A few weeks ago I was at Michaels at Shoreline attending a fundraising event for Mountain View High’s graduation party. As sometimes happens at these events the discussion turned to real estate, specifically about how crazy our local market had become. An interesting discussion ensued about whether it was easier to sell a home in a hot seller’s market or a market that was more in equilibrium?
A successful home sale is based on three activities: Comprehensive marketing, expert negotiation, and detailed transaction management.
During a hot market, some agents will cut back on marketing the property, relying on the Multiple Listing Service (MLS) to give your home its only exposure to the market. Even worse, some agents convince sellers that it is in their best interest to sell your home as a pocket listing, eliminating the use of the MLS . Reduced or eliminated marketing activities might include:
With limited marketing, your home may sell but not for its absolute maximum price.
Regardless of market conditions your real estate agent should (at minimum) engage in the following activities:
In an overheated market the number and complexity of offers increases. In addition to the above duties, a seller’s agent should:
In an overheated market, negotiation and transaction management become more complex and important. A strong seller’s market doesn’t guarantee the best results, an experienced and skilled real estate agent who acts as your advocate does. Don’t sell yourself short.