Selling a home can be both stressful and exciting as well as time-consuming. Preparing your home to sell in any kind of market is important. During a seller’s market, you still want to position your home so you will make the most of the sale even in a hot real estate market. Here are tips from industry leaders on how to do this.
Price your home competitively
When selling a home during a seller’s market, the seller has the upper hand but this doesn’t mean a seller should inflate the price of a home’s listing. The first step is to work with a trusted real estate agent who can set a fair price based on recent sales of similar nearby homes. A smart price for a home will draw in more offers and buyers which will more than likely bump up the price due to bidding wars. Many buyers nowadays search online for a home, so if your home is listed too high, it might fall out of their search criteria if a potential buyer has a certain budget.
Find out if you qualify for discounts
Many sellers, depending on their background or profession, qualify for closing cost discounts or credits for home sellers through various networks. A great example is if a seller is a first responder, service member, teacher or health care professional they may qualify for Homes for Heroes. Homes for Heroes helps with a seller saving on a real estate agent’s gross commision fee. To see if you qualify, contact your professional organization or credit union that serves customers in your industry.
Weigh multiple offers carefully
Bidding wars can be great but also can be a little tricky when it comes to choosing the right offer. It is not always the best idea to take the highest bid as there are many other factors to consider. Things to consider, has the buyer been preapproved for a mortgage, does the bid you are contemplating include contingencies that could be a little tricky, will a lender finance for the bid due to the offer being over asking or are they willing to have a quick close? Consider these questions when you are looking at all of the bids that are on the table.
Know your next move
In a seller’s market, you might be under contract and closed before you blink an eye. Once a seller is under contract, they then become a buyer in most cases. Having a good idea of the market can help you with the next move. Create a realistic estimate for moving expenses which usually include closing costs and other fees.
Remember choosing a local realtor when selling a home is beneficial in a seller’s market. Even with many offers on the table, you might not choose the best one for you. A realtor can help you with factors and considerations that you might not have considered.