Understanding Today’s Sellers
Understanding who today’s sellers are and what they are thinking is key to buying your home in 2021! As we remain in a seller’s market, thinking from the seller’s perspective is likely to give you a leg-up when beginning your home search. Mark Spain Real Estate continuously analyzes the markets so we can better serve our clients!
We are grateful to remain one of the most trusted names in residential real estate, and we want to help you in reaching your real estate goals. Contact us for more information!
Understanding Today’s Sellers as a Buyer
It is important to note that we are currently in a seller’s market. This means that sellers tend to have more power than buyers in a home transaction, as the demand for residential real estate is higher than the supply of homes. With that being said, keep in mind that you may be in competition with other buyers for your dream home, and the seller you’re pursuing will likely be motivated to pair with whichever buyer is able to contribute the best offer.
Right now, sellers are trying to get the best deal possible for their homes. They are aware that houses are in high demand, and they will not settle for a low-ball offer. If you are considering buying a home, contact Mark Spain Real Estate to get in touch with one of our Exclusive Buyer Consultants and begin your home buying journey.
Sellers Want the Most Valuable Deal
In today’s market, it is likely that the seller you are engaging with will get multiple offers on their property. With that being said, they will choose the most valuable offer. It is important to keep in mind that the highest monetary offer may not necessarily be the most valuable. If you aren’t able to offer the highest price for the property, consider other valuable options you could provide the seller with to set yourself apart in the seller’s eyes.
For example, maybe you don’t have the highest offer, but you can offer all cash. Or, maybe the seller needs time to find a home or to finish packing; consider offering them the chance to stay in their home longer! Explore wiggle room in inspections, updates, financing, and closing costs. Figure out what contingencies you can waive or alter to make this transaction easier and more attractive to the seller. When sellers are getting more offers than ever, you can count on contingencies carrying heavyweight.
The best way to get the house of your dreams is to make the most competitive offer upfront. To increase your chances of securing your dream home quickly and with less competition, have a Mark Spain Real Estate agent on your side.
Sellers Want to Meep Their Options Open
Another thing to keep in mind when shopping for a home is that sellers want to keep their options open. With sellers having more control and houses flying off the market, it’s not uncommon for sellers to leave their houses on the market longer to see what offers they can get.
Keeping a house on the market for a few additional days can give a larger number of buyers a chance to see the house, increasing the likelihood of more offers. With this in mind, remember to be patient, to follow up, and to lead with your best offer.
The Majority of Sellers in 2021 are Gen Xers and Baby Boomers
One last factor to consider when understanding today’s sellers is to recognize that the majority of sellers in 2021 are Baby Boomers and Gen Xers. Most of these sellers are between 41-65 years old and are typically looking to sell their homes to move closer to friends and family.
The members of these demographics have lived in their houses for many years, with the average Baby Boomer selling their home having lived there for at least 14 years. This is to say that sellers may be emotionally attached to these homes, and additional value may be perceived on their end.
Other 2021 sales trends worth noting are: the final sales price of recently sold homes is a medium of 99% of the final listing price, 40% of sellers reduced their home price at least once, and 33% of sellers offered a buyer incentive. 89% of all sellers used an agent or broker to sell their home, so be prepared to interact with an agent.
Considering all this, put yourself in the seller’s shoes. Anticipate how they would think in order to make an offer that will be the most valuable to them! Be realistic when you evaluate price and contingencies, keeping the statistics mentioned above in mind.
To read more about the National Association of REALTORSⓇ statistics shared in this section, click here.
Buy a Home with Mark Spain Real Estate
The best way to buy a house, especially in a seller’s market, is with a competent and caring real estate agent to guide you along the way. Today’s sellers are looking for buyers who are serious and prepared to buy, so increase your chances of scoring your dream home by having the best real estate agent in the industry on your side. Reach out to us TODAY if you are interested in buying a home with Mark Spain Real Estate!
Mark Spain Real Estate is dedicated to delivering an unparalleled client experience. We conduct market research and provide training to our agents, allowing our team to be competitive in the purchasing of your home. You can feel at ease selling and buying with Mark Spain Real Estate!