As realtors, we are seeing a paradigm shift with Real Estate in Collingwood, where the history of selling property is based on market research, historical sales and market conditions. As a normal course of business, pricing a home correctly to get the most interest at market price will produce a buyer and a sale. However, we are seeing that at the start of the New Year, many homes are selling within a few days, with acceptance of the first offer, even if it is just at asking price.
In order to get the best price for your home in this seller’s market, you need to expose it to as many potential buyers as possible. By accepting the first offer, at asking price, in the first week, is simply foolhardy. Give your REALTOR® the time to properly market the house and expose to the hundreds of buyers already looking for homes. The best offer could include more money, few conditions and a flexible closing. You just have to wait to get it and not jump on the first offer that jumps into your lap.
What is a seller’s market?
In a buyer’s market, homes are abundant and prices are low. The buyer basically has their first pick of homes and are able to better negotiate the terms, closing date and price on the home simply because of the fact that the seller has so no other offers. Conversely, in a seller’s market, there is a great lack of homes and a gluttony of buyers. Sellers can make the demands for what they want to see their homes sell for, along with conditions and closing. You’ve heard the stories about buyers engaged in bidding wars, which end up increasing the end price of the home. Those are definitely true, but they won’t necessarily happen on day one.
When you are selling your home in a seller’s market, patience is the key for getting the most money for your home. Many buyers know that if they jump and give full asking price, some sellers will accept wanting to end the process quickly and afraid that this will be the best offer they’ll get. This is simply not the case in a seller’s market and if a seller can wait a few days or weeks, their home will eventually sell for asking or above, with all of their requirements meant.
Choosing a REALTOR®
When selecting your REALTOR® in Collingwood, don’t necessarily pick the one who has valued your home at the higher price. Ask them what their marketing strategy is to get you the most interest in your home and therefore, the best offer and/or selling price. The more people who walk through your home for sale, the better your chances at getting the most money, and quickly. In this market selecting the REALTOR® with the best plan will get you the best price. Don’t sell your home in one day, be patient and you’ll be greatly rewarded