Now Is a Good Time to Sell Your Home:
Profit From the Seller's Market in Lake Havasu City.

Lake Havasu real estate is very much in a hot “seller’s market.” That’s a good thing if you want to sell your home. A seller’s market happens when more people want to buy homes than there are sellers willing to put their properties on the market. It’s basic supply vs. demand—very low supply and very high demand.

Lake Havasu City

What a seller’s market means when you sell your home

If you want to sell your home now, here is what you can expect: 

  • You’ll get offers super-fast—properties are on the market just days or hours
  • Buyers bring deals that are at or even over your asking price
  • Larger earnest money deposits
  • Very few contingencies or demands
  • Buyers selling themselves—giving you reasons to pick their offer

 

Statistics tell the story of the hot Lake Havasu Real Estate Market

Prices are definitely rising for homes in the Lake Havasu City area. The Lake Havasu Association of Realtors® latest figures show that 205 properties changed hands in May of 2021 versus only 133 in May of last year. The number of properties listed for sale fell dramatically from 714 in May 2020 to 472 in May 2021. The average median sale for a home in the area rose to a record-setting amount. Last May the average single family home sold for $377,158. This year that number hit $485,712.

 

Driving demand and prices

Experts point to pent-up demand as a major market driver. People trapped by COVID restrictions are attracted to the healthy, sunny environment, natural beauty, and vibrant outdoor and cultural energy of Lake Havasu. The price increases started in June 2020 and haven’t let up since. It isn’t just Lake Havasu’s reputation for livability behind the trend. Scarce and expensive building supplies like lumber, are putting further upward pressure on home prices. Still-low interest rates with inflation on the horizon are pushing buyers to make deals now. 

 

Tips for when you want to sell your home

If you want to sell your home in Lake Havasu City or the surrounding area, here are some tips for getting the most out of the seller’s market we are in:

  1. Work with an experienced and well-connected agent. They know who is in the market and who is best qualified to give you a great offer. They are also able to work with you on a strategy that is going to get you the ideal deal and possibly multiple offers.
  2. Stage your home to show its best features. Make sure it is spotlessly clean. Clear out the clutter. Repair or replace damaged or unsightly items like stained carpets. 
  3. Don’t forget curb appeal. You’ll get more offers when you make a solid first impression.
  4. Sell visually. You cannot possibly have enough pictures to include in your listing. Capture every room and include different angles and times of day. Do close-ups of special details. Add a virtual tour. Your buyers may fall in love before first sight.
  5. Strategize when you list. If your property hits the market midnight Thursday, buyers will see it as a new listing Friday morning when they are making their weekend house hunting plans.
  6. Limit showing hours. Not only will you avoid the inconvenience of buyers showing up at all times of the day, you will enhance the aura of scarcity and create a sense of immediacy.

 

Thinking beyond price

Yes, you will get the highest price offers when you sell your home in a seller’s market, but don’t let price be your only consideration. Examine the deals your real estate agent brings you and consider factors such as:

  • Size of earnest money deposit
  • Whether the deal is all-cash or has contingencies for financing
  • Down payment amount—more is better
  • Willingness to forgo inspections
  • Proposed closing date
  • Absence of various conditions, contingencies, and unusual requests
  • Buyer’s willingness to pay more or all of the closing costs
  • Details about the buyers including pictures, mini bios, letters of recommendation (make sure they are genuine

 

When you have gone through the details, you can accept the best offer, counter with a change in terms or price, or ask all buyers to submit their “best and highest” offer. In a seller’s market, you are in the best possible position.