Sellfast Real Estate Team Blog
Leading the way in NYS Residential Real Estate Knowledge
Unlock Your Path to Real Estate Success
Explore Our Free Downloadable Guides for Invaluable Insights and Expert Tips
Seller Library
36 Things Bronx Home Sellers Are Loving Right Now About The Bronx Market
βIn real estate, it's all about finding the sweet spot between location, price, and the least amount of ghosts.β - Unknown
Hello, dear homeowners and prospective sellers! If you're considering putting your property on the market, you're in luck.
In a seller's market, the real estate world becomes your oyster, and you're in the driver's seat. As a dedicated Realtor, I'm thrilled to share with you 36 things that home sellers truly enjoy when they find themselves in this advantageous position.
With that said, here are 36 things home sellers in the Bronx enjoy due to limited inventory in the current sellers market! π°
1. Higher Sale Prices
In a seller's market, your home's value often increases due to high demand, potentially leading to a more substantial profit when you sell.
2. Quick Sales
Largely due to buyers fear of missing out, and wanting to own a home before prices get too expensive. Homes tend to sell faster in this competitive environment, saving you time and reducing carrying costs.
3. Multiple Offers
Multiple offers give you the power to choose the most favorable terms and pricing for your sale.
4. Competitive Bidding
Having multiple offers is the entree of a seller market. However, the desert is the bidding wars! Bidding wars can drive up your home's final sale price, maximizing your return on investment.
5. Favorable Negotiations
With multiple offers, you have the upper hand during negotiations, ensuring that the deal is in your favor. Some sellers are having the buyer waive their inspection and even appraisal contingencies!
6. Fewer Contingencies
While never recommended a buyer do this...In a seller's market, buyers may be more willing to waive certain contingencies, simplifying the transaction.
7. Flexible Closing Dates
You can often negotiate a closing date that aligns with your schedule and future plans. This is especially beneficial when selling and buying simultaneously.
8. Easier Access to Mortgage Approvals
Buyers in a hurry may secure financing more quickly, reducing the risk of the deal falling through.
9. Escalation Clauses
Buyers are more willing to add this section in a real estate contract which states that they are willing to raise their offer on a home should the seller receive a higher competing offer. Almost ensuring you receive the highest possible price for your home.
10. No Need for Renovations
Buyers may be willing to accept the property as-is, saving you the time and cost of pre-sale renovations.
11. Potential for All-Cash Offers
Investors often make all-cash offers, however, in a sellers market buyers are more likely to pool money together from family, friends, resources, etc. leading to a faster and more secure transaction.
12. Low Days on Market (DOM)
Your listing stays fresh with a low DOM, attracting more potential buyers. And staying relevant on online real estate sites such as Realtor.com.
13. Lack of Unsightly Price Reductions
With buyer demand exceeding inventory you greatly decrease your chances of having to lower your list price, preserving your home's perceived value. Everyone knows when a property price is dropped, that is like blood in the water for sharks!
14. Higher Appraisals
In a seller's market, homes may appraise at or above the sale price, reducing the chances of appraisal issues.
15. Less Stress
With high demand, the selling process is typically smoother, leading to reduced stress and uncertainty. One reason for this is Buyers in a sellers market are more motivated and experienced due to losing out on multiple property bids before coming across yours.
16. Increased Profit Margin
A seller's market often results in a higher return on your initial investment. Some market's in the Bronx had a 70% increase in property value, if you purchased the property in 2013 and sold in 2022.
17. Lower Marketing Costs
High demand means less money spent on marketing, maximizing your profits. In slower markets Realtors may raise marketing costs due to having to spend more time targeting, finding and qualifying the ideal buyers for your property.
18. Positive Home Inspections
In this market, buyers may be less nitpicky during inspections, reducing potential repair costs.
19. Full Asking Price
In some cases, you may receive the full asking price for your property, if not more.
20. Realistic Offers
Buyers know they must compete, so their offers tend to be more reasonable. That's not all, buyers are more informed than ever before due to sites like Zillow and main stream media discussing the intensity of the real estate market. Buyers are essentially being informed from all angles to put their best foot forward, meaning less low ball offers for you.
21. Qualified Buyers
Most buyers have their finances in order, reducing the risk of deals falling through due to financing issues. Compared to a less competitive market, buyers are less likely to get their financial ducks in a row prior to putting an offer on your property.
22. Increased Communication With Buyer
Buyers may be more willing to work with your realtor. This puts your realtor in a position to have direct communication with the buyer opposed to having to talk through another realtor specifically, a buyers agent.
23. Investor Interest
Your property may attract real estate investors who often make swift decisions and offer competitive terms. Especially in todays post pandemic market, where single family homes are becoming more popular to investors.
