Real estate has always been one of the biggest market industries but thanks to the COVID-19 pandemic, it has become a more dense market.
With the growing popularity of remote working, people’s homes are becoming their offices, business places, and even classrooms, the real estate market has become a seller’s market.
A seller’s market means that the demands are more than the supply. In other words, there are many eager buyers but not enough real estate to sell.
Even with the increased demand in real estate, homeowners must take the right steps to ensure that they get good value for selling their homes or other properties.
Here are 7 ways to ensure you sell for the highest price in a seller’s market.
1. Don’t spend too much on upgrades and renovations
Buyers are very eager to get their hands on good real estate properties and won’t mind the outdated interiors and minor touch-ups.
Buyers are aware of the high demands and not enough real estate and will take good properties irrespective of minor updates that would need to be done.
2. Make all necessary plans for your move from the property
While making arrangements to sell your home, it is expected that you make plans for your move as well.
Get your new place ready and pack whatever you’ll be taking with you. Be ready to leave at any time so that you’re not in a hurry once you get a good offer. On the plus side, getting rid of the clutter makes your home look better and more appealing to buyers.
3. Price your home strategically
In a seller’s market, bidding wars are the order of the day. Strategic pricing will help you get more offers as well as give you a good position in the market.
4. Use the bidding wars to your advantage
After strategically pricing your property, you’re bound to get a lot of offers and the bidding war begins. Make sure to look at every offer properly to ensure that you pick the right one.
Also, make sure to let buyers know their competition so that they can bid higher and the best way to get better offers is by responding with counteroffers.
5. Be wary of the highest offer
Your first instinct would be to accept the highest offer or sell to the highest bidder. But sometimes the highest offer is not showing the best.
You should look out for offers like cash offers, little or contingency offers, offers with flexible moving dates, offers with significant down payments, and offers with buyer concessions.
6. Make sensible upgrades
Although you want to reduce how much you spend on upgrades and interiors, it is also advisable to invest in reasonable upgrades and repairs to make your home more desirable.
7. Enlist the help of a real estate agent
If you want to get the best from selling your property, then you need to get some help especially if you’re new to the real estate scene or you’re selling a property for the first time.
It’s best to consult professionals in the real estate market to help you with pricing and know what kind of offers to look out for.
If you intend to sell your home in Boulder, CO, for a bigger profit, reach out to me today!