A seller's market occurs when demand exceeds supply, or there are more buyers seeking to purchase homes than there are available homes on the market. What we’re seeing now is that inventory is dropping to historic lows, while demand remains strong, creating an unequivocally strong seller’s market.
For sellers, it’s important to remember that no market lasts forever – the market will begin to correct itself. That being said, if you think that selling might be on your horizon, there are a few tips you should keep in mind on how to best take advantage of this market.
- Be Smart About Pricing
While it’s true that demand right now is far outpacing the supply, we shouldn’t get ahead of ourselves. Putting your property on at an attractive price will ensure that agents in the Hamptons and their buyers will take notice and get excited. In this market, overpricing can only hurt you, as the days on the market start to creep up. Getting more people in the door upfront, with a strong pricing strategy is likely to produce multiple bids. Bidding wars in this market are not uncommon, but you’ll want to come to market at a compelling price that sets you up for success.
- Get Ahead of the Game
Knowing what a potential buyer or agent may say is key to avoiding any road bumps that may come up during the process. If you’re even thinking about selling, we recommend that you order a new survey. A survey can tell you if there are any issues with clearing or neighbor encroachments and can paint a clear picture of the future potential of the property. Arm yourself with this information prior to listing, as it will help you achieve a better sale price as well as give you an advantage when addressing any matters that present themselves. Having a new survey strengthens your position in the process and will allow you to avoid any last-minute issues presented by a buyer’s attorney that can get in the way of a sale.
As a best practice, sellers should check their property card with the Town and/or Village and ensure there are no open building permits. If there are, we recommend closing them out. Also check to see if there are any discrepancies with your Certificate of Occupancy, which will help to speed up the process. Even if you think you’re covered, it never hurts to double-check!
- Prepare Your Home for Sale
For many people, coming to the decision to sell can be nostalgic. You love your house – and we do too! But if you’re looking to take advantage of this market, it’s important to get your home sell-ready. That means removing your personal items, cleaning out closets, and emptying the basement. We want to declutter the house as much as possible and simplify each room to have only the most necessary pieces of furniture. When it comes to showing your house, less is always more.
And that doesn’t just go for your home’s interior spaces. It will be an advantage to you if you spend time freshening up the exterior of the property, as this is a prospective buyer’s first impression when pulling up to your home. Start your spring clean-up early, set up outdoor furniture, and make sure to always pay careful consideration to the home’s front door and entryway.
- Be Thoughtful About When to Photograph Your Home
Having high-quality photos when you list your home will be one of the most powerful ways to attract more interest from prospective buyers and real estate agents. If you are planning to list after the summer, consider having professional photos taken in-season, so that your home is being photographed in the best conditions. Don’t let the season pass you by without getting these photos taken, as it will only set you up for future success when you decide to list.
- Plan for Accessibility
Finally, allow your real estate agent, prospective buyers, and buyers agents the opportunity to access your home. We live in a crazy, busy world. Schedules change, and sometimes access is needed on short notice. Having a mutually agreed-upon plan with your agent to arrange for easy accessibility to show the home will make the process easier for all parties involved.
As a seller in this market, the market currently stands in your favor. A competitive listing can generate multiple offers. If you’re considering selling be swift about the strategies that will give you an even greater advantage. When it comes to preparing your home for sale or reviewing offers, make sure that you are working with an experienced team that can guide you. We are always here to help and are just a phone call away. Call us if you have any questions on the market, or want to strategize with an agent that understands the nuances of this process.