Right now in most markets, conditions favor sellers. And that means that your home will likely be on the market for a short time and that you may get multiple offers, which can drive up the sales price – but not always. Just because it’s a seller’s market (a “hot” market), that doesn’t necessarily mean an easy sale and easy money. If you want to take advantage of this market, you still need to get some things right, and you need to make your move soon. So let’s see how Davie homeowners can take advantage of the seller’s market before it’s too late.
Why You Should Take Advantage of the Seller’s Market
But, first, why should Davie homeowners worry about taking advantage of the seller’s market before it’s too late – a market characterized primarily by high demand and low inventory?
“It’s generally a good idea,” experts say, “to take advantage of pent-up demand because that’s what drives competition. Having a larger number of people who are looking to buy a home should increase the odds that you’ll make more money on the sale. In some seller’s markets, the number of homes for sale might be few and far between.” So even less-desirable homes will get a good amount of buyer attention.
The current seller’s market was driven by COVID and the drop in interest rates in response. But COVID is now waning, and interest rates are going back up. And that means that now is the time to take advantage of the market before it’s too late.
How to Take Advantage of the Seller’s Market
The problem, though, is that this seller’s market has lulled many sellers into complacency. Because the market favors them as sellers, they often neglect the basics thinking that sticking a for-sale sign in the front yard will do the trick. That is so far from the truth if you are looking to sell your home for top dollar.
Here, then, are some of the things Davie homeowners should do to take advantage of the seller’s market before it’s too late . . .
Prepare the Home
Regardless of the market, you still have to prepare your home for sale. As always, you’ll need to declutter and deep clean, make at least minor upgrades, and take care of necessary repairs. Buyers in this market may overlook small problems and defects, but not the bigger matters. Want to know more? Check out our video series Avoiding the Biggest Mistakes Made by Home Sellers.
Sell at the Open House
Even though open houses are not designed to get your home sold, there is a way to increase your chances of getting it sold and even getting multiple offers.
To pull this off everything has to be on point. The pictures have to be spectacular, the video inviting, and the 3D virtual tour alluring. Here at Cooper City Realty we have been using this approach for years with great success. We call it our Strategic Open House.
Here’s how it works. When all the pictures, video, 3D tour, and website are ready to go and the listing is ready to go, we make it live on Sunday night. We then begin all our social media and online marketing targeting home buyers that are looking for a home in the area where the house is located. This will definitely attract lots of buyers that will want to come see the house. However, we will not allow them to visit the house in person until the open house the following Saturday. And the open house is scheduled for only 1 hour. This will force all the buyers to show up at the same time and see how much interest there is in the house. This will create a sense of urgency with the interested buyers and they will have no choice but to submit their best offer right away or risk losing the house.
If you’d like to know more about our aggressive marketing approach including this Strategic Open House give us a call at 954-818-3602.
Don’t Evaluate Offers on Price Alone
In a seller’s market, you’ll get plenty of offers and competing bids, so don’t evaluate offers on the basis of price alone. There are other important considerations such as . . .
- Amount of earnest money deposit
- Amount of down payment
- Whether it’s a cash offer or financed and the type of financing
- Waiving of typical contingencies such as inspection contingency
- Your cost as seller such as paying part or all of the closing costs
- Other unusual buyer requests/allowances
Be Ready to Move Quickly
Another thing to remember about a seller’s market is that you may have to move quickly, so be prepared for that.
“Hot markets see more buyers purchasing with cash or minimal financing than other markets. If you’re lucky, your buyer might not need to be approved for a loan, which would greatly reduce the amount of time your property is under contract. If you decide to accept an all-cash offer, you will likely close in a short amount of time.”
Industry pros recommend that you at least be mentally prepared for such an eventuality even before listing your home. “It might even be wise,” they advise, “to have a rental lined up if you do not find another property to buy right away.”
And You Still Need a Davie Agent
In a seller’s market, you may be tempted to do a For Sale By Owner (FSBO) deal and take on everything yourself. If the market favors sellers, there’s no need to pay agent commissions, right? Well, the reality is most sellers will still need the marketing expertise and negotiation skills of an experienced local agent. Without an agent, you’ll likely leave a good bit of money on the table. So if you want to take advantage of the seller’s market before it’s too late, contact us today at 954-818-3602.
Click here to download our Home Seller’s Guide
What You Need to Know
Before Listing Your Home for Sale
