It’s Now a Sellers’ Market

When it comes to real estate, it’s a sellers’ market here in San Diego. There are many, many buyers out there looking for a new home. They are looking because interest rates are so low that it makes it possible to purchase a much larger home today then they could afford yesterday. In fact, there is a major “traffic jam” when it comes to banks even processing all of these new mortgage applications.

The is good news for anyone considering selling in today’s market is that there is a noticeable shortage of available homes in the San Diego housing market. According to Zillow, the San Diego market is predicted to be California’s hottest real estate market in 2020.

Features Attractive to Buyers

Hardwood Flooring – it is a fact that, on average, having hardwood floors can add around 2.5% to a home’s sale price. Buyers love the ease of cleaning and the durability of hardwood.

Updated Kitchens and Baths – updating these two areas will bring you the greatest return on your investment. Stainless steel appliances and granite or quartz countertops are like magnets to buyers. Also when doing any upgrades, consider adding a kitchen island if space permits. Buyers also love for the kitchen to be open to a family room or great room so that they can cook and still be a part of any gathering.

Electronic ExtrasRing doorbells and Nest thermostats are popular features. Mobile devices that can control lighting, home theater projectors that can connect to the various streaming networks like Amazon Firestick and Google Home are more electronic extras that influence buyers in a positive way.

Additional Storage – that added storage could be in bedroom closets, kitchen pantries, or mudrooms. Garages are also a good place to show off additional storage features by installing shop cabinets and built-ins or by creating overhead storage options.

Outdoor Spaces – it can be a wooden deck or a paved patio, as long as you also add outdoor furniture and maybe a fire pit or Spanish fireplace to show off the space. When adding lighting make sure that it also can be controlled by mobile devices.

Marketing In a Sellers’ Market

Selling now in a sellers’ market, you can expect to receive offers in days instead of weeks. Straightening things up week after week for showings is just not going to be required. Your home is going to sell. As a matter of fact, don’t feel like you need to accept the first offer that will be presented. Quite often during times like this you will receive multiple offers and will be able to accept the one that pays you the most or offers you better options. Options could include the number of days to close on the deal or the number of days for you to vacate the property, things like that.

Also, remember to limit showing times or days. People always want what they think they can’t have. Having more than one buyer in the home at the same time could also increase the feeling of urgency or make them submit a higher than asking offer.

Talk to your agent and consider keeping the asking price slightly under the true market value. This may attract more buyers and start a bidding war. Let it be known that any and all offers will be considered at a set time and not as they come in. You may lose a buyer with this strategy because people hate to wait, but the buyers that are truly interested in your home will make sure to put forth their best offer the first time.

Hire a Knowledgeable Realtor

Every REALTOR® has to start somewhere, but you don’t need to finance his or her acquisition of experience. Hire a proven winner who has been marketing homes like yours in your area for a number of years. When the market is swinging in your favor you need to hire a sharp, experienced REALTOR® who knows how to set your home apart and attract quality buyers.

Contact Shirley Smith today to sell your home for top dollar!

Posted on June 29, 2020 at 11:21 pm
Shirley Smith | Category: Selling

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