Blog

8 Red Hot Real Estate Market Secrets for Sellers

Facebook
red hot real estate market

In a red hot real estate market, with buyers snapping up properties as soon as they are listed (or earlier), sky-rocketing home prices, buyers agents, countless open for inspections everywhere, and competitive social media coverage of advertised properties— it truly appears to be a seller’s paradise. In many ways, it is, however, there are various pitfalls specifically related to selling in a hot property market that potential clients (sellers) may need to navigate.

Track the Value of Your Property

Start by comparing recent sales in the area to get an estimate of what your property may be worth. Simply do an online search of sold properties to get an idea of prices. You’ll have no trouble finding a real estate agent to sell your home at this time, but knowing how to distinguish between a so-so listing agent and one that will market your property professionally and attract emotional buyers that will maximise your sale price is not always easy.

When is the Best Time to List in a Hot Market?

Since all sellers have unique reasons for selling, additional factors such as wanting to upsize, downsize or finances also need to be considered knowing the best time to list can be difficult to decide. Rather than attempting to ‘time the market’, the best time to list a property is when you (the seller) is ready to do so.

Basically, if you are ready to sell and the property is ready— just go to the market and sell straight away. Don’t wait, especially since the property market is red hot right now.

Importance of Building & Pest Inspections

Most buyers will insist on a building and pest inspection ensuring the property is sound and meets local council requirements. It’s advantageous to have a recent building and pest inspection report and any strata reports (if applicable) available prior to selling. Why? Not only will you save the buyer the cost of getting the report done but having it readily available equates to less time waiting on inspections and reports which in turn means you have more chance of snagging that perfect buyer.

What About Selling & Buying a Home in a Hot Market at the Same Time?

Chances are that the hot market conditions which, as a seller, should work in your favour may be challenging if you are going to buy at the same time. Should you buy first and then sell your existing property, or is vice-versa a better option? Generally, it’s always been safest to sell first, ascertain your budget accordingly, and then buy your new home as quickly as you can. Of course, having an idea of what you want to buy, whether you are upsizing or downsizing, etc is helpful.

With so many buyers currently in the market, we are seeing multiple offers on properties, that result in countless buyers missing out on securing a property that they found to be suitable for their needs. Home after home gets snapped up very quickly causing them the additional worry of ending up homeless should they choose to sell first.

Opting to delay settlement in your sale contract may buy you extra time, and at least you know the exact amount of money you have to play with. It is more difficult to put in an offer if your house hasn’t sold unless of course, you have additional funds or other equity available.

Is Property Styling or Staging Necessary in a Hot Real Estate Market?

In a hot market is it necessary to do property styling? The simple answer is an absolute yes. Sure, your property may sell quickly without any styling done but doing so not only provides your property with a good sense of space, but it also creates a strong online presence. When potential buyers scroll through online portals (like Domain, Real Estate, Homely, etc), you want to make sure that your property stands out above the others.

Without staging, there is every chance you will be leaving money on the table since staging tends to drive your offers upwards. Likewise, you may also entice a few extra buyers that wouldn’t have even considered viewing your property if it hadn’t been styled.

A Little Money Can Go a Long Way

To appeal to the broadest buyer base, it’s crucial to optimize and maximise the overall space and various specific spaces within the home. You may not have a huge budget to renovate your home to sell, with a new kitchen or bathroom upgrade being out of the equation. However, a little money can go a long way with something as inexpensive as repainting walls or a new floor rug changing up the space.

Outdoor spaces including patios, backyard, breezeways, and/or gardens should not be neglected. A cheap outdoor setting, a few pot plants, and/or wall art will make the property feel more homely.

Small Styling Investment to Return Huge Hot Market $$$

Generally, any additional effort you put into how you present your property for sale, whether it be just a few strategic placements and/or removal of furniture pieces to create a more spacious look, or something more substantial— usually pays huge dividends.

Research indicates that styled properties generally solicit final sale prices that are between 5-10% higher than those that are non-styled. With an average four-bedroom, two-bathroom Hervey Bay home typically selling for around $450,000 to $500,000 nowadays, a styled home may procure a potential increase in the price of between $22,500 and $50,000. Staging can cost as little or as much as you deem you need to spend.

Countless sellers have spruced up their properties whether it be by painting internally throughout the home, landscaping the gardens, or adding a new rear deck, and so on, have been rewarded with very large returns for their rather small investment as buyer interest surged.

One of the most important factors about property styling when selling your home is that doing so creates an emotional connection with potential buyers, enabling them to easily imagine themselves living in the property.

Avoid Potential Hot Property Market Frenzy With a Level Head

Although it’s very easy to get caught up in the frenzy that a hot market generates— keeping a level head with regard to sale expectations is vital. There are plenty of real estate agents going in and promising sellers ridiculously high prices simply because of the market being so red hot. Sure, the market is really good, but it is still important to do quality research including what prices similar homes in the area recently sold for.

sellers market hot real estate market

Contact Property Brokerage if you’d like an honest appraisal of what your home is worth and one of our professional team members will happily assist you.

Table of Contents

You Might Also Like

1 thought on “8 Red Hot Real Estate Market Secrets for Sellers

  1. Austin M

    Your post discusses the potential of investing in real estate properties or rental properties as a way to generate passive income and build long-term wealth. It’s a tangible asset that can yield significant returns.

We love hearing from you! Please share your thoughts, insights, or questions related to the post. Specific comments make for more interesting conversations.

Leave a Reply

Your email address will not be published. Required fields are marked *