Unless you have spent the past year on a remote island (actually wouldn’t have been a bad idea) then you probably know that the local housing market has been red hot. High buyer demand coupled with record low housing inventory has created the ultimate sellers’ market. Multiple offers and bidding wars have become the norm and it seems like every home that gets listed is under contract within days at most.

Believe it or not, that isn’t always the case. A seller in my neighborhood, who was overly optimistic on price, recently had to do a price reduction after sitting on the market for a couple of weeks with little to no activity. With that in mind, here are 3 things to consider if you want to take advantage of current market conditions and sell your home for the highest possible price, at the most favorable terms, in the shortest amount of time.

How Much Equity Has Your Home Gained in the Past Year? CLICK HERE to Find Out INSTANTLY

1) Price Still Matters

Under current market conditions, with inventory as low as it is, it’s easy to believe that buyers will pay whatever you want when setting the list price. That belief just simply isn’t true as I pointed out above with the seller in my neighborhood. Use the latest closed sales data, and current market trends, to determine a fair listing price that will maximize the number of potential buyers that see your home. Buyers are still looking for value and know when sellers are being overly aggressive. Regardless of what you, or your agent, thinks your home is worth, ultimately it is the market that determines the price. Listing your home at a fair price will create the best environment for a bidding war that will likely increase the final sales price. Listing high to “test the market” then reducing the price if you don’t receive any offers almost always leads to a final sales price that is lower than it would have been had you not been so aggressive in the first place.

2) Keep Your Emotions in Check

Since 1985, the average length of time homeowners live in their homes before selling has increased for 5 to 10 years:

The side effect of staying in the same home longer is the increased emotional attachment. The additional time means more memories have been created, more birthdays and anniversaries celebrated, and more sweat equity invested. For some homeowners, the connection to the house makes it difficult to separate emotional value from fair market value.

Having a real estate professional, who doesn’t have an emotional attachment to your home, can greatly help navigate the ever-changing market conditions that will ultimately help you receive the maximum return on your investment.

3) Stage Your Home Properly

Staging is only for vacant homes and slow markets, right? Wrong! I’m not suggesting you have to have all your furniture removed and set your home up to show as a model, but over time it’s only natural that you’ve customized your home to make it your own. Keep in mind, not all buyers will view your home the same way you do and it’s often difficult for them to picture themselves in your home when all they see are your photos and memories.

Since you're going to be moving soon anyway, so go ahead and start to declutter and pack away some of those personal items, memories, pictures, and seldom-used items taking up space. A professional stager can help you with this and prepare your home so that it appeals to the largest selection of buyers possible. This simple step can help your home not only sell faster but for a higher price. And don’t forget the outside. You will want to make a positive impression from the minute a prospective buyer pulls up in front of your home.

Bottom Line

With inventory expected to rise later this year, current market conditions might offer you the best opportunity to make a move. If you have questions or want to know if now is the right time for you to sell, Schedule a Call and let’s work together to create a plan for you.