Even if it's currently a seller's market and there are a lot more buyers than there are sellers, there's still no guarantee you're going to receive multiple offers on your Taos home. However, there are ways to increase the number of offers you get if you play it smart. You can start by following the tips below.
1. Get to know your local real estate market
Before listing homes for sale in Taos, it is important for homeowners to learn the present "state" of their local real estate market. Basically, there are several "states" that your local real estate market can be in. It can be a:
-
Buyer’s market
-
Seller’s market
-
Balanced market
There's a good chance that you'll receive multiple offers on your home in Taos if the local real estate market in your area is presently in a seller's market state. A seller's market is where there are minimal homes for sale in the area, but ample enough buyers who are willing, ready, and able to put in offers. In a seller's market, buyers realize they have plenty of competition and if they want to secure their dream home, they better be ready to place that offer quickly.
Now, if the local real estate market is presently in a buyer's market situation, it can greatly reduce your chances of receiving multiple offers on your house. A buyers market is where there are many homes for sale in Taos, NM, but a low number of buyers.
The optimal opportunity to receive multiple offers on your house in Taos is when the real estate market in your local area is either a balanced or seller's market. The best way to determine your real estate market's "state" is to analyze the present market absorption rate.
A market absorption rate refers to a number that shows the number of months remaining homes take to sell when there aren't any other homes listed for sale. Your local real estate market will determine what the optimal number is for a sellers, balanced, or buyers market. You'll want to talk with a local realtor like Jennifer Hoffmann for analysis and insight.
2. Enlist the help of a professional real estate agent
An experienced and professional real estate agent will assist you through the present housing market and home selling process. They'll know all there is to know about the market and will have the right connections to help draw in multiple offers and serious buyers.
Professional realtors work with sellers very closely to assess and understand:
-
Their habits
-
The reason they fell in love or built the property in such a way
-
The way their life appears on the property
They leave no detail behind when it comes to understanding the relationship the seller has with the property and the way they live their lives in it.
Basically, the essential things realtors should understand about luxury properties are the story behind them and the space themselves since luxury home buyers care about not just the numbers, but the story as well. A professional real estate agent will ask questions and carefully listen to both the sellers' and buyers' stories. Once the story and space become clear, this turns marketing into a storytelling tool and targets the specific individuals who make a great match for buying the property.
Although you have no control over whether your area is in a buyer’s or seller's market, you'll want to speak with a professional realtor to gain a better understanding of the present market. They'll provide you with insights and knowledge about your area to help guide your marketing and pricing strategies. Along with this, you'll have the ability to stay on top of the pulse of your area, which will assist your response to changes in:
-
Pricing
-
Trends
-
Competition
These types of things can affect your pricing strategy.
3. Boost curb appeal
You have one chance only to make a first impression. The first thing that potential buyers see when they come to view your home is the outside. If their first impression of your home and outdoor surroundings isn't to their liking, you might lose them.
Fortunately, there are a number of ways you can boost your home's curb appeal. Improving the exterior of your home or the landscaping can have a huge impact on curb appeal. Here are some suggestions:
Home Exterior
Walk around the outside of your home and examine it to determine what requires improvements. You can:
-
Add a fresh coat of paint to the front door
-
Ensure your mailbox is in good condition
-
Clean the gutters and pathways
-
Check to see if the windows and siding are chipped or cracked
-
Check to see if the sun has faded any of the colors
-
Check the appearance of your garage
Keep in mind that potential buyers pay close attention to details like this.
When you're ready to sell your home, improving the exterior of your home can have a large impact. For instance, a Remodeling magazine's Cost vs. Value 2021 report shows that using manufactured stone veneer to update your home can help you potentially recoup 91.4% of the cost of the improvements.
On average, it can cost around $11,066 to improve your siding with manufactured stone veneer. However, the resale value, on average, increases by $10,109. This means, that when you sell, you may recover almost all of the costs to renovate.
Landscaping
The first thing potential buyers look at before even looking at your home's exterior is the landscaping. Be sure to take a look at your trees, lawn, and shrubs. Are they brow and withering or are they green and vibrant? Once you examine the situation, you may wish to make improvements such as:
-
Adding some colorful bushes, plants, and trees to your landscaping
-
Trimming and pruning shrubs and trees
-
Adding some landscaping rocks, mulch, and bricks
-
Adding plants you buy from the local garden center
4. Consider energy efficiency
Potential home buyers look for energy-efficient homes that will leave a smaller carbon footprint and save on energy costs. A National Association of REALTORS® 2019 report shows the most sought-after features by potential home buyers include:
-
Energy-efficient appliances
-
Energy-efficient lighting
-
Solar panels installed on homes
-
Energy-efficient doors, siding, and window installations
-
Landscaping for energy conservation
A home energy auditor will be able to show you ways to make your home more energy-efficient. Your savings in energy and cost will pay for the consultation costs.
5. Invest in home staging
Home staging can make for a fast and profitable home sale. Home staging enables potential home buyers to visualize themselves in your home. This helps generate an emotional attachment between the potential home buyer and your property.
Home staging is where the best features of your home are showcased to appeal to a broad audience of potential home buyers. But, with luxury home staging, there are certain things to take into consideration. Luxury home staging requires:
-
In-depth design sense
-
Creativity
-
Spatial awareness
An important thing to keep in mind with home staging is that it's not personal and isn't about the seller or you. It's about staging your home so that it appeals to a broad audience of potential home buyers and enables them to see themselves living in your home.
Professional home stagers will first emphasize the importance of staging your home to reduce the appearance of your life in the home to allow potential home buyers to picture themselves living there instead. You shouldn't take any suggestions a staging professional gives you personally. Their main objective is to ensure your home appeals to as many potential home buyers as possible and any suggestions they give you aren't a reflection on your style choices or preferences.
6. Create a smart home
There are many types of smart home devices, ranging from a complete home security system to a small smart speaker. You have many options. Upgrading the gadgets and technology in your home can not only make your daily life more enjoyable, but it will also help to increase the value of your home for when it's time to sell it.
Around two-thirds of home buyers claim they'd like to see pre-installed smart products in a home, according to a Coldwell Banker survey. These include:
-
Smart fire detectors
-
Smart thermostats
-
Smart camera
-
Smart carbon monoxide detectors
-
Smart lighting system
-
Smart locks
It may cost you a little upfront to install smart gadget upgrades to your home, but they'll pay off when it comes time to sell your home.
Let Jennifer Hoffmann help you sell your home
If you're looking to sell your Taos Home, contact one of the top Taos real estate agents at the Hoffmann Team to help ensure you get as many offers as possible on it. Jennifer is part of The Hoffmann Team — a company that has a team of professional real estate agents with a combined 10 years of experience. Jennifer is a committed and devoted sales professional who serves Taos, Red River, Angel Fire, and surrounding areas. Call 575-425-1512 to sit down with Jennifer and talk about your Taos real estate needs.
