Searching for a home can be a daunting prospect, especially when demand is high and supply is low. Navigating a buyer-hungry market can be equally overwhelming for the seller. Planning is key and there are several things you can do to prepare for surviving a seller’s market.

Sellers

SEELING “AS IS”– Speak to your agent about a return on investment for home improvements prior to selling. It may be that you don’t need to make changes to ensure a sale, or you will out-price the home for the market.

DE-CLUTTER– Thoroughly clean the property. Buyers look inside closets and cupboards.

DISCLOSURE DOCUMENTS– Consider preparing disclosure documents prior to putting the property on the market. A home inspection prior to listing can be advantageous to a sale.

FLEXIBILITY– When inventory is low, buyers are often willing to be flexible in contract terms if you are not ready to move out imminently.

Buyers

CASH IS KING– A cash offer can bring flexibility in price and contract terms for the buyer.

ACT FAST– Consider getting pre-approved with a loan. Lenders do not need a specified property address in the pre-approval process.

KNOW YOUR BUDGET– Try to avoid being impatient by entering into a contract above your financial comfort level.

GET CREATIVE– If you don’t see anything you like on the market, explore the option of building. Expand your viewing horizon and be willing to adapt your criteria.