Understanding the “seller’s market”

You’ve heard the term “sellers market” and for the record, we are definitely in one.  But a seller’s market only means that the inventory of homes is lower than normal. What it doesn’t mean is sellers should price their homes too high or that it’s a bad time to be a buyer. Agent Ryan Monceaux explains 3 key points when looking at a seller’s market.

1. The Price Is Wrong – This is the #1 issue: a seller’s market doesn’t mean you can price your home too high. As a Realtor, I steer my clients away from the overpriced homes because it will only result in headaches for everyone. Before you list it, make sure to get a comparative market analysis (CMA) on your home. It will look at recent sales in your neighborhood to estimate your home’s true value.

2. Bad For Buyers – Just because it is a “seller’s market” does not mean it is a bad market for buyers. In some cases, it can be the best market! When you find a home you like, a savvy Realtor can investigate why a seller has listed it – many times, he can find info that other Realtors haven’t found (and that can help your offer!). In addition, if a home has sat on the market, the agent can work to negotiate an even better price for you.

3. Preparation – If buying or selling a home is the most important financial transaction of your life, then it makes sense to be the most prepared of your life. Always be prepared for anything in the home buying process.

Understand the steps involved in buying/selling a home, get help from your Realtor so that you can have a working knowledge of the market, and be prepared to act. You cannot control how other buyers or sellers act but you can always be the most prepared.

I believe anyone can make the best of a seller’s market – buyer or seller.  As a Realtor, I feel it is my #1 job to be open and honest about the sales process with potential clients. While other agents promise the moon, I want to give an accurate picture of what to expect and what we need to do to buy or sell a home for the perfect price.

Top Takeaway – Buyers: You don’t have to be the richest buyer. Just the smartest!

Top Takeaway – Sellers: If you price your house wrong, it won’t be a seller’s market for you!

For more info, contact Ryan Monceaux