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A seller's market poses a challenge for any buyer - when there are more buyers competing for homes than there are homes in market, you have to be ready to move swiftly when you find a home you like. Since the inventory of luxury homes is usually small when compared with more conventional homes on the market, a seller's market could make it more difficult to get the home you want, even if your financial details are in order and you're ready to buy.
What is a Seller's Market?
A seller's market simply means that there are more people who want to buy a home than there are homes for sale. When this happens, homes can move very swiftly -- some will sell within days of listing -- and buyers need to be able to offer appealing contracts to secure a home. While the luxury market often contains a smaller inventory, there are also fewer buyers competing for homes, but the market can still favor sellers.
Tips for Buying a Luxury Home in a Seller's Market
Visit in Person: Your real estate agent can help narrow down the possibilities and you can even send someone ahead to take a first look for you -- but you should view the home sooner rather than later if you want to see it in person before you buy. Luxury homes in high end vacation destinations can go very quickly in a sellers market, so you may not have the amount of time you are used to for viewing the property.
Streamline the Process: Work with your luxury real estate agent to prepare a compelling offer that is free of contingencies, or as free as it can be. The fewer conditions you have and the easier you are to deal with, the more likely it is the seller will accept your offer. Offer a swift and easy closing, request no contingencies and be ready to go swiftly when you find the home you want.
Have Financing in Place: If you need a mortgage, you should have your details worked out and ready to go. A seller with an advantage will be reviewing multiple offers and yours should indicate there will be no delays in closing. If you are a cash buyer, the funds should be available in time for closing; make preparations early and assume you will need to close within a month.
Be Prepared to Pay Full Price: The most common impact of a seller's market is that homes sell for the asking price -- or even more than the list price. Your agent can help you determine if a full price offer is right, or if you should even consider offering above the selling price. This is most likely in a hot market where homes are selling as soon as they list. If the home is still available after a week on the market, a full price offer may not be needed, if everything else is in order.
Make the most of the process by working with a skilled agent who is familiar with the complexities and demands of the luxury market. They will be more adept at helping you find and secure the property you want than a conventional agent. When you do find a home you like, be ready to act quickly so it does not get away; these steps will help ensure you don't miss out on a property you love.
If you have hired a realtor to help you sell your home, you have already taken care of a good amount of the job that needs to be done to get the home sold at the right price. There is one important thing that you need to tend to as a seller- that’s getting your home ready to be shown. Once the home is on the market, your realtor will work with you to schedule open houses and times for the home to be shown privately. Whether you only have a few hours or a day or two to prepare for a home showing, there are a few certain areas that you need to tend to in order to help your home appear clean and tidy to impress buyers.
It doesn’t take very long to sweep down your hardwood and tile floors. After you do this, run over the floors with a mop to remove any stains that may be present on the floor.
The Dust Rag Is Your Friend
If you have time, you can do a deep clean of your home. It also doesn’t take a long time to go over the surfaces of your home with a duster. Getting up the dust will not only make your home smell fresher, but it will appear cleaner as well.
Make The Beds
Your mother told you for years that you need to make your bed in the mornings. She was right. Beds that have been made look much more presentable and homey than rooms with bedding strewn around. If your bedding is looking less than inviting and you have some time before your showing, you may want to pick up some new bedding. The small details are so important when it comes to selling your home, and making the home look inviting is one of them.
Clear The Clutter Out
Whether it’s piles of clothes on the floor, dirty dishes in the sink, or papers on the counters, clean it up! While you want to give prospective home buyers an idea of what it’s like to live in a place, the home doesn’t need to look “lived in.” Try and get rid of the personal traces that you leave behind as you prepare to sell your home. As a bonus, you should also make sure the trash is empty and fresh.
Vacuum The Rugs
Running a vacuum over your rugs can really help to freshen the home. If you have pets, this will help remove the odor that animals leave behind. It will also provide a fresh surface for anyone who is touring your home to walk on.
Turn On The Lights
When you leave the house for a showing or open house, definitely make sure that all of the shades are open and the lights are on. A bright home is an inviting home.
Selling a home usually requires various investments along the way. In fact, some of the most common house selling costs include:
1. Lawn Care
Maintaining a neat, tidy lawn is crucial, particularly for a seller who wants to stir up significant interest in his or her residence. As such, it generally is a good idea to account for lawn care costs as you put together a house selling budget.
Sometimes, home sellers hire professionals to mow the lawn, trim the hedges and conduct other lawn care tasks. If you decide to enlist lawn care professionals, you should explore all of the options at your disposal. That way, you can find a lawn care provider that offers a terrific mix of affordability and convenience.
You also can perform regular lawn care tasks on your own. This will allow you to eliminate the cost of a lawn care provider and ensure your lawn will impress potential buyers any time they see your residence.
2. Home Repairs
House repairs can be expensive, especially if an individual has failed to maintain his or her residence properly. If you dedicate time and energy to analyze your house, you can identify home problems and prioritize property repairs accordingly.
It may be helpful to conduct a house inspection before you list your residence. During a home inspection, a property expert will review your residence and identify any underlying issues. Then, you can use a home inspection report to determine how you can improve your residence.
Of course, you can limit home repair costs by completing property improvements on your own. On the other hand, if you want to hire a professional, there is no shortage of home improvement specialists available in cities and towns nationwide. And if you reach out to local home improvement specialists, you should be able to find one who can fulfill your requests.
If you relocate to a new house but still need to sell your prior residence, you will need to account for the latter home's water and electricity costs. Remember, a homebuyer likely will want to test a house's faucets and toilets to ensure running water is available before he or she purchases a house. At the same time, it may be tough to show a residence to buyers if no electricity is available.
As you get set to sell your residence, it may be beneficial to hire a real estate agent, too. A real estate agent is equipped to help a home seller streamline the property selling journey. Thus, if you want to learn about home selling expenses, a real estate agent is happy to teach you about them. Or, if you have questions about the home selling journey, a real estate agent can respond to them without delay.
Want to sell your residence? Consider the aforementioned home selling costs – you will be glad you did. Because if you develop a house selling budget, you can boost the likelihood of enjoying a successful property selling experience.