How to Sell Your Home in a Hot Market

Sure you’ll have a bigger chance of selling your house at a desired price range during the seller’s market compared to when the market is cold. However as customers’ tastes, preferences, as well as access to information evolve over time, it’s often not that simple. A lot of people selling their houses find it difficult to sell their house at the price range they have set regardless of the fact that it’s currently a hot market in their area.

Selling house in a hot market

Appropriate pricing

Be informed. Do as much research as possible and understand how the market is faring. You don’t have to do this alone if you can afford it; hiring an agent and a consultant is a wise thing to do as they not just provide you with data, but also give you insights from years of experience and training in the real estate field. Make sure to consult with the agents that you trust; someone whose opinion you’d be willing to listen to. Be willing to listen to them. Realize that you share a common goal: to successfully sell your house. Often time, what happened is that homesellers would not listen to their agents and go off on their on doing what they think is right, then ended up with a big DOM despite selling in a hot market. If your relationship with your agent does not work, then don’t hesitate to hire a different one. As with anything else, communication is key here, and you will be collaborating with your agent.

Be adaptable

If you already have a pretty accurate idea of the price range of your house as well as those recently sold in your area, then you have a good head start. Being realistic about your price expectations is extremely important to save you from disappointment. Be flexible with the price. If you’ve set the price at the highest range and you apparently are not getting any offers, then it’s clear that it’s time to adjust your price. Consult this with an agent you trust, if you have little idea where to start. Lower prices can result to more offers, and it could lead to more competitions among the potential buyers. It gives way to a bidding potential; it might even get you higher than the asking price.

Consider staging your house

Cleaning and decluttering might cut it, but staging your house professionally would put it in a different league from your competitors. Study has also shown that staged homes could sell 30% more than the asking price on average (depending on several factors). Staging a home would greatly help your potential homebuyers to visualize how they would live there. It’s far more intimate and imaginative compared to listings shown to be bare.

Be prepared to move out quicker than you’d anticipated

If you haven’t moved out already, then this is something that you should expect. This is especially true if you’ve successfully sold your house with the price that you desire or even higher—sometimes buyers are willing to pay higher for inventory if they could have the house ready on a set of time they’d determined.