Selling In A Seller’s Market

Spring is coming, and that means you’ll start to see more real estate signs on front lawns, along with online listings of homes for sale. Homeowners might be thinking about their next move — literally and figuratively — to accommodate the needs of growing families, adapt to shifts in employment and lifestyle, or to simply seek out a change of scenery. We’re very lucky in New Hampshire to have so many choices of rural and urban communities to fit any desire.

Fortunately for those who decide to sell for whatever the reason, real estate is currently a seller’s market. That almost always means a fast sale, at or above asking price. Experts have some advice for listing your home and what to expect when the offers come in.

While it’s true you’ll have a good chance of selling your home without making any major updates, many of the same rules for preparing your home to go on the market apply. Clean it thoroughly, eliminate the clutter, consider a fresh coat of paint in a room or two that could use it. In general, buyers competing in a seller’s market are more likely to overlook minor blemishes or defects, and cosmetics won’t be a deal-breaker when they really want the house. The bottom line? Make the few touch-ups that are simple and inexpensive, don’t go overboard trying to fix everything, or spend a fortune on staging.

Take good quality photos that present your home in the best possible way and record a virtual tour. A good realtor with attention to detail can help facilitate that for online listings if you need the expertise. Even in a red-hot market, you want your home to stand out from the rest and attract the early offers.

And when multiple offers come in, it’s common courtesy to respond in a timely manner. Sellers are in a position to make a choice:

  • Accept the offer you like best
  • Make a counteroffer to one or more buyers
  • Ask all buyers to resubmit highest and best offers if you receive multiple offers

Once you engage a potential buyer, it’s common for the negotiations to last a day or two. Also, understand the importance of a home appraisal. If the offer exceeds the appraised value of your home, the buyer will have trouble securing a mortgage for the price you’re hoping for. You might be forced to lower your sales price or wait for buyers who can pay cash without an appraiser’s approval.

The season of warmer weather and new beginnings is a great time of year to put existing homes on the market. Are you ready? And if you sell, will you have a home to move to? Ever considered new construction? Connect with us to set up a virtual tour and learn more about the low-maintenance ease of moving into a brand-new home!