Seller’s Market

Real estate is a hot topic right now, especially in St. Augustine. With thousands of homes being built all over town, it’s hard to not see the number of transactions that are taking place. There is no doubt that you’ve heard the phrase “a seller’s market.” What does that mean, and more importantly, how does this help you? We’re here to help!

What is a seller’s market? A seller’s market is when inventory is low and demand exceeds supply. With fewer homes being available the seller has the advantage. Essentially, when it’s a seller’s market, it’s a good time to sell your home.

Some characteristics of a seller’s market are: 

1. Homes sell faster.
2. Buyers must compete with each other.
3. Buyers are willing to spend more than they normally would.
4. Sellers can raise their asking price.
5. Buyers don’t have the power to negotiate and will accept properties as-is.

So, the market is hot and you’re ready to sell. What’s next? Not every home will sell like hotcakes, but we want to help you get the most bang for your buck. This is when it helps to have a realtor on your side. A real estate professional will have more specific insight on how to help you prep your home, but we have some general tips on how to get your home ready to put on the market.

These are ways a seller can take advantage of this type of market:

1. Make sure your property is in good condition and it should be cleaned and organized.
2. Highlight the aspects of your home that are noteworthy or are a big selling point. Think pools, location, and upgraded features. 
3. Set the asking price fairly. In this type of market asking for slightly less will increase the chance of a bidding war. 
4. Carefully consider the offers and not focus on the highest offer. The highest offer may be from a buyer who does not have the financial position to obtain the funds needed to go through. It would not be in your best interest to accept this type of offer and then have to list the property again. 

Keep in mind that during a seller’s market, it’s possible that your home will get an offer within a few days of being on the market (if not sooner than that). That means it’s a good idea to have a plan in place. Some questions to ask yourself are:

1. What’s my preferred timeline?
2. Where can I go if my home sells quickly?
3. Am I ready to buy something else? If so, do I already have a place or specific location in mind?

If you were thinking of selling your home in the near future, maybe now is that time! Give us a call today to get the process started.