The past few years have seen unprecedented times in the real estate market. Multiple offers and low inventory caused a fury of activity culminating in bidding wars, cash offers and few inspections. However, the seller’s market we were in was not the norm. Let’s look at the difference between the two and where we stand today.
Seller’s Market:
In a seller’s market, the seller has more negotiating power than the buyer. Here are some other points that make up a seller’s market.
- Low housing inventory, excess of buyers
- Homes sell quickly often above the asking price causing prices to rise substantially above market value
- Conditions are important to the seller, sometimes no financing or inspections are on offers
- Bidding wars and multiple bids
Buyer’s Market:
In a buyer’s market, the buyers have more negotiating power than the sellers. More homes are for sale than actual buyers.
- Offers may come in below or at the asking price
- Flexibility with closing dates
- Homes may sell more slowly than in a seller’s market
- Conditions of financing and inspections
The past few months we have been slowly moving out of the seller’s market due to the rise of inflation, mortgage rates and fewer buyers and more inventory. This doesn’t mean that your home won’t sell. It means that you must be more strategic in how you sell your home. Here are the best tips that our Anne Winch Real Estate Team suggests for all our sellers:
- Prep your home inside and out – depersonalize and get rid of clutter
- Curb appeal – make sure you don’t forget the outside
- Staging your home as you are competing with multiple listings on the market
- Pricing is key so you are in competition with other homes
- Hire a real estate team you can trust that will make sure your home looks beautiful and is priced right
- Professional real estate photographer to capture the beauty of your home
Lastly, we understand some buyers think they can sell homes on their own. If you don’t have your finger on the pulse of today’s market it is easy to underprice, and really overpriced. If your home isn’t staged or photographed well, you also may have your listing sitting for months.
We believe what we can do for your buyers and sellers and our statistics and pride of honesty and integrity have made our company the professional and successful team we are today. We hope that we have made you think about selling your home and how our team can help you.