Selling Your Home in a Hot Market during the Summer
Tips for Selling Prescott Real Estate in the Summer
If you are considering putting your home on the market, summer may be a perfect time. The frenzy of the spring buying season has ended, meaning there are fewer houses listed and competing for buyers’ attention. Tax refunds have been sent out, so potential buyers who have been saving for a down payment may now have the funds they need. And families hoping to get settled into a new home before the school year starts are abundant.
According to the National Association of Realtors, more than 40% of all home sales occurred during the months of May through August last year, meaning summer buyers are serious buyers. People visiting an open house in the summer aren’t window-shopping — they are looking for their next home.
So how can you make your house stand out in this market? Here are a few simple tips to help increase your chances of quickly finding the right buyer for your home this summer.
Ways to Attract Multiple Offers in a Seller’s Market
- Some people might think that all you have to do is stick a sign in the yard and let the market take care of the rest. It might be easier to sell in a seller’s market but it takes a lot more to sell a home than hanging a sign out front. It requires strategy. Here is our strategy for home selling in a seller’s market:
Maintain or revamp your home’s curb appeal
- Your front yard is your home’s first impression, so make sure that it’s welcoming. Don’t let your lawn and flowerbeds suffer in the summer heat; keep all your plants well hydrated and mulched. Keep the grass trimmed by mowing as much as needed. Replant any unsightly brown spots and plant colorful seasonal flowers. And if your home’s façade is looking a little faded, give it a fresh coat of paint and perhaps spruce up your front porch or walkways.
- Remove Homeowner Emotion From The Equation. When home sellers enlist a residential Agent/Broker who knows your area. A true professional will evaluate the prospective home’s location, condition and size of your home, and new features that will help you recoup home improvement costs. A house in a secluded, exclusive area may appeal to a pool of home buyers, while others will make purchasing decisions based on needs to be closer to schools, amenities like walking paths and tennis courts, shopping, and medical care facilities. Seek an objective eye on the physical condition of your home. Is it a fixer-upper? Does it make a good first impression? Will it appeal to a growing family, or is it better suited to empty nesters? You may so familiar with it, that an outside view will gain a more balanced approach when determining how to price your home.
- Go on the market on a Thursday. Friday is the best day of the week for home selling. I like to set my listings to “go live” on Thursday so buyers will discover them among the new listings when they get up Friday morning. All the photos are color-corrected and perfected to make the online presentation sizzle. I upload the virtual tour and have the home Marketing Board ready on the post by Thursday evening.
- Make note of upgrades. Show potential home buyers the value of your home. If you’ve made recent home renovations and upgrades, highlight them. Most buyers won’t know that your granite countertops were a $6,000 improvement you made in your kitchen unless you tell them.”
- Get an experienced Realtor who knows your market
Hot Prescott Market Things to Remember
Lower the sales price. If you set the price a hair under market value, this will attract more buyers. It also will leave some wiggle room for buyers to begin bidding over the asking price.
Additional Things to Consider with an Offer:
• Review Seller’s Market Offers
• The amount of the earnest money deposit
• Whether the offer is all cash or if financed, the proposed type of financing
• Amount of down payment
• Waiver of standard buyer inspections or contingencies
• Seller costs, including proposal to pay the buyer’s closing costs
• Unusual requests or allowances
Some buyers will send photographs of themselves, often including their pets or their children. They might write letters to the seller, talking about why they want to buy the home and sharing a bit of personal information.
After the seller has had a chance to digest this information, the seller has choices. The seller can:
• Accept the offer the seller likes the best, or
• Issue a counter offer to one buyer or more than one buyer, or
• Ask all buyers to resubmit highest and best offers, or
• Adjust the sales price and look for more offers
Usually, the seller can find an acceptable offer among the multiple offers. It is not always the highest offer but if it is financed, it is the offer the seller believes is sufficient to meet the buyer’s lender’s appraised value. If the home does not appraise, it generally doesn’t matter how much more the buyer offered. It needs to appraise because few buyers are willing to bridge a deficient gap in an appraisal and pay a lot more than market value.
Looking for a new home?
Prescott Lakes and Dorn Homes have models open daily.
Granville at Universal homes they have affordable new homes going up all summer.
- Call me for a tour of any of the new model homes for sale in Prescott and Prescott Valley. New home buyers get $1,000 Home Improvement credit when they use my services from April through August. Call me to find out more.
731 W Gurley Street, Prescott, AZ 86305