The data is in, and the results are surprising: the housing recession is over, and home sales are skyrocketing.
The Wall Street Journal reports that homes are now selling so fast that the supply is dropping fast. It could mean big bucks for homeowners who want to sell their homes at better prices.
These tips help sellers get the most for their efforts before the market cools again:
1. Get in the Game
The best way to take advantage of the seller’s market is to put a property on the block as soon as possible.
Realty Today reports that due to lagging production in the construction of new homes, plus increased home sales from economic growth, there are more people who want to buy homes than there are available homes for sale.
Homeowners can expect more buyers ready to view a home and make offers than they could a year or two ago, and this standard may remain well into 2016.
2. Start a Bidding War
When homeowners consider the price they want to set for their homes, they should ask a realtor about the wisdom of creating a bidding war for prospective buyers in the area.
Those who want to sell their homes quickly may just decide to list the home at a reasonable but slightly elevated price.
Others could invest some dough into:
- thorough cleaning
- home improvements
and set the price slightly below average, as a way to increase the number of interested buyers. The Wall Street Journal reports that a bidding war can increase the final sale price of a home as much as $100,000 above asking price.
3. Set Limits on Buyers
Some homeowners prefer not to have hordes of buyers flocking to their doorstep.
In a seller’s market, they are free to limit the types of buyers from whom they will accept offers. Sellers know that buyers may back out on an offer after it has been accepted for several reasons.
As a result, a seller may choose to limit these circumstances,
For example, homeowners could decide that they won’t take offers from buyers who can only buy the home contingent on the sale of their current home.
4. Select the Best Realtor
In a buyer’s market, sellers often have to take the realtor they can get, since realtors in that situation are so busy trying to sell the many homes they have available. With a limited number of homes on the market, realtors will compete to get a seller’s business.
This means that realtors are willing to make some concessions to sellers.
Realtors who are confident they can prompt a successful bidding war with a particular property may drop the percentage for their commission as a means to get the seller’s business, because they believe they can make up the money with a higher sale price.
At this point, it is not clear how long the seller’s market in the U.S. will last.
Meantime, people who want to sell their homes can list their homes at a higher price, start a bidding war and get realtors to compete for their business.