In many areas of the country, the housing market is growing and its strength has lead to a competitive market for buyers and an easier market for homeowners looking to sell. In Rolla, Missouri we are seeing several recent new listings boost our inventory this spring. This is great news as our inventory has been down and Buyers are anxious to view new listings. Below are some top tips for those looking to purchase property and also for those looking to sell in today’s competitive market.
Seller Tip: Know your property well and be honest with potential buyers
Sellers are in a position of strength in today’s market, but you don’t want to lose a potential buyer and a great deal after negotiations fail and have to re-introduce your property to the market. Make sure you know all the details and potential pitfalls of your property and be honest with potential buyers. Buyers are much more forgiving of a property’s faults if they know about them before entering negotiations. Withholding information could kill your deal later. If it ever appears that as a Seller you intentionally did not disclose information all trust will be lost for the Buyer.
Buyer Tip: Be ready to close a deal and move
Be alert to property listings and ready to arrange a viewing as soon as something interesting comes up. There will be lots of Buyers looking for the same type of property as you, so when a great house is listed on Tuesday it may be off the market by the weekend. Serious buyers are ready to make an offer and close a deal quickly. This is also why you must be armed with your preapproval from your lender.
Seller Tip: Have an organized process for receiving offers
There is no golden rule on whether to accept the first offer you receive or to leave your property on the market waiting for a more attractive offer. It depends on the time of year, the town, the state and other factors that your REALTOR® will be able to discuss with you, and help you come up with a plan. In some areas, it can be a great idea to jump on the first good offer you receive, whereas in other areas, it is best to wait and have more showings before reviewing all the offers you have received at once.
Buyer Tip: Buying your dream home won’t be easy
It’s very rare that a Buyer closes a deal on the first property they like and make an offer on. The process takes time and with lots of competition you can easily lose out on a property if you don’t act fast or your offer is too low for the Seller to accept. If you miss out on a home, it’s important to stay hungry and keep driven to find the right property next time. First-time Buyers are often inexperienced, every home you see and every offer you make is helping you learn more about the market and become more comfortable with how the whole process works. Missing out on a property is not always a bad experience, as the home you thought was perfect a month ago does not seem half as suitable as the property you find a month down the line. Also, when you miss out on the opportunity because a Seller went with another offer, it gives you a chance to reevaluate your approach to making an offer on the next home. It’s important to remember that other Buyers are searching for similar homes in a similar price range. You’ll want your offer to be attractive to the Seller if the market is highly competitive.
Seller Tip: Study the competition and know your market well
A Seller should know the market before they put their home up for sale. Spend a few weeks studying the other properties for sale in the area. Your REALTOR® should provide you with recent solds and a list of current properties that are for sale that would be considered competition for your home. Once you are ready to sell, know your competition and how to price your property to receive the most attention from buyers. Every property is different, but you should know your own property inside and out and how it compares to the competition. Although the house for sale down the street may have a brand new bathroom and kitchen, you can price your property as an attractive alternative with great value for buyers that want to do their own home improvements. Well priced homes attract the attention of Buyers and lead to faster sales and increased competition, which boosts prices.
Buyers and Sellers Tip: Preparation and staying alert
The housing market can be stressful for both Buyers and Sellers. In a competitive market, things can move along very quickly and both sides of the market need to be attentive if they want to successfully buy or sell a property. Sellers have the upper hand as they can put in weeks of preparation before entering the market, something Sellers should definitely make use of to maximize their success. Buyers have to be on their toes and ready to react to listings and be prepared to make an offer and move as soon as they find the right property. A competitive market is fast moving and can be very exciting for both Buyers and Sellers, so try to enjoy the ride.
If you are planning on making your dream of homeownership come true or conisdering selling your current home, contact me to start the process.
I provide real estate services in Rolla, Missouri and surrounding areas.
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