The Matterer Team (310) 839-8484
Mistakes Sellers Make in a Seller's Market
Selling a home can be an overwhelming experience. By carefully planning a home sale, the rewards from the sale can be very profitable. In real estate, it is all about supply and demand. In a seller's market there are fewer homes for sale than there are buyers, and homes usually sell quickly. Sellers are able to get top dollar for their home and often get their terms agreed upon. A seller's market can encompass an entire city, or even a neighborhood. While this is good news for homeowners, the market could reverse to the other direction of a buyer's market in a matter of months. In order to maximize the sale of a home, sellers should avoid the following mistakes:
Procrastinate
Sellers who wait too long to put their home on the market might miss the hot seller's market. It is risky for sellers to wait for the market to peak in order to get the highest price for their home. There is no indication of when the market peaks until it starts falling. If you wait too long to sell, there is more competition as more homes are added to the market.
Lack of Preparation
Even in a hot seller's market, sellers still have to keep their home in tip-top shape for showings. This includes sprucing up curb appeal, cleaning, or making minor repairs and improvements. This will insure a higher offer amount than a home that isn't show ready.
Overprice the Home
Sellers should price the home towards the high end of the price range. If sellers are greedy and price above the range, the house may get fewer showings and less offers.
Dealing with Multiple Offers
When there are multiple offers or buyers bidding more than the list price, don't jump at the first over-list bid. Make sure the buyers are pre-approved and are ready to buy. It is desirable for some sellers to seek back-up offers. However, if the deal falls through, it may be better in this market to list the property again at a higher price than to accept back-up offers.
