While many areas are still a tad slow, there are others that are incredibly active. In Fact, some suburbs, and more specifically, certain price points in these suburbs, are so hot they are seeing bidding wars.
With things no longer favoring the buyers, consumers need to know how to approach a seller’s market if they plan to achieve their goals.
WHAT IS A SELLER’S MARKET?
In basic terms, a seller’s market means there are more buyer’s then available homes for sale. Prices tend to increase in this type of market and obviously favor the seller.
So how do we know it’s seller’s market? While the number of homes for sale can be easily defined and found on just about any home search site, the amount of buyers in a given price point is a little trickier to figure out.
As agents, we are privy to figures given by our local office. So, I know statistically that the amount of showings on our properties is up 25% from a year ago. Furthermore, I know from our recent sales that if I listed a home for between $300,000-$400,000 in certain suburbs, I will likely get 15-20 showings in the first week that it’s on the market ( and likely a quick sale ).
So, with our finger on the pulse of the local market, we are aware that some areas are starting to favor the sellers.
Another way to gauge a “hot” market is to look at how long it is taking for homes to sell ( days on market ). If you are seeing a lot of homes in specific areas sell within the first 30 or even 15 days, this is a good sign it is a seller’s market.
With that being said, we have put together some helpful hints to surviving a seller’s market.
1. Get pre-approved up front
2. See homes as soon as they come on the market
3. Make an offer ASAP
4. Make a strong offer ( sometimes over asking price )
5. Work with an agent who knows the local inventory
1. Prepare and price home to sell quickly
2. Prepare game Plan For Handling Multiple Offers
3. Be Ready To Move Within 30-90 Days
4. Don’t Be Afraid To Buy BEFORE You Sell
5. Be Smart – Just because the market has improved doesn’t mean you should be cocky and arrogant.
One of the most important thing that both buyers and sellers can do is hire an experienced agent. They will likely have worked in different types of market environments and be able to give you great advice.
The market has indeed shifted and if you aren’t prepared, you could be left out in the cold.
The above information is compliments of The Schuman Team, Amy and Dan, of Howard Hanna Real Estate Services. They specialize is luxury homes, relocation, and first-time buyers.
They can be reached at 216-346-3235 or 216-403-9189 or via email, firstname.lastname@example.org or email@example.com.
The Schumans service the following Cleveland area suburbs: Aurora, Bainbridge, Bay Village, Beachwood, Bentleyville, Chagrin Falls, Cleveland Heights, Gates Mills, Highland Heights, Hunting Valley, Lakewood, Lyndhurst, Mayfield Heights, Mayfield Village, Moreland Hills, Oakwood Village, Orange, Pepper Pike, Shaker Heights, Solon, South Euclid, University Heights, Westlake, Woodmere.
How To Survive A Seller’s Market is the property of The Schuman Team and may not be duplicated or used without their written consent.©May, 2013