Right now in most markets, conditions favor sellers. And that means that your home will likely be on the market for a short time and that you may get multiple offers, which can drive up the sales price – but not always. Just because it’s a seller’s market (a “hot” market), that doesn’t necessarily mean an easy sale and easy money. If you want to take advantage of this market, you still need to get some things right, and you need to make your move soon. So let’s see how Oklahoma City homeowners can take advantage of the seller’s market before it’s too late.
Why You Should Take Advantage of the Seller’s Market
But, first, why should Oklahoma City homeowners worry about taking advantage of the seller’s market before it’s too late – a market characterized primarily by high demand and low inventory?
“It’s generally a good idea,” experts say, “to take advantage of pent-up demand because that’s what drives competition. Having a larger number of people who are looking to buy a home should increase the odds that you’ll make more money on the sale. In some seller’s markets, the number of homes for sale might be few and far between.” So even less-desirable homes will get a good amount of buyer attention.
The current seller’s market was driven by COVID and the drop in interest rates in response. But COVID is now waning, and interest rates are going back up. And that means that now is the time to take advantage of the market before it’s too late.
How to Take Advantage of the Seller’s Market
The problem, though, is that this seller’s market has lulled many sellers into complacency. Because the market favors them as sellers, they often neglect the basics thinking that sticking a for-sale sign in the front yard will do the trick.
Here, then, are some of the things Oklahoma City homeowners should do to take advantage of the seller’s market before it’s too late . . .
Prepare the Home
Regardless of the market, you still have to prepare your home for sale. As always, you’ll need to declutter and deep clean, make at least minor upgrades, and take care of necessary repairs. Buyers in this market may overlook small problems and defects, but not the bigger matters.
Sell on Friday
“Friday is generally the best day of the week for home selling. One good strategy is to set listings to ‘go live’ on Thursday night at midnight so buyers will discover them among the new listings when they get up on Friday morning. Be sure all photos are color-corrected and perfected to make the online presentation sizzle.”
If you’re unsure how to do this, you can contact a Oklahoma City agent for some guidance. Just call (405) 521-1817 to discover more.
Limit Showings
Creating a sense of scarcity and competition remains an effective strategy. “People tend to want what they think they can’t have. Don’t allow tours of your home at all hours of the day – restrict the hours and the days. That will force some buyers to tour when other buyers are also present, which can spark a competitive nature.”
Don’t Evaluate Offers on Price Alone
In a seller’s market, you’ll get plenty of offers and competing bids, so don’t evaluate offers on the basis of price alone. There are other important considerations such as . . .
- Amount of earnest money deposit
- Amount of down payment
- Whether a cash offer or financed and the type of financing
- Waiving of typical contingencies such as inspection contingency
- Your cost as seller such as paying part or all of the closing costs
- Other unusual buyer requests/allowances
Be Ready to Move Quickly
Another thing to remember about a seller’s market is that you may have to move quickly, so be prepared for that.
“Hot markets see more buyers purchasing with cash or minimal financing than other markets. If you’re lucky, your buyer might not need to be approved for a loan, which would greatly reduce the amount of time your property is under contract. If you decide to accept an all-cash offer, you will likely close in a short amount of time.”
Industry pros recommend that you at least be mentally prepared for such an eventuality even before listing your home. “It might even be wise,” they advise, “to have a rental lined up if you do not find another property to buy right away.”
And You Still Need a Oklahoma City Agent
In a seller’s market, you may be tempted to do an FSBO deal and take of everything yourself. If the market favors sellers, there’s no need to pay agent commissions, right? Well, the reality is most sellers will still need the marketing expertise and negotiation skills of an experienced local agent. Without an agent, you’ll likely leave a good bit of money on the table. So if you want to take advantage of the seller’s market before it’s too late, contact us today at (405) 521-1817.