When it comes to buying or selling a home, timing is everything. In a hot market, everyone involved must be careful. If you’re looking to buy or sell during peak real estate season, keep reading for some valuable advice.
What Is A Hot Market?
When the market is “hot,” there are more buyers searching for the perfect home than there are homes available. In a hot market, the low inventory of homes usually causes home prices to go up.
Sellers often feel confident that they can get their home off the market quickly for top dollar, while buyers may feel pressured to buy a home they may regret down the road or give up on their house hunt altogether.
Should I Sell My House In A Seller’s Market?
If there’s a seller’s market in your area, selling your house is a great idea. Your house may be on the market for less time and you may receive multiple offers, which could increase your sales price. While selling in a seller’s market is ideal, you still have to be strategic about your strategy as there are no guarantees. With these tips, you’re more likely to sell your house successfully.
Clean Your House
Even though the market is hot, you have to take the time to deep clean your house from top to bottom. Although buyers may overlook the outdated carpet in your living room or old appliances in your kitchen, most of them will not buy a dirty house.
Put Your House On The Market On A Friday
Time after time, Friday proves to be the best day to sell a house. If you can, “go live” late Thursday night so that buyers can easily find your house when they wake up and check the listings on Friday morning. Make sure you have an enticing description along with quality photos.
Don’t Choose A Certain Time To Select An Offer
If you state that you’ll review all offers on a certain day at a certain time, you’ll miss out on some buyers. Not only do buyers not want to wait to find out if their offer has been accepted, many buyers may be turned off by it, as they want to avoid multiple offers.
How Do You Buy A House In A Seller’s Market?
If you want to buy a house in a seller’s market, realize that time is of the essence. Since there’s low inventory and plenty of buyers, a nice home can attract a lot of interest. So, if you see a home you like, act quickly before another buyer snatches it up. Here are some other tips that can increase your chances of landing the house you want in a seller’s market.
Avoid A Lowball Offer
Multiple offers are quite common in a seller’s market, meaning you cannot offer less than the listing price if you like a home. If you’re really interested in a house, you may have to offer more than the amount the seller is asking in order to get it.
Put More Money In Earnest
The larger your earnest money deposit is, the more attractive your offer may be to as seller because it’ll position you as a serious buyer. Remember that you’re going to pay it at closing anyway, so a hefty amount won’t do you any harm.
Don’t Ask For Repairs Or Renovations
If you ask the sellers to repaint the kitchen, replace the carpeting, or change the laundry room sink, you won’t be doing yourself any favors. A seller’s market is not the time to ask for repairs or renovations because if you do, the seller may accept the offer of another, less picky buyer instead.
Be Flexible With The Buyer Possession Date
Rather than stating that you want to move in on the same day you close, inform the seller that you’re flexible with your move-in date. This can give them more time to pack and prepare for their move, so they may be more likely to choose your offer over a less flexible offer.
As you can see, buying or selling in a hot market can be tricky. The good news is that it can work to your advantage, as long as you follow our tips above. If you’d like to sell your home in a hot market on your own, ForSaleByOwner.com has a variety of resources to help.