate the terms. You have the advantage and you have the opportunity to exercise options that will help you come out ahead.
Here’s how to take advantage of a seller’s market in North Richland Hills and surrounding areas…
Selling in a Seller’s Market – Advantages and Tips
Advantage #1 Pricing Options
Following the simple rule of supply and demand, you can ask a higher price (and often get it) because buyers don’t have as many choices available to them. You might be able to price your home at the higher end of the market value or even above market value and very quickly it could be an easy one and done!
However, in a Seller’s Market every region is slightly different. Most Buyers will want to see the home before buying it and will also want to view homes that are priced similarly to other homes in the area. If you price your home too high, you may substantially reduce the number of interested buyers.
Another effective strategy is to price your home at a fair yet slightly lower asking price in order to encourage more buyers to respond and in turn receive multiple offers. Then you will be in a better position to ask for the highest bid from all the prospective buyers.
Your local experienced real estate agent is a great resource to assist you in determining which strategy is best to use for your area.
Advantage #2 You Have Optimal Contingencies
Price is just one component of selling a house. Another component is the conditions that are also placed on the sale – including an inspection, a site survey, repairs, or appliances that will remain in place. These are some examples of what the buyer might ask for.
In a Seller’s Market, Sellers have the upper hand when it comes to any contingencies or conditions. Sellers can choose from the offers that have the strongest financial position and the fewest or most optimal contingencies.
Also, Sellers in a Seller’s Market have the advantage of the option to sell the home in as-is condition or to reject any inspection contingencies. This way the Seller won’t be responsible for any repairs. Surprisingly, in some situations, a Seller in a Seller’s Market may even be able to go under contract without an inspection or any inspection contingencies.
In a Seller’s Market a Seller can ignore any offers that include a home sale contingency where the buyer agrees to buy the home once their current home sells. Sellers can also ignore or reject offers with appraisal contingencies for example if they receive any other offers that are genuine and acceptable cash offers.
Advantage #3 Generate Multiple Offers
When you only have one offer, you sometimes feel forced to take it. But when you’re presented with multiple offers from multiple buyers, you can get picky, and you can also negotiate from a position of strength. One strategy is to generate multiple offers by attracting a lot of interest and only accepting offers at a certain time. Then go through each offer at your leisure to determine which one is right for you.
This game plan puts you in a fundamentally optimal position by allowing you to receive multiple bids for your home in a short period of time.
You can create a sense of urgency with a limited time frame for showings but communicate your time frame clearly with Buyers and Brokers and allow enough time and accessibility via showings to bring in multiple qualified, ambitious buyers.
Some techniques to bring in Multiple Offers are to use effective marketing, professional photography, and making the property itself as inviting as possible. Find out what steps your realtor plans to take to market your home. Explore your options for eye catching touches you can add.
Summary
And that’s how to take advantage of a seller’s market in North Richland Hills. If you’re selling your house in North Richland Hills and surrounding areas during a seller’s market, use these tips to take advantage of the situation and enjoy a higher return, the addition or removal of conditions, and multiple offers to choose from.