Dear Olivia,
I’ve been thinking about moving, and some of my friends are encouraging me to sell my home, claiming that now’s the time to do it because I can “price my home high” and still sell it. Is this true?
Sincerely,
Ready to Move
If you’re thinking about taking advantage of the seller’s market we’re in, you’re certainly not alone. The market is pretty crazy right now, and as a seller, you stand to benefit from that.
However, just because it’s a seller’s market doesn’t mean that you can demand any price. Sure, home prices have gone up since last year, but the notion that you can put any price you want on your home and sell it is a myth. At the end of the day, the market will only support certain prices for certain homes, so working with a Realtor to price your home right is critical to getting your home sold.
But this isn’t the only myth we need to bust about selling a home in a seller’s market…
Seller’s Market Myths: You Can Sell Your Home As-Is
Photo by Jason Leung on Unsplash
If your home is well-kept, well-maintained, and it’s been updated in the last few years, then yes, you can probably sell your home without making any big improvements.
But if your home doesn’t meet those criteria, you will likely need to make some changes to lure potential buyers to put in an offer.
For example, if the paint on the exterior of your home is chipped and peeling, the likelihood of a buyer putting in a full-price offer is slim – even in a seller’s market. As another example, if the flooring in your home is showing signs of wear and tear or the interior paint colors are off-putting, potential buyers might be scared off.
So, be realistic about what your home does and doesn’t need, and make an effort to address some of its biggest issues. Making a few strategic updates can do wonders for your home’s appeal to potential buyers.
Seller’s Market Myths: Marketing Isn’t Necessary
Some homeowners mistakenly believe that marketing isn’t important in a seller’s market. But, again, this is false.
Marketing is key to getting homes sold whether it’s a strong seller’s market or a strong buyer’s market. Just because it’s a seller’s market doesn’t mean that buyers are coming out of the woodwork. Your Realtor will still need to take photos, get your home on the local MLS tour, advertise your property online, and use social media to attract buyers, just like in any other type of market.
This means you’ll still need to clean and declutter your home, stage it, and keep it that way until the home is under contract. While it can be inconvenient to have to have a spotless house day in and day out, it will pay off when potential buyers have the best possible first impression.
I hope that busting these seller’s market myths has helped. If you have other questions about selling your home, don’t hesitate to contact me at 307-856-3999!
~Olivia