Updated: Oct 11, 2018
If you hadn’t already heard, the London and area housing market is a little crazy right now. We are seeing things that we have never seen before in this area and it has emotions running all over the place. We have plenty of people who are looking to buy property, but we don’t have the inventory. What does that do? Remember high school economics? No? Well, it pushes up prices and creates a hectic market, otherwise known as, “a seller’s market”.
I was asked by our fantastic admin. team to put together a few things to remember in this market. This is going to be a 2-part post with the first one focused on the seller’s side of things and the second part focused on the buyer’s side of things.
With how quickly the market is moving right now, you need to be ready to move just as quick. It is important to have your house in “ready to show condition” at all times, once it hits the market. This may even mean going away for the weekend (bummer, a weekend getaway). Once a listing hits the system, Realtors are all over it and the showing requests will begin almost immediately. Don’t be afraid to block off times that don’t work for you, for example, no showings after 7 p.m., due to small children. It is still your house and your life that need to be worked around.
Do Your Homework
Know what is happening in your area that a Realtor may not. Maybe you know of a new park going in or there is talk of a new school in the area. If you have done things like replaced windows, the roof, the furnace, and/or doors, know when the work was done. The more information that you can provide the better we are able to market your property. Here’s a helpful tip. Have a few months’ worth of utility bills left out on the table for perspective buyers to review.
I Am Going To Sell It Myself
I’ll be honest, with the market the way it is, yes, this is very tempting. Let me tell you, I have heard it all when it comes to the argument for the DIY home seller. Unfortunately, while this seems appealing, in this market, you are not doing yourself any favours. When you list with a Realtor, your property is getting viewed by more people than if you just list it yourself. You want your property to get maximum exposure so that it brings maximum value, selling your home yourself may leave money on the table. We have all heard the stories of the shocking prices people are getting for their homes. Why? Exposure. More people see your home = More potential buyers.
Price it Right
Speaking of homes going for far above asking price, now would be a good opportunity to understand the importance of pricing a home correctly. When the home is priced correctly in a seller’s market, selling a home for over asking is possible. Don’t get greedy and think, “If I list at an inflated price than I will get even more money.” This can have an adverse effect and bring little to no buyers to your property. Realtors and buyers alike can tell when a seller is doing this and they are much more likely to move on. Honesty really is the best policy.