It is rare that an item of overriding general advice can be given to sellers in the often complex and ever-fluctuating property market, but it seems like, right now, it might just be possible to do that. Quite simply, if you are planning to sell your home, you should put that plan into action now.
The U.S. has rarely in its history seen such a pronounced seller’s market, something caused by historically low inventory and historically high demand. There are many other reasons for this phenomenon but, put simply, buyers are eager to snap up homes. It has even been estimated that the average buyer is willing to go up to $100,000 over budget just to get the home they want instead of the next guy.
This, however, has led to some complacency on the part of the sellers, specifically the neglect of proper marketing for their home. It simply seems like it isn’t necessary – the buyers are there, and they are eager, right? Wrong. Real estate brokerages would simply have no use if this were the case, and selling your home without one is, to put it euphemistically, tossing dollar bills out the window. CityHome Collective, a real estate brokerage specializing in luxury homes and condos, stress the vital importance of marketing, something which can only be done with an in-depth knowledge of the housing market and how it changes day by day.
What is Property Marketing?
Property marketing is a pretty general term, and it doesn’t really represent one single selling strategy. You can think of it like this: there is the property itself (often very attractive for buyers) and then there’s everything that can be done to make it more attractive. The latter is what is meant by property marketing. When you stage your home for viewing, that’s marketing; when a realtor posts listing photographs online, that’s marketing; when an individual posts on Facebook about the home that they’re selling, that is also marketing. You get the idea.
Reasons to Market in a Seller’s Market
Of course, any home on the property market will be marketed in some way – nobody would find out about it otherwise – but too often the imperative to market as effectively as possible is neglected when the market is “hot”. This is a mistake, and here are some reasons why:
Tough Competition Hasn’t Disappeared
The hot seller’s market is good news for you – but it is good news for the next guy too. Furthermore, in certain areas or with certain property types, you could still be fighting over the same buyer. If you do not market your home enough, you could certainly still lose out to someone else.
Buyers Require More Convincing
The steep prices of homes right now can actually drive buyers away. Yes, some financially secure and desperate buyers might simply throw money at their dream home, but others have developed a very cynical attitude, and will simply stay away or hold off in the hope that the market will change (and it may well change). Therefore, you still need to convince buyers.
The Seller’s Market Will Not Last Forever
In fact, it cannot last forever. It has already been predicted that the current situation is unsustainable. The situation of high demand and low inventory can be changed by simply building more houses (there is an economic incentive to do so, after all). You might feel like you can neglect marketing for now, but that will not always be the case.
Ultimately, sellers are selling a home. And selling anything requires marketing. Why would the property market be any exception?