24. Expert Guidance
Realtors are well-versed in navigating seller's markets, providing you with expert guidance throughout the process.
25. High Demand for Unique Features
If your property has unique features, they become more attractive to potential buyers, potentially driving up the sale price. Keep in mind, in a sellers market, with less competition your strongest property features are considered more unique and desirable to buyers.
26. Sellers' Market Trends
Keeping up with the latest trends allows you to tailor your property to current buyer preferences. Especially with more eyeballs on your property your realtor can give you real time quick feedback on what preferences to cater too. Such as desire for home office/ home gym space.
27. Competitive Staging Has Larger Impact
Staging your home effectively can help it stand out in a crowded market, increasing its appeal to buyers. Now imagine staging your home in a seller market. Buyers are more likely to fall in love with your property and put an offer in, ideally leading to a bidding war.
28. More Favorable Timing
By simply timing the market right can result in a higher sale price and quicker transaction. Property value can fluctuate as much as 30% just by timing the market correctly.
29. Networking Opportunities
Realtors have access to a wide network of buyers and can leverage their connections to your advantage. Especially in a seller market where buyers are more likely to view your property simply because inventory is low.
30. Leverage Online Tools
With less competition, buyers are essentially forced to look at your property. Realtors can use online platforms effectively, ensuring your property gains maximum visibility.
31. High Buyer Confidence
Buyers are motivated to act quickly in a seller's market, leading to faster offers and more competition.
32. Strong Local Economy
A thriving local economy can drive demand and attract more buyers to your area.
33. Knowledge of Local Market
Realtors are well-informed about the local market's especially when they begin to rise in value, allowing them to maximize your sale price.
34. High Resale Value
Homes that sell in high demand markets often retain their value over time, preserving your investment.
35. Quality Offers
In a seller's market, expect offers from serious, well-qualified buyers who are more likely to complete the transaction with factors that are desirable, including more money down, closing date asap, etc.
36. Ultimate Satisfaction
Enjoy the satisfaction of a successful sale with an attractive price and a streamlined process. As you know, theirs nothing more satisfying to someone who just sold their home than bragging to you and their tribe about how great their investment paid off in the real estate market.
Conclusion
In a seller's market, these 36 advantages come together to provide an ideal environment for home sellers, making the process more profitable, efficient, and less stressful. Whether you're an experienced seller or new to the real estate world, these benefits make the experience enjoyable and rewarding.
Buyer Library
36 Things Bronx Home Sellers Are Loving Right Now About The Bronx Market
βIn real estate, it's all about finding the sweet spot between location, price, and the least amount of ghosts.β - Unknown
Hello, dear homeowners and prospective sellers! If you're considering putting your property on the market, you're in luck.
In a seller's market, the real estate world becomes your oyster, and you're in the driver's seat. As a dedicated Realtor, I'm thrilled to share with you 36 things that home sellers truly enjoy when they find themselves in this advantageous position.
With that said, here are 36 things home sellers in the Bronx enjoy due to limited inventory in the current sellers market! π°
1. Higher Sale Prices
In a seller's market, your home's value often increases due to high demand, potentially leading to a more substantial profit when you sell.
2. Quick Sales
Largely due to buyers fear of missing out, and wanting to own a home before prices get too expensive. Homes tend to sell faster in this competitive environment, saving you time and reducing carrying costs.
3. Multiple Offers
Multiple offers give you the power to choose the most favorable terms and pricing for your sale.
4. Competitive Bidding
Having multiple offers is the entree of a seller market. However, the desert is the bidding wars! Bidding wars can drive up your home's final sale price, maximizing your return on investment.
5. Favorable Negotiations
With multiple offers, you have the upper hand during negotiations, ensuring that the deal is in your favor. Some sellers are having the buyer waive their inspection and even appraisal contingencies!
6. Fewer Contingencies
While never recommended a buyer do this...In a seller's market, buyers may be more willing to waive certain contingencies, simplifying the transaction.
7. Flexible Closing Dates
You can often negotiate a closing date that aligns with your schedule and future plans. This is especially beneficial when selling and buying simultaneously.
8. Easier Access to Mortgage Approvals
Buyers in a hurry may secure financing more quickly, reducing the risk of the deal falling through.
9. Escalation Clauses
Buyers are more willing to add this section in a real estate contract which states that they are willing to raise their offer on a home should the seller receive a higher competing offer. Almost ensuring you receive the highest possible price for your home.
10. No Need for Renovations
Buyers may be willing to accept the property as-is, saving you the time and cost of pre-sale renovations.
