Tips for Selling Your Property When Inventory Is Low, and Demand Is High
A hot market can make any homeowner consider putting their home up for sale. While there are considerable advantages to selling your house when inventory is low, demand is high; there are some downsides. Being prepared for potential problems and pitfalls can help the selling process go smoothly and ensure that you get top dollar for your property.
At Team 805 Real Estate, we help people buy and sell homes in Ventura County. Our highly-trained team consists of fully licensed real estate agents that specialize in finding qualified buyers. If you are considering selling your home, contact our office at (805) 341-0398 today for a free home valuation.
- Hire a Real Estate Agent
The biggest misconception during a hot market is that sellers do not need to hire a real estate agent. Yet, without the help of a licensed, experienced agent, you may not get the most money for your home and may fall victim to common problems that plague sellers even during “up” markets.
Reasons to hire a real estate agent during a seller’s market include:
- Appraisal issues – In a hot market, buyers can drive home prices up to well over market value. Sellers often jump at bidding wars resulting in offers that are significantly above the asking price; the only problem is in the appraisal process.
If a property does not appraise, it could result in a buyer not receiving funding for the full amount of the home. A real estate agent can help avoid this and advise you on how to handle an unfavorable appraisal.
- Marketing – Marketing is still paramount in a seller’s market. Buyers are making lightning-fast decisions, knowing that a property could be gone in days. So how your property presents online could determine whether you sell your house for top dollar.
- Buyers will have an agent – Most buyers seeking to purchase a home during a hot market will have a real estate agent. An unrepresented seller is at an extreme disadvantage when it comes to negotiating and finalizing the purchase of a home.
- Still Consider Decluttering, Cleaning, and Staging
Just because it is a hot market does not mean that you should overlook how your property presents to potential buyers. While it is true that “unique” properties or fixer-uppers have a better chance of selling during a seller’s market, properties that are clean, decluttered, and staged have a better chance of getting above the asking price.
Buyers are making decisions based on online listings, particularly with such low inventory. Don’t skip professional photos and a 360 video tour!
- Get a Qualified Buyer
Always, always seek a buyer that has been preapproved or prequalified. A hot market may entice buyers to make promises that they cannot keep. Knowing that homes will be snatched up, desperate buyers may put in an unrealistic offer. The sale eventually falls through once it is discovered that the buyer cannot perform.
By hiring a real estate agent that focuses on finding qualified buyers, you can avoid the stress and hassle of having to put your home back on the market due to a buyer’s inability to obtain funding.
Ready to Sell in Ventura County? Contact Team 805 Today!
If you are considering selling your home, now is the time. Today’s market is red hot for sellers with properties flying off the market in days, some with multiple offers. If you are ready to make a move, contact Team 805 Real Estate at (805) 341-0398 to get a recommended listing price.