Welcome to a seller’s market.
What is a seller’s market? It’s when demand is high for properties, but the supply is limited. In other words, there are plenty of buyers out there, but not enough homes to go around.
That makes it a great time to sell your home.
As an agent who specializes in living locally, the houses I have listed for sale this season have been flying off the shelf. I’m getting calls on new listings minutes after I place them online, and offers quickly follow.
One house on Deep Hollow Road in Lancaster Township sat on the market for only three days before I got an offer. A house I listed on Clark Street in Lancaster sold in three hours.
I’m seeing multiple offers for my clients to choose from. That means they can be picky and often end up making more than list price.
The economy is moving. Interest rates are at record lows, and buyers are qualifying for mortgages with record low interest rates. Smart folks are saving their money and buying real estate.
Sellers are seeing buyers competing for their property and that is driving up the price.
So, now that I have you are thinking about selling your home, you’ll need to do some prep work.
The first step isn’t necessarily calling a Realtor. No, before that I suggest you give your home a good hard look.
Knowing what your house is worth is an easy. I can help you with that. But making your house marketable is just as important.
Remember that it is a seller’s market for those properties that are ready for sale. If you are trying to sell a house that has not been painted or cleaned in the last decade, it may not matter that it is a seller’s market. Most buyers prefer houses that are well kept, neat and clean.
So, look at your house with as an objective an eye as possible, and take note of what needs to be repaired or replaced.
For example, look at the outside of your home and ask yourself:
- Does it need a new coat of paint?
- Is the lawn and landscaping attractive and well-kept?
- Are the windows and doors attractive and in good condition?
- Is the roof in good condition?
Then look inside:
- Is the interior paint in good condition, or does it need freshening-up? Painting can be a small investment, but it often makes the difference in attracting buyers.
- Are the appliances in working order?
- How about the pluming and electrical systems? Fix the leaks and upgrade the electric where necessary. Put GCFI outlets in your bathroom and kitchen.
- If the carpets are worn out, consider new floor covering. Good flooring is critical to making the sale. I’ve seen buyers walk away because of worn out carpets or scratched and tarnished floor.
- Finally, are light fixtures working properly and up to date? Is every room well lit? Older fixtures should be replaced.
Remember that the first impression is the only one you’ll make. Make it a good one.