11. Potential for All-Cash Offers
Investors often make all-cash offers, however, in a sellers market buyers are more likely to pool money together from family, friends, resources, etc. leading to a faster and more secure transaction.
12. Low Days on Market (DOM)
Your listing stays fresh with a low DOM, attracting more potential buyers. And staying relevant on online real estate sites such as Realtor.com.
13. Lack of Unsightly Price Reductions
With buyer demand exceeding inventory you greatly decrease your chances of having to lower your list price, preserving your home's perceived value. Everyone knows when a property price is dropped, that is like blood in the water for sharks!
14. Higher Appraisals
In a seller's market, homes may appraise at or above the sale price, reducing the chances of appraisal issues.
15. Less Stress
With high demand, the selling process is typically smoother, leading to reduced stress and uncertainty. One reason for this is Buyers in a sellers market are more motivated and experienced due to losing out on multiple property bids before coming across yours.
16. Increased Profit Margin
A seller's market often results in a higher return on your initial investment. Some market's in the Bronx had a 70% increase in property value, if you purchased the property in 2013 and sold in 2022.
17. Lower Marketing Costs
High demand means less money spent on marketing, maximizing your profits. In slower markets Realtors may raise marketing costs due to having to spend more time targeting, finding and qualifying the ideal buyers for your property.
18. Positive Home Inspections
In this market, buyers may be less nitpicky during inspections, reducing potential repair costs.
19. Full Asking Price
In some cases, you may receive the full asking price for your property, if not more.
20. Realistic Offers
Buyers know they must compete, so their offers tend to be more reasonable. That's not all, buyers are more informed than ever before due to sites like Zillow and main stream media discussing the intensity of the real estate market. Buyers are essentially being informed from all angles to put their best foot forward, meaning less low ball offers for you.
21. Qualified Buyers
Most buyers have their finances in order, reducing the risk of deals falling through due to financing issues. Compared to a less competitive market, buyers are less likely to get their financial ducks in a row prior to putting an offer on your property.
22. Increased Communication With Buyer
Buyers may be more willing to work with your realtor. This puts your realtor in a position to have direct communication with the buyer opposed to having to talk through another realtor specifically, a buyers agent.
23. Investor Interest
Your property may attract real estate investors who often make swift decisions and offer competitive terms. Especially in todays post pandemic market, where single family homes are becoming more popular to investors.
24. Expert Guidance
Realtors are well-versed in navigating seller's markets, providing you with expert guidance throughout the process.
25. High Demand for Unique Features
If your property has unique features, they become more attractive to potential buyers, potentially driving up the sale price. Keep in mind, in a sellers market, with less competition your strongest property features are considered more unique and desirable to buyers.
26. Sellers' Market Trends
Keeping up with the latest trends allows you to tailor your property to current buyer preferences. Especially with more eyeballs on your property your realtor can give you real time quick feedback on what preferences to cater too. Such as desire for home office/ home gym space.
27. Competitive Staging Has Larger Impact
Staging your home effectively can help it stand out in a crowded market, increasing its appeal to buyers. Now imagine staging your home in a seller market. Buyers are more likely to fall in love with your property and put an offer in, ideally leading to a bidding war.
28. More Favorable Timing
By simply timing the market right can result in a higher sale price and quicker transaction. Property value can fluctuate as much as 30% just by timing the market correctly.
29. Networking Opportunities
Realtors have access to a wide network of buyers and can leverage their connections to your advantage. Especially in a seller market where buyers are more likely to view your property simply because inventory is low.
30. Leverage Online Tools
With less competition, buyers are essentially forced to look at your property. Realtors can use online platforms effectively, ensuring your property gains maximum visibility.
31. High Buyer Confidence
Buyers are motivated to act quickly in a seller's market, leading to faster offers and more competition.
32. Strong Local Economy
A thriving local economy can drive demand and attract more buyers to your area.
33. Knowledge of Local Market
Realtors are well-informed about the local market's especially when they begin to rise in value, allowing them to maximize your sale price.
34. High Resale Value
Homes that sell in high demand markets often retain their value over time, preserving your investment.
35. Quality Offers
In a seller's market, expect offers from serious, well-qualified buyers who are more likely to complete the transaction with factors that are desirable, including more money down, closing date asap, etc.
36. Ultimate Satisfaction
Enjoy the satisfaction of a successful sale with an attractive price and a streamlined process. As you know, theirs nothing more satisfying to someone who just sold their home than bragging to you and their tribe about how great their investment paid off in the real estate market.
Conclusion
In a seller's market, these 36 advantages come together to provide an ideal environment for home sellers, making the process more profitable, efficient, and less stressful. Whether you're an experienced seller or new to the real estate world, these benefits make the experience enjoyable and rewarding.