Thinking about selling? Wondering what you home might be worth? The value of your home changes with the market. In a robust market where inventory cannot keep up with demand, known as a seller’s market, a buyer will perceive your home as having more value and will pay more money to ensure they obtain the property before someone else does. Oftentimes, in a seller’s market, bidding wars will ensue with several buyers trying to outbid one another with the goal of having the ‘winning’ offer. What this means to you is a higher sales price.
Conversely, in a market with an abundance of inventory, where buyers can pick and choose, your home will not have as much value. This is known as a buyer’s market. In a buyer’s market, a buyer will typically offer less than your list price, feeling that if you don’t want to sell your home, they will move on to another seller who is more motivated. This is very difficult for sellers to accept, but it is important to know what “market” you are in prior to listing your property for sale. Be prepared in a buyer’s market to accept less than asking and understand that the ability to be flexible and negotiate are key elements of this type of market.
Interested in knowing the value of your home? Please go to the
MLS Auto Notification button for auto-notification of properties like yours that are currently on the market. If you would like a more comprehensive analysis, submit the form below with your property address for a comparative market analysis for your home. This is a free service I provide to all potential sellers—with no obligation on your part.
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