After an extended period when people faced serious obstacles when trying to unload their homes, a new phase may be starting. Thanks to a decrease in foreclosures and rising demand for new homes, a seller's market has finally appeared in the housing sector, according to USA Today.
Many markets across the country - such as San Francisco, California; Phoenix, Arizona; Denver, Colorado and Washington D.C. - are experiencing shrinking reserves of homes on the market, the news source reports. This means that buyers are often forced to compete with each other, ratcheting up prices in the process.
"Multiple offers are definitely the norm," Rick Turley, president of Coldwell Banker Residential Brokerage, told the source.
Time to sell
For those who have been thinking of moving to a new home in their area or of moving out of state, now may finally be a good time to put their home on the market. More demand for fewer houses will likely result in a higher price, affording sellers a larger budget for moving van lines or other relocation costs.
Of course, there is a flip side. Even if you've just gotten a good price selling your home, you will likely need to buy one in your new location - perhaps facing the same seller's market you just left. If this is the case, keep a few things in mind to try and find as good a deal as possible.
While the iron's hot
One common mistake buyers in a seller's market make is taking too long to mull over a potential offer. While this may have worked when the market was at its lowest, acting fast could help you secure a good deal in the current housing climate.
A good impression
Just as with any competitive market, making a connection with the seller could give you a leg up. Demonstrate your interest, keep in touch and stay vocal.
"It warms the seller up. It shows you're not just a number," Michael Citron, a real estate agent in Florida, told WPTV, a NBC Affiliate in Palm Beach, Florida.
A reasonable offer
In a seller's market, the plan of going very low at first could backfire. If you have a price you're willing to pay, offer it. There are likely other buyers who will make a reasonable offer, so don't try to lowball too much.
Once you have sold your house and found a new one, it is wise to hire a household moving company to make the transition as easy as possible.