Selling When Inventory Is Low
If you hear that inventory is low and buyers are desperate for anything and you think it’s time to slap a “For Sale” sign in your front yard, stop for a moment. While some parts of Tampa Bay are definitely in what we call a “seller’s market,” buyers are savvier than you may realize.
You can sell your home at a higher price and quicker when inventory is low. But it only works if you take your time, work with a professional, and put your home’s best foot forward. Buyers aren’t so desperate that they’ll accept a run-down home in the Tampa market for top dollar. List your home the right way from the beginning and selling your home will be easier than you realize.
The Basics Matter
No matter how hot a market might be for sellers, the basics still matter. Take care of the yard, clean up the lawn, and put out some flowers. De-clutter and clean your home. Paint the walls and replace the carpet. Buyers still want to pull up, walk in, and imagine living in your house before making an offer.
Price It Right
Home values are increasing, and in a seller’s market, prices climb faster. This is great news, but it only has a happy ending if you price your home correctly from the start. Buyers aren’t so desperate they’ll take a home with an inflated price. If you have to lower the price over time, you’ll get less offers or even showings as people wonder what’s wrong with a home that had to drop it’s price in a hot market.
Timing Matters Less Now
There is no such thing as the “perfect” time to list during the year. Whether it’s summer or winter, buyers are always looking for homes. Even so, many sellers like to wait until more people are in the Tampa Bay area. When inventory drops, timing matters even less. In a hot market, there are fewer homes to go around for the buyers who want them. List your home when you’ve got it ready, not based on an arbitrary date on the calendar.
Get Your Paperwork Together
When a market is competitive, fast closings have an appeal for buyers. Don’t be the reason your closing is delayed or cause any unpleasant surprises by delaying your disclosures and necessary paperwork. While you’re getting your home ready to list, get the paperwork together too. Talk to your real estate agent early in the process so you’re not the reason there’s a delay in closing.
Marketing Still Matters
Unlike the unrealistic housing bubble of a decade ago, selling isn’t as easy as putting a sign in front of your house. Good marketing is still necessary. Professional photography and staging sets your home apart from those don’t take the time or effort to market their home. In a low inventory market, professional marketing not only brings you more offers, it brings you better ones, too.
Be Prepared to Act Fast
In some neighborhoods when a home is priced right, staged well, and ready to move in, multiple offers aren’t unheard of, especially cash offers. At the very least, you may get the first offer sooner than you think. You need to be available to discuss the offers with your agent and make a decision sooner rather than later.
Talk to a Realtor (We are here 👍)
To understand what’s truly going on in the local market, talk to a Realtor first. They can discuss pricing, what buyers are looking for, and the best approach to list your home. No matter how “hot” a market might be, you still need a plan to market your home, get eyes on it, and get the best deal possible.
Don’t mistake low inventory as a time to list a property at a price that’s laughable or in a condition almost no buyer will touch, certainly not at your asking price. As a seller, you still need to present your home in the best possible light. The point isn’t to sell for any offer, but for the highest and best offer a buyer will give you. Get the basics right, and in a low inventory market, it’s even easier to sell your home.