January 2017 felt like it came and went really quickly. And so did the houses that came on the market in January. In the 7+ years I have been in real estate, I haven’t ever seen such a robust market in January. Usually, we have trouble getting buyers to leave their cozy apartments to trek out to the suburbs to preview homes in the cold and damp. But this January the market continued to soar, leaving many home buyers, who are attempting to navigate a seller’s market, completely frustrated.
In most instances, more than half of the listings that came on the market during the month of January went Under Contract (accepted an offer and settled any inspection issues) or sold in the same month.
January 2017 Sell-Through Report
This kind of activity is making it extremely competitive for buyers, while home sellers are enjoying high sale prices and in many cases, receiving multiple offers for their properties. So how does one successfully navigate this “seller’s” market when buyers don’t want to over pay and seller’s want to maximize their profits?
7 Tips for Navigating a Seller’s Market
Home Seller’s Strategy – Two Tips
- Staging is key to the final sale price of your home. While it may look great to you, you are not the buyer. Today’s home buyer is likely aged 30-44 and has completely different ideas about home furnishings and decor. Making your home appeal to this generation that came of age during HG television will create more interest and potentially multiple offers.
- Don’t make the biggest single mistake many sellers will attempt during high buyer demand. Don’t over price your home. While buyers are competing for homes because inventories remain incredibly low, they are more savvy and have more information at their finger tips than buyers of the past. They will not consider putting an offer on a house that feels over priced. Remember, in this type of market, most homes are selling close to or above list price, so they don’t think a low offer has a chance of being accepted.
Instead, your house will stay on the market longer than usual and will require a price reduction. Buyers look for homes with price reductions because they think they can get a deal and your home will likely sell for less than what it would have sold for if it were initially priced correctly.
Home Buyer’s Strategy -5 Tips
- Be as flexible as possible when it comes to neighborhoods, size and style of home
- Look for areas and streets that are in transition
- Don’t be put off by wallpaper, poor lighting, a bad paint job or a messy backyard. These are all relatively easy and inexpensive to fix
- Don’t get sucked into a house just because it is painted gray and white, with relatively new furniture
- Strongly consider the room sizes, the layout the slope of the property and any signs of water in the basement