Buying and selling in a seller's market

Submitted by JESSICA WALLER

Editors Note: This article is part of our Home and Garden series.

When thinking of real estate, the first thing that comes to mind is, location, location, location. However, whether you are buying or selling, you first must consider the type of market you are in.

Is it a buyer’s market with high inventory, low rates and moderate prices, or are you in a seller’s market where the opposite is true? Are there more buyers than properties to buy?

Currently, in Johnston County, the housing market is in a strong seller’s control with no sign of shifting. There are not enough homes and a multitude of competitive buyers. What can you do to navigate as buyers and sellers? Be prepared.

For Buyers

1. Find an agent who understands the market we are in. Know your conditions. Is the market appreciating from year to year or even month to month?

2. Have your financing in place. Getting qualified and pre-approval paperwork is key to making strong offers that will incline sellers toward accepting your offer.

3. Be prepared to negotiate and to have disappointments. Just because an offer is accepted by the seller does not mean the home will appraise for the sale price.

4. Prepare for a deposit that gives your offer a note of seriousness. Don’t expect to “get a deal.”

For Sellers

1. Find an agent to help you strategize. Are you going to set the bar with a high price initially or price lower to generate multiple offers?

2. Ask yourself, is your home unique? Does it fit a niche in desirable homes? Could it be harder to sell in a more balanced market? If yes to any of these — now is the time to sell!

3. Expect to sell your home “as is.” However, to get the best price, make sure that “as is” is your home in show ready condition. Offering a pre-inspection and home warranty can generate even better offers in a market where buyers must make quick decisions and may not choose to do the level of assessment they normally would.

4. When those offers come in, how will you choose the best? Is it the one with no contingencies or the one with the least amount of financing? Overall, in any market, the best thing you can do is bring your “A” game when you are ready to buy or sell a home. Jumping through hoops and being ready to make many decisions quickly is key. Being prepared whether buying or selling will help you generate the best outcome. The right agent can help.

Jessica Wahler is a local realtor with Coldwell Banker Advantage. She can be reached at 919-539-6453 or via email at jwahler@cbadvantage.com.