I get it. Homes are selling within weeks, days and sometimes even hours. So why do you need a REALTOR® in a seller’s market? I am glad you asked!
First, let us define a seller’s market. In a balanced market, we would see six months’ supply of inventory. That means if no new homes hit the real estate market and all the currently listed inventory sold, it would take six months to sell all those properties. To give you a quick perspective about our current market, most localities have less than two months’ supply of inventory and one locality has 2.5 weeks supply of inventory. TWO WEEKS! (Let me know if you want details on which one; I find all this data fascinating). So yes, if you are a seller, there is a good chance it will not be hard to find a buyer!
So back to the question at hand, why do you need a REALTOR in a seller’s market? A REALTOR’s value is beyond just finding the buyer.
Preparation. Most REALTORS are going to prep you for worst case scenarios as well as prep the house for the market to attract the most competitive offer. It could make the difference between a good offer and multiple great offers, with little to no contingencies that allow you the power to make the best financial decision.
Objectivity. As REALTOR members, we subscribe and abide by a Code of Ethics, which specifically states our duty to promote and protect the interests of our clients. Many times, keeping the emotions out of the transaction to stay focused on your goal can help net more money at settlement, result in a quicker timeframe with no delays and a smoother overall experience (read: less stress).
Negotiations. If you were facing 25 years to life for a crime (let us assume for the story’s sake that you are innocent), would you plead your case before the court and represent yourself? Or would you be wise enough to seek legal counsel from a professional? Why would you do anything less when handling what may be the most expensive asset you own. Please make it make sense.
Experience. No one wants to focus on this, but there are about 1,001 things that can go wrong between contract and closing, so a huge part of a successful transaction is knowledge to navigate any obstacles. As REALTORS, we do this every day, and every transaction teaches a new experience that will help a future client. It helps if you have gone through a scenario before — and if your specific REALTOR has not been through that scenario, chances are the Broker or another REALTOR in that office has. Sounds like a great benefit to have access to so many resources.
Resources. Speaking of resources, I recently was at a listing appointment in Newport News and as we discussed the final to-do list to get the property market ready, the owner shared her frustration with unfinished projects at the hands of a “contractor friend.” I could not help but wonder if she would have had a different result if she contacted me first. I know she would have had a better experience based on feedback from other clients when interacting with my referred contractors. There is a value in having access to a REALTOR’s resources because that professional will typically be licensed, insured and not only wanting to make the client happy, but making the REALTOR happy for continued business as well.
In our current fast-paced real estate market, there is truly a value in having a REALTOR, even in a seller’s market, to provide you peace of mind!