Many of our clients are curious about the impact a seller’s market will have on their decision to make a move sooner than later. How does it affect those who are on the fence regarding making a move now versus a few years down the road? What are the benefits to moving in a seller’s market, if I am a seller?
All great questions!! First, let’s define a “seller’s market.” Basically speaking, a seller’s market is when there are more buyers than sellers, which creates a higher demand for properties in these markets and drives prices up. Technically speaking, a seller’s market occurs when we have less than 3-4 months of inventory in any given area.
What does this mean for YOU? Another great question! There are many benefits for sellers in this market, and not just money (though it is a very good motivator, it is not the only motivator). As much as we like to prepare our sellers to “showcase” the home and make it as close to perfect as possible in all cases, a seller’s market is oftentimes more forgiving. Depending upon the market area and price point you are in, sometimes we find the buyers buy “less than perfect” homes, for top dollar in a seller’s market, as they do not have as many homes to choose from.
Also, many homes have certain “challenges” that make them more difficult to sell during times of high inventory and much competition. “Challenges” such as living on a busy road, a small or oddly shaped lot, “interesting” floor plan elements and imperfect updating can often be overcome easily when there are not many homes for buyers to choose from.
Am I suggesting we throw out all of our staging tips and design ideas that help our listing shine above the competition? By no means! We want your listing to appear as perfectly appointed as it can possibly appear, and yet if we are looking at spending a lot of time and money updating a room or two versus taking advantage of the current market conditions, we might say “let’s go,” instead of “take your time.”
Is this the right market for YOU to take advantage of? Do these market conditions and opportunities pertain to YOUR neighborhood and YOUR home? I would be happy to meet with you and evaluate your specific goals and circumstances to determine the best strategy to make your real estate goals a reality in the easiest and most opportune way possible. Call the Angela Sadat Group today to schedule your free evaluation and let’s get the conversation started!