Scott Sauermann - Maxwell Rockies Realty Blog

A seller’s market (aka a hot market) is caused by a high demand and a limited supply of housing units. This usually leads to faster sales, higher selling prices and, occasionally, bidding wars between potential homeowners.

So, if you find yourself selling your home in a seller’s market, this is obviously all great news for you! But, there’s still lots you can do to ensure you sell your home for the best price possible.

If you’re strategic about it, you can truly maximise the benefit of selling in a seller’s market. Here are some easy ways to do just that:

Use a Local REALTOR®

There’s a world of reasons to use a local realtor - the most important being simply that they will know everything there is to know about the area.

A local can really help you hype the area up - they’ll have pride in their area and also knowledge of key selling points like schools, community events, public transport and other amenities.

Add Value with Home Improvements

Another simple tip to help you to take maximum advantage of a seller’s market is to ensure your home is in the best possible condition. Preparing your home for sale includes cleaning it from top to bottom, and making sure there are no defects.

Check out our guide: Making the Most of Spring Cleaning

Yes, in a seller’s market buyers will be willing to overlook small issues as there aren’t many homes to choose from - but this is your chance to get ahead. Do the walls need a fresh set of paint? Is the existing carpet worn? How good would some pots of colorful flowers near the front door look? Small things can make a big difference.

Consider Home Staging

Home staging is going one step further than having your home clean and in tip-top condition. It’s about creating an atmosphere and dressing the house up for sale.

Effective home staging will make the home look bigger, brighter and more inviting overall. If you’re not much of an interior designer, you can always hire a professional home stager.

It could be more than worth it - according to the Real Estate Staging Association, 75% of sellers who invested 1% of their list price into staging saw a return of 5-15% over asking price!

Go on the Market on a Friday

This is another simple tip that can make a big difference. Friday is statistically the best day of the week to sell a house.

For any online listings, it’s helpful if you prepare them to go live on Thursday night at midnight. This allows potential buyers to discover them when they start searching on Friday morning. 

When listing your home for sale online, be sure all photos are colour-corrected and framed well to show the house in its best light. You can even ask your local REALTOR® to stream a virtual tour of the home using a platform like YouTube or Facebook.

Use Strategic Pricing

It’s important to not get carried away with your asking price when selling your home in a hot market.

Assume any potential buyers are informed buyers - overpricing your home could drive them away and leave your home sitting on the market. You need a more nuanced approach.

Consider setting the price at a fraction under the market value. This will attract more buyers. When a buyer senses that they are getting a good deal, they’ll be more willing to put their hat in the ring, which helps encourage them to start a bidding war - especially in a hot market with limited options.

All this should help see you comfortably over the asking price. However, be careful! If you’re asking price is too low, you may not sell your house for as much as you should have. This is another reason why it’s a good idea to use a local real estate agent who is well versed in the local market.

Restrict Your Viewings

Just like how encouraging a bidding war can be beneficial to you, so can creating an air of exclusivity and competitiveness.

Remember - a lot of people want what they think they can't have, even if they don’t admit it. Only allow viewings and tours at certain hours on certain days. Having several potential buyers visit together can really help to spark a competitive nature...and maybe even a bidding war!

---

There’s no time like the present in a seller’s market.

With expert agent guidance, home-sellers can really get the best deal possible for their property.

Are you looking to make the most of Columbia Valley’s hot market?

If you're thinking about selling your home, contact Scott Sauermann at Maxwell Rockies Realty for expert service and advice!