Sellers absolutely have the upper hand in a fast paced market but it’s a slippery slope with a steep cliff to fall off of if you’re not thoughtful about how you approach the sale of your property. These are the 3 golden rules to follow to get the most out of a fast paced market.
1. Don’t over price your home.
Supply and demand only goes so far. It’s very possible to be the only house on the block that’s not getting showings. You’ll likely end up with a higher offer in the end if you price appropriately and resist the urge to “test the market”. The more appropriate your price, the more showings you’ll get, and showings lead to offers. The more offers, the higher it drives the price. It’s a tale as old as time; you just have to trust the process. In the end, you’re in the drivers seat but the market will put you in your place if you test its limits too far.
2. Accept all showings.
Buyers in a fast market may very well have lost out on a house or two already and they are prepared to see and offer on a house same day. Be prepared for lots of showings in one day. Arrange to be away from the house and send the dogs to doggy-daycare. When my husband and I sold our first town house he said to me, “This is ridiculous; it looks like no one lives here”. He was right; it was outrageous. But I told him if he could deal with it, we’d be back to normal in a day or two. Our town house sold in 5 days. Five days of extreme inconvenience was better in the end for us than 3 months of showings.
3. Treat offers with respect.
Sellers tend to get greedy in times like these but it can and does backfire. Most buyers are on tight timelines with lease end dates or closings of their own and a fast paced market creates more strain. Their fuses are short and an offer is a gift. Treat it as such and respond to any offer within hours. If your agent indicates that multiple offers are likely make it clear to each prospective buyer BEFORE the showings that you’ll be entertaining all offers at a particular time that first day.