If you’re planning to sell your home in 2020, you can expect a very good market, especially early in the year.
Low mortgage rates tempt potential buyers to check out your home, and you can benefit in terms of a more competitive selling price.
At the same time, you can expect a seller’s market in many locations.
So, what is a seller’s market?
You can simply think of it as a trend where more people want to buy homes than what is available on the market.
Read on to learn more about a seller’s market and ways you can use it to your advantage as a home seller.
What Is a Seller’s Market Versus Buyer’s Market?
When you have a buyer’s market, that means there are not enough buyers looking for a large selection of homes in the area.
For a seller, this can mean a longer time on the market, a lower sale price, and the need for concessions to interest buyers.
The winter is a common time for a buyer’s market.
A seller’s market works in your favor since you’re likely to have many people bidding for your home.
Even if your house needs work or has a higher price, buyers are more likely to negotiate with you to complete the sale.
The summer is a common time for a seller’s market.
Taking Advantage of a Seller’s Market
When you’re thinking about how to sell your house in a seller’s market, know that you should prepare to sell your house relatively quickly and move out fast as well.
Getting your house cleaned our and ready for showings will help you get attention from enthusiastic homebuyers.
While small issues probably won’t dissuade enthusiastic buyers, do get any major issues or safety problems fixed.
Your real estate agent will likely encourage you to set up an open house and showings quickly so that your home doesn’t get lost in the crowd.
It helps to limit showings so that multiple people can see it at once and boost the competitiveness of offers.
When dealing with the competing offers popular during a seller’s market, consider factors like the earnest money, your seller costs, down payment, and any contingencies.
If a buyer wants you to do some fixes before selling, you may have luck lowering the price slightly to minimize costs and still sell fast.
A seller in a competitive market can also use the fact that buyers can move in quickly as a bonus for buying the home.
Get Ready to Sell Your Home Today
As you’ve learned, the housing market undergoes trends where sometimes you’ll have a buyer’s or seller’s market.
The location, economy, and tastes of homebuyers all play a role in this.
Take advantage of your real estate agent’s expertise to get the most benefits from a seller’s market.
If you don’t need to move right away, you can always ask about local real estate trends so that you can list at the best time for you financially.
Now that you’ve learned what is a seller’s market and its advantages, go check out our other real estate posts.