As an experienced real estate agent, I have witnessed the real estate market go through cycles. It doesn't matter if you live in in Charleston, SC or Baltimore, MD, it is officially a seller's market. Knowing your market is very important and having a skilled agent with experience analyzing the market will ensure you get top dollar when you sell your home.
So how do you know when it is a seller's market?
Inventory of available homes is low. Inventory in the Baltimore Metro area is down. There are currently more buyers in the market than are homes available for purchase.
Lot's of Buyers- Multiple offers. When there is a low inventory,more than one interested buyer can be interested in a home which leads to multiple offers. Multiple offers leads to the sales price to rise before the seller accepts the offer. Bidding wars keep the prices strong and homes sell quickly and likely for more money.
Interest rates are low. Home loans have never been cheaper, if you can find a willing lender. The New York Times reports rates dropped below 3% this week. The low rates are enticing many more #buyers and #sellers to take advantage of the low rates.
Tips to Get Top Dollar
Price it Right From the Start. It's normal to want to get the top dollar when you sell your home. When we hear seller's market, we want to price at the top of the market in hopes to get even more than the market price. While this method could work, your home is more likely to sit on the market longer than lower-priced homes. When your price is too high, you may have to reduce the price of your home to make it more competitive, causing your home to sell for less than you wanted. Have your real estate agent complete a market analysis to ensure your home is priced for the market and in a position to quickly sell.
Your Model Home. Buyers want to see a home where they can envision their personal touches. Your want to create that in your home by eliminating clutter, removing excess items or furniture, neutralizing colors, and putting away most personal items. Creating an open feel can present an opportunity for the buyers to visualize themselves living in the home. If you plan to list your homes after moving out, consider hiring a staging company. Staged homes have been shown to sell 73% faster than empty homes.
Choose the right “go-live” day for your listing. According to Real trends, Thursdays are the best day to go live with a listing. It allows buyers to plan their weekend and attend open houses for the upcoming weekend.
Preparing in advance and understanding the market is key. An experienced real estate agent will guide you in this ever changing market. Taking advantage of a seller's market will get you the top dollar you are seeking. Properly analyze your offers to determine the best one for you. Keep in mind that not all offers are the same and there are many real estate contingencies to impact the bottom line.