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High Demand and Low Supply: How Sellers are dealing with today’s Real Estate Market

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Today’s US housing market is an ultra-competitive one, with the number of buyers exceeding that of available houses.

According to data presented by Realtor.com, the number of houses for sale nationally in January 2021 went down by 42.6% compared to that of the previous year. This, CNBC said, is likely the result of a cocktail of different factors, such as low mortgage rates, job gains, and the COVID-19 pandemic.

As a result, buyers are engaging in bidding wars where they end up paying more just to score properties. Not only that, but this is on top of the 15.8% increase in home prices across the country—an uptick first reported by the National Association of Realtors back in February of this year.

This situation has created various opportunities for home sellers, especially those who wish to downsize their properties and those who want to cash in on unused ones. Before putting your home up for sale, however, there are some things you need to keep in mind.

Work with a real estate agent

Contrary to what some people might think, selling one’s home doesn’t start and end with pitching a “for sale” sign on one’s front yard. The entire process involves a lot of work regarding pricing, negotiation, and home inspection, among other things—all of which can put unnecessary stress on homeowners.

You can avoid all this stress by hiring a real estate agent.

Real estate agents—like the ones we have at RE/MAX Direct—have the knowledge needed to bring in more potential buyers for your property and how to market it properly. Not only that, they are also more experienced at navigating all of the legal and regulatory requirements that come with selling a home.

Price your property right

According to the National Association of Realtors, while it may be tempting to sell one’s house at a premium because of the current state of the housing market, doing so may actually turn off buyers.

So, set the right price for your property from the very start.

One way to do this is by consulting your real estate agent and reviewing the comparative market analysis together. You can also use our free online home value calculator to get an estimate of your property’s market value.

Market your property well

Marketing is one of the most important parts of selling your property. It is also the part where working with your real estate agent comes in handy.

For instance, real estate agents—such as the ones at RE/MAX Direct—can coordinate with professional photographers to take listing photos of your property. These will then be uploaded on to make a complete online listing for your home. Your real estate agent can also organize virtual walkthroughs of your property and even host live virtual tours for remote buyers who are interested in your home.

Real estate agents, especially those who have their own websites, can also advertise your property on their respective social media accounts. This can help drive up interest from prospective buyers from near and far, depending on the scope of your digital marketing efforts.

Prepare and stage your home for buyers

Your home should be ready for buyers as soon as you put it on the market. This means giving it a deep clean, checking it for any broken components, and making necessary repairs and cosmetic adjustments.

Some of the things you can do are the following:

  • Change cabinet and drawer knobs.
  • Fix faulty wiring and plumbing.
  • Fix or replace cracked bathroom tiles and kitchen backsplashes.
  • Replace faulty appliances.
  • Repaint your walls.

Carefully consider your buyers

If you price your home right and market it properly, it is likely that you will get multiple competing offers from different buyers.

While it can be tempting to accept the first or highest offer you get for your home, it pays to be a bit more patient and discerning especially when it comes to the financial capabilities and seriousness of the prospective buyers.

For starters, you will want buyers who already have mortgage pre-approval. It is also in your best interested to consider buyers who have a real estate agent representing them. Take note of who’s asking questions about your home– these are sure signs that they are serious about making that purchase.

Looking for more home selling and home staging tips? Our team of professional real estate experts at RE/MAX Direct are ready to help you. Contact RE/MAX Direct now at 610.430.8100 or send us an email at remaxdirectwc(at)gmail(dotted)com.