The inventory is low and there are considerably more buyers, which translated to more demand compared to the homes available for sale. Then you’re in luck, as you’re selling your house at the best possible time; the seller’s market, also known as the “hot market”. This is where property prices often rise and homes are quick to be snatched from listings.
However, that is merely a dictionary definition and does not necessarily often reflect the reality of the market. Just because the market is currently hot, does not mean people will want to rush to pay huge amounts of money way beyond the market value. These days, even when the market is hot, it’s difficult for sellers to close a transaction. And it’s not a rare case. There are a range of factors as to why this is the case.
The reality is, a lot of sellers struggle to sell their houses in the price range they desire. When sellers are aware that it’s high time of a hot market, a lot of home sellers overprice their properties. Some people also made the mistake of selling their house at a range way off of what the market is willing to pay; for their house types, or for their locations.
Being well-informed and well-aware of the prices are integral factors that are key to selling a house. Many home sellers put the highest possible prices they could imagine and then wait for an offer. If none came, only then they would lower their prices. This is not exactly a good practice. The length of time your house stay on the market matters. Be aware that you Days on Market (DOM) is one of the factors considered by buyers. There is also a general assumption that the longer a house stays on a market, the more “desperate” their sellers are getting—which means the more willing the sellers when it comes to lowering their prices.
Appropriately pricing your house is extremely essential. Whether you’re a first time home seller, or whether you’ve been doing home selling for a while, always being at the top of the information on pricing contributes a lot to the success of home selling. Researching the current market price would put you on a good start ahead of your competitions. Consulting your agents is another viable option that you need to take into serious considerations. Open discussions, communicating your expectations, and allowing your agents to give you insights to the current industry state, and coming to an agreeable conclusion together is one of the most important keys in successfully selling your house. A lot of home sellers, especially first-timers, make the mistake of being stubborn and following what they believed, all the while disregarding the opinions of the people who have been working in the industry and know how stuff works. Therefore being a listening ear and being objective in your approach is possibly the best decision you could have made in selling your house.