With home inventories low and demand for homes continuing to increase, it is a great time to sell a home in Atlanta by almost any account. Atlanta enjoyed a seller’s market for much of 2018, and many expect that trend to continue into 2019. Add to that, a healthy increase in property values over the past several years, and it is little wonder that many Atlanta area homeowners are looking to cash in on some of their newly acquired equity.
That said, many sellers have some misguided assumptions and expectations about what it means to sell a home in this type of market — and, as a result, they often make mistakes that can delay their sale or prevent them from making the most of their market value. If you are thinking about putting your Atlanta home on the market this year, let’s begin by dispelling four common real estate myths about seller’s markets so you can enter the process with a clear perspective.
Myth #1: I can get whatever price I ask for my home.
When demand outweighs supply in the real estate market, many homeowners assume they can price their home well above the acceptable market value and buyers will simply pay it. In reality, savvy buyers know what your home is actually worth, and they are likely to resent your presumption if you overprice it just because you think you can. No one responds well to price gouging. You still might get more than your asking price if multiple people want your home and they engage in a bidding war. Just let the buyers be the ones to start upping the offers — don’t presume to do it for them. Be sensitive to the market and price your home accordingly.
Myth #2: Staging my home is not important.
If anything, staging your home is more important in a seller’s market. Buyers are already sensitive to higher prices and less buying power, which means if they’re going to spend more money on a home, they want to at least feel they are getting a good value for the money. No matter how low the inventory, if a buyer sees your home unmaintained with no sense of invitation, and they see another home in the same price point that’s been properly staged, they may go for the staged home. You always want your home to look its best when you are selling.
Myth #3: I don’t need to negotiate with the buyer.
While it is true that buyers have less room to negotiate in general right now, you can still turn buyers off by conveying the idea that you are not open to some of the finer points of negotiation (e.g., closing costs or improvement allowances). A seller’s market does excuse sellers from entertaining reasonable offers and engaging in a little give-and-take to close the deal.
Myth #4: My home is guaranteed to sell quickly.
No matter how strong the market is, there are still no guarantees. A home’s time on the market can be affected by many factors, not just high demand — and there may be legitimate reasons why your home stays on the market longer than average. Don’t be discouraged if your home doesn’t sell immediately. Stay the course and work with your real estate agents to make adjustments as necessary.
If you are planning to sell your Atlanta home this year, an experienced real estate agent can work with you to help you make the most of this seller’s market. For an appointment, call Atlanta Fine Homes Sotheby’s International Realty at 404.948.4812.