By: Emmanuel Ajayi

Real Estate Marketing Strategies to Get the Best Price in a Seller’s Market

Tags: Get the Best Price in a Seller’s Market

 

If you’ve been paying attention to real estate news, you’ll be aware that Calgary is currently experiencing a seller’s market. That means that it’s the perfect time to sell your home. Having said that, you still want to get the best price possible for your house or condo. Here are some excellent strategies.

Why we’re in a seller’s market

First, let’s review what a seller’s market is. Basically, it’s when there are very few properties listed for sale and high demand from buyers. In addition, some current conditions have really fueled the sales boom. One is that borrowing rates for mortgages are extraordinarily low.
The pandemic continues to have several effects on home sales. It’s no secret that with an increase in people working from their dwellings, they’re looking for more living space. Since many recreational venues have closed, families are staying close to home and want more outdoor space. Finally, a shortage of building materials has meant fewer new homes being built.

Leveraging a seller’s market

There are several effective strategies your real estate agent may recommend to secure top dollar for your property.

Simplify staging

In normal circumstances, you’d be wise to invest a little money in getting your home looking it’s best before listing. This could be updating older fixtures, swapping out a carpet for laminate flooring, painting all the rooms a neutral colour, or something else.
In a seller’s market, buyers aren’t necessarily seeking a sleek modern interior. They’re more able to overlook older finishings to place a bid on one of the few properties that meet their needs. A good cleaning and storing away personal items might be enough.

Price strategically

Typically, your agent will suggest that you price your property a little lower than what you ideally want to sell it for. This generates interest and could also spark a bidding war.
Overpricing your house might turn prospective purchasers away while pricing it too low could make you lose out on the highest price. This is where your realtor’s expertise comes in with worthwhile advice.

Maximize a bidding war

Certainly, if you have multiple offers you could simply accept the one with the highest price. However, in this situation, buyers are more motivated to raise the amount of their initial offer if they feel like they may otherwise miss out on a great property.
Again, this is where listening to your agent is invaluable. In the end, you could choose to accept an offer that’s not the highest price but better for you in another way, like a flexible closing date for example.

Be ready to vacate quickly

Do you know where you’re going when you sell your home? It’s a good idea to have a plan and get on with some packing in preparation to move out. This is because your house is likely to sell very quickly in the present real estate market.
You may be pleasantly surprised to have several solid offers within a few days of listing. Being open to a fast closing can also entice people to offer a higher price.
Remember, I’m always ready to help you assess whether now is the best time to list your property and to give you my expert opinion on how to get the best price.