Selling your house during a seller’s market is quite different from selling your house during a buyer’s market. In a buyer’s market, real estate prices are reduced, and houses remain on the market for far longer. Some properties, particularly those that are considered challenging and unique in good or bad markets, will generally stand a much better prospect of selling faster in a seller’s market.
What Is A Buyer’s Market?
When supply outpaces demand, a buyer’s market occurs. Real estate stock is high, and there are tons of houses for sale. However, there’s a shortage of interested buyers.
In a buyer’s market, real estate prices are lower, and houses stay listed on the market longer. Usually, sellers will drop their asking price to attract more prospective buyers.
What Is A Seller’s Market?
When demand surpasses supply, a seller’s market develops. There are lots of interested buyers; however, the real estate stock is low. Given that there are fewer houses readily available, sellers can benefit tremendously. In a seller’s market, houses sell quicker, and buyers commonly compete with each other in order to score a property. These market conditions typically make buyers ready to invest more in purchasing a home than they would otherwise.
Is it a Good Time To Sell in Navarre, Florida?
Home sales throughout the country continue to soar even amid the current global COVID-19 pandemic. Similarly, Navarre, Florida, is likewise experiencing a strong seller’s market.
Due to the lack of available properties, the current market conditions are fueling multiple offer situations. Consequently, prospective buyers are making competing offers and driving up the sales price noticeably above sellers’ asking price.
Additionally, with mortgage interest rates being at historic lows, buyers are able to afford higher-priced homes and, in general, are encouraged to shop for a new home.
Some individuals erroneously believe that sticking a “For Sale” sign on their lawn is enough in a seller’s market. However, while It might be simpler to sell in a seller’s market if you want to sell your home fast and above the listing price, you will have to put in a little more effort. Having a professional Real Estate agent working for you will bring the most attention and qualified buyers.
How to Attract Multiple Offers During a Seller’s Market In Navarre, Florida
Limit the Number of Showings. Do not allow open houses or showings at all hours of the day. Instead, limit showings to certain hours and days. This will require some buyers to visit when other buyers are likewise viewing your home, which may stimulate a little friendly competition.
Consider Lowering the Listing Price. If you put the listing price of your home a little below market value, you may appeal to more buyers. This is not a requirement. However, this is a method that is successful in some markets or in situations where the seller needs to sell quickly.
Stand Out. If you want your home to sell fast in a seller’s market, make sure that your home stands out in one way or another. Maybe you could stage your home in a unique way, or maybe you can paint your front door a color that stands out. No matter what you decide to do, just make sure that your home is memorable to buyers.
Limit the Times You Will be Accepting Offers. Let purchasers understand that you will evaluate all offers on a specific day/time. This is a strategy ensures that you will receive and review several offers at once.
Final Thoughts
Selling a home in a seller’s market is quite different from selling a home in a buyer’s market. Sellers in the Navarre, Florida market are fortunately experiencing a strong seller’s market. As such, it is undoubtedly an incredible time to sell, especially with the historically low mortgage interest rates, which is incentivizing more buyers to start shopping for a new home.
If you a seller in Navarre, Florida, who is considering putting your home on the market, contact me today to discuss your options. You can send me note on my contact page or give me a call at 914-447-4847.