With the average price of listed homes for sale continuing to rise and the days on market trending steadily downward since last year in Southern Wisconsin, it's easy to continue describing the current housing market as a seller’s market.
And while such numbers and statements can scare prospective sellers off due to their unknown buying situation, it also may give a false impression that selling a home for a high profit is extremely simple and easy. Regardless of your perception, with the right strategies and the right planning in place, it's as great a time as ever to get your home ready for resale and listed on the market; not to mention, plenty of strategic opportunities to receive multiple offers above your asking price.
While it may be daunting to jump into this market and put a for sale sign up in your yard, there are certain things you can do to ease into this while also making sure you prepare to get the most value possible from the sale of your home.
Recently on the MDR Home Show on 1310 WIBA iHeartRadio, Kevin and Renee Clark, Owners of MAKING DREAMS Realty, talked about the Wisconsin seller’s market and what you need to know when it comes to getting your home ready for resale.
They discussed how people hear the words “sellers market” and tend to think that they can easily sell their house for top dollar, and with no effort.
However, this is not always the case, especially with today's millennial buyer.
“In order to get the best, you have to work with the best of the best, and do the best of the best. You can’t just throw your house on the market and expect 30-40k over list price,” said Kevin Clark.
While a hot sellers market may present better opportunities to make more money on the sale of your home, there are still steps you need to follow to be able take advantage of these opportunities.
Renee went on to mentioned during the show that as a seller, you need to "take advantage of what is in front of you from the real estate team you are working with." There are three phases to prepare for, and your real estate team should guide you through the entire process.
The first phase is preparing for your photo shoot, then you're preparing for showings and open houses, and finally, for the negotiation process.
In this first phase to selling your home, you're getting ready for a photo shoot. When you partner with MAKING DREAMS Realty you are getting a professional photographer, an electronic copy of MDR's Home Stage 'N' Style Guide that walks you through all sorts of tips and home style ideas, and key advice or personalized staging from a certified home stager.
One tip to start you out with right away is to depersonalize and declutter. Decluttering your home and putting away those tiny trinkets that can't be seen very well in photos will help your home look less 'busy', more open, and much cleaner when posting the pictures online.
MDR Before & After Staging | Image Credit: MAKING DREAMS Realty
The next phase is to prepare well for showings and open houses. In order to get the word out and make things happen, you need to have an online presence, but first impressions matter: peeling paint, cobwebs, door knobs, switches, matching light fixtures, working light bulbs -- and other little details that make up the curb appeal should be paid close attention to.
MDR Virtually Staging | Image Credit: MAKING DREAMS Realty
The final phase is to get strong, multiple offers through negotiation strategies with your Realtor. It's important to partner with a great Realtor that has extensive experience in this market. They will help you look at all the various factors of the offer, outside of just price, so that you can get through to a successful closing process.
Some low cost ways MDR recommends you get your house ready to sell right away are:
1. Minimize the clutter in your home, one room at a time. Pack your bags and get rid of stuff you no longer need or want. Positively prepare your mind that you are moving, and use that positive energy to help you ready yourself to actually move!
2. Fix that lingering list of maintenance items that you have been putting off! Little things like 3-way switches, paint chips, carpet stains, etc. Go room by room around your house, make your 'to-do' list, and get started.
3. Up your front entrance’s curb appeal. Start with your landscaping, then move over to painting, if necessary. Make sure that the walkway area is well-lit and clean, including washing down front doors and doorknobs to make the best first impression you can of your home.
Find detailed information of these 3 recommendations in a MAKING DREAMS Realty video here.
MDR Before & After Staging | Image Credit: MAKING DREAMS Realty
Listen to the full podcast of Selling in a Seller's Market on iHeartRadio here.
Blog Contributor: Rachel Clark, MDR Soc. Media Marketing Specialist