What you have heard is true – right now is a seller’s market. Inventory is low and home prices are high. However, selling a home is still not easy and requires careful planning. As you consider selling your home, check out the following tips to ensure you and your home are prepared to enter the market.
Six tips for selling your home in this market:
- Prepare your home. Just because it is a seller’s market does not mean you can forego cleaning and staging your home appropriately. An important part of selling your home, regardless of the market, is to make sure your home looks its best.
- Be reasonable with your listing price. While some sellers may be able to get an offer well over listing price, that does not mean it is a reasonable listing price. Your buyer’s lender, if they need a loan, will do an appraisal of your property. If the listing price is too high and the property does not appraise out, your deal may fall apart. If you have a buyer offering cash, then by all means, accept the highest offer!
- Find a good real estate agent. Ensure you select an agent who regularly works in the market you are selling in and understands the current trends in that market.
- Get earnest money. This is not the time to forego getting earnest money from your buyer. Earnest money lets you know your buyer is serious about purchasing your property and gives you a safety net should the buyer breach the contract for any reason.
- Prepare for a fast timeline. Your buyer may have been searching for a home for quite some time before you accept their offer. If that’s the case, they may be looking to move in quickly. There is a certain amount of time needed between the contract being executed to the closing. However, the more quickly you are able to move, the better it may be for your buyer.
- Plan to find a new home. While selling is highly appealing right now, unless you plan to rent or have another property, you will enter the market as a buyer. Buying a home right now can be challenging due to limited inventory and competitive prices. If you are preparing to buy a home, check out this blog for tips on buying a home in a seller’s market.
If you are selling or buying a home our attorneys are available to help you prepare and assist you with the legal process. Contact our offices to set up an appointment today.