Let’s face it; it’s fun to have a home listing during a seller’s market. When inventory is tight, even less-than-perfect homes invite the frantic bidding wars seen over the past few years. But as the economy slows and interest rates increase, sellers wonder if the bidding wars are over and what that means.
First, bidding wars have occurred in every kind of real estate market. Well-positioned homes have always garnered attention and offers. What’s different in a seller’s market is that buyers are so desperate to find a home that multiple offers seem normal on every listing. As the pace slows, sellers must adjust their expectations and avoid costly mistakes.
Seller Mistakes to Avoid in a “Normal” Market
- Bad Curb Appeal – Curb Appeal is once again crucial to making a good impression.
- Delayed Response – Don’t wait to respond to a buyer’s offer because you hope to have a bidding war.
- Unreasonable Demands – Buyers have choices now, be reasonable with the counter and contingencies.
- Highest Offer – Don’t assume that the highest offer is the best offer.
- Priced too Low or too High – Price the home correctly. Don’t play games with the price.
Finally, be patient. In a typical market, an average home is on the market for 30-45 days. This is a change from the past few years, but a healthy real estate market benefits all parties.