Even as mortgage rates and home prices continue to rise, we’re still in a sellers’ market here in New York. Now that our homes have become places where we live, work, play, and even go to school, many people are finding they need to switch up their setup. Demand continues to be high while inventory remains low for New York homes. So what does this all mean when you’re selling? Let’s take a look.

A sellers’ market defined

In a sellers’ market, sellers tend to have an advantage over buyers. This is because there are more buyers in the market for homes than there are homes for sale. This tips the scales in favor of sellers and can lead to higher home prices, bidding wars, and quick sales. If you’re a seller, then this is generally good news – but you should still know how to make the most of the situation.

Prep your home, but don’t go overboard

When you’re selling your New York, you need to get it ready for buyers to view. That generally means decluttering, cleaning, making repairs, and staging. But in a sellers’ market, you shouldn’t go overboard. With buyer demand so high, there’s less of a need to invest money in expensive upgrades. Instead, go for more affordable updates such as giving rooms a fresh neutral coat of paint, packing away personal items, sprucing up your curb appeal, and making basic repairs such as fixing leaky faucets and replacing broken lighting fixtures.

Price your home strategically

Even in a sellers’ market, you need to price your home appropriately. If you price too high, then you could turn off potential buyers. On the other hand, if you price too low, then you’ll leave money on the table. You need to find that “Goldilocks price” that’s just right. Your agent will look at comparable recently sold homes in your neighborhood as well as other market data to help determine the right listing price for your home.

Leverage a bidding war

It’s not uncommon for a home to receive several competing offers in a sellers’ market – what’s often known as a “bidding war”. As a seller, you should use this to your advantage to choose the best offer. Let potential buyers know about the competition, and encourage them to submit their best possible offer. And don’t just consider the amount offered. Take into consideration other things such as all-cash offers, large down payments, number of contingencies, and buyer flexibility with things such as your move-out date.

Prepare for appraisal issues

Finally, if you decide to accept a high offer on your home, then you need to be prepared for possible issues with the appraisal. When a buyer is financing a home with a mortgage, then the lender will perform an appraisal on the home. If the appraisal is less than what the buyer offered, then they may have trouble securing financing. There are ways to address this, such as the buyer paying the difference with cash, the seller reducing the sales price, or even challenging the appraisal. In some cases, though, a low appraisal can result in the sale being canceled. When in doubt, talk with your agent about the best possible strategy for your situation.

Work with an expert agent

Are you ready to sell your New York home or find out the value of your home? Then contact the Keller New York Bronx office at 718-697-6800 or the Eastchester – Scarsdale office at 914-713-3270 today. Let us help you bring your real estate aspirations to life!