Article published in Longmeadow Neighbors
(August 2023)

The summer months are a prime time for real estate and provide valuable tips for both buyers and sellers looking to make a splash in this scorching market. While the summer real estate market is typically associated with high activity and fierce competition, the tail end of this season often presents a unique set of opportunities. As the summer draws to a close, savvy buyers and sellers can take advantage of several factors that make the tail end of the market an enticing time to engage in real estate transactions. In this blog post, we'll explore a big reason to consider jumping into the tail end of the summer real estate
market… Earning 5-10% OVER the list price of your home.

Earning 5-20% over the asking price on a home sale is typically a result of a highly competitive real estate market where demand exceeds supply. When sellers experience such a situation, it can lead to multiple buyers competing for the same property, driving up the sale price above the initial asking price. Here are a few factors that can contribute to sellers earning a higher price:

1. Limited housing inventory: When there is a shortage of available homes for sale in an area, buyers have fewer options, creating a sense of urgency. This can lead to bidding wars, with buyers willing to offer more than the asking price to secure a property.

2. Desirable location: Properties located in highly sought-after areas, such as neighborhoods with excellent schools, convenient amenities, or proximity to employment centers, tend to attract more buyers. The high demand for these locations can push prices higher, resulting in sellers earning a premium over the asking price.

3. Property condition and features: Well-maintained homes with desirable features and upgrades can command higher prices. Buyers may be willing to pay more if the property is move-in ready or has desirable amenities like a renovated kitchen, updated bathrooms, or attractive landscaping.

4. BOLD marketing and staging: Sellers who hire a skilled agent that has effective marketing strategies such as a strong social media platform, sponsored advertisements, strong branding and present their homes in an appealing way will generate more demand through your home. This can lead to multiple offers and potentially higher sale prices.

5. Skilled AGENT: A skilled seller’s agent is critical and can help navigate multiple offers and effectively negotiate on behalf of the seller. This can result in securing a  higher price during the negotiation process. Having a skilled agent is ensuring they have a number of years of experience in the marketplace, understanding what their list price to sale price ratio is - this determines a great skilled agent. This is tracked through the multiple listing service.

It's important to note that real estate market dynamics can vary significantly depending on the location and prevailing conditions. These factors may not guarantee a seller will always earn 5-20% over the asking price, but they can contribute to such outcomes in a competitive market environment.

More contributions from Brenda Cuoco