BLOG

It’s a seller’s market. The inventory of good homes in Metro Atlanta dropped significantly during the recession and it hasn’t fully recovered. What that simply means is 60% or more of NEW LISTINGS are selling within any given time period. The market can shift at any time, of course, but the sales to listing ratio is currently in the seller’s favor.

While it may seem that home sellers in this market can sit back and let the offers sail in, there really are some critical matters that need attention.

Seller’s Strategies

Staging: Obviously, the more attractive sellers can make their home look, the better it will stack up to nearby competition and receive the lion’s share of buyer attention (and hopefully multiple offers). A simple recommendation my stager offers is to imagine a hotel room and declutter to look like it: surfaces cleared, no fussy accent furniture pieces, minimal artwork.

Repairs: Most buyers terminate a contract under the Due Diligence period because of a significant issue discovered in the inspection. I counsel my sellers to make all necessary repairs before listing their home to minimize this risk.

Pricing: It may be a seller’s market right now, but buyers are still walking away from homes that are over-priced compared to other available properties with the same basic features: square footage, bedrooms, bathrooms. It’s helpful for sellers to know the homes for sale in their immediate area and objectively make comparisons—one of the evaluations I undertake to help establish the target price.

Respond to All Offers: This may seem like a no-brainer but is hard for sellers to put in practice when a low-ball offer is presented. Don’t feel insulted; this is simply business and is commonplace in today’s post-recession mind-set. Rest assured there are a number of professional responses I can make on your behalf other than “pound sand” that will keep the offer in play to meet your financial goals. 🙂

Buyers Not Bonding: Buyers have to move quickly in a seller’s market or they will miss their chance to make the first offer on a good home. Occasionally, frustrated buyers will make an offer on one property only to use the Due Diligence period to keep looking for a better/cheaper one. They feel secure doing this because a purchase agreement can be terminated during Due Diligence for any reason with impunity. I can usually get the sense through probing conversations with the buyer’s agent if the buyer has bonded with your home and advise my sellers accordingly.