So, you think you want to sell your home and take advantage of the seller’s market. Congratulations! It’s really nice to know that homes are in demand. But, don’t let it go to your head. There are perils even in a seller’s market.
Here are some steps you can take to make the most of this seller’s market.
- Price your home competitively. Pie in the sky pricing rarely works out.
- Have your home pre-inspected, and any repairs made, so that your homes comes out of the gate in the best possible position. Buyers become less enamored of a home, and its price, if repairs are identified during the inspection period. You may find yourself negotiating a lower price, making repairs, or even losing the buyer.
- Remember– I need to sell your home TWICE! Once to the buyer who may have all types of enthusiasm and exuberance about your home. And secondly to the appraiser, who will have neither. Unless yours is a cash buyer, your home will most likely need to appraise at the contract price in order for your buyer to move forward.
- NEVER set your price high believing that you can “always come down in price” or “they can always make me an offer”. These approaches will NOT work out well for you. You will lose valuable market time and your home will look stale to the available buyers by the time it’s appropriately priced. You will leave money on the table with this strategy.
- And probably most important- After you sell, you’re going to need to live somewhere. You may find yourself very quickly with the tables turned as you become the buyer for your next home. Keep both sides of this discussion in mind.