If you’ve been following real estate market news, you likely know we’re in a red-hot seller’s market, homes are selling for way over asking price, sellers are receiving great terms and conditions, and things are currently a little crazy. Due to everything that’s going on, I’m sharing four common misconceptions about a strong seller’s market:
1. You must plan for your next home before listing your current one. I believe this misconception is what’s keeping most people from putting their houses on the market right now. Many people think they can’t list their property for sale until they already have their next home lined up. In reality, in the present market, sellers control more terms and conditions than usual. Asking for an extended closing date or negotiating a post-closing occupancy of up to 60 days gives sellers time to find their next house after they’ve secured an offer on their current one.
2. The home’s condition doesn’t matter. Plenty of people think they can just list their property in any condition and it’ll sell quickly. Sometimes an as-is sale makes sense and is the best approach, but that isn’t normally the case. In truth, the condition still sells the home.
Houses in the best condition will sell quicker and for the most money. When you hear that people are getting wildly high offers and excellent terms, it’s because their properties are in their best conditions. You may need to paint, clean, declutter, and do all the other things to prepare the home that you would do in any market.
3. You can price your home above market value. In our market, it’s crucial to set an appropriate asking price. Buyers are already concerned about overpaying and fatigued by what they’ve been experiencing out in the market. If you list your house higher than it should be, tons of buyers will simply avoid it. Ultimately, you’ll be playing catch-up and will probably sell for less than you would have if you’d priced it correctly from the beginning.
4. You don’t need a Realtor. Since everything’s selling so quickly, there’s a temptation to sell your property on your own and save a little money. However, homes are receiving multiple offers and a slew of showings, and you need an expert in your corner who knows how to help you manage the process. Real estate agents qualify buyers before they walk through the house so that only those capable of making an offer are allowed to view it.
When the offers start pouring in, you need someone who can help negotiate the best terms for your situation. It’s not always about the highest price; numerous other things go into an offer. You may also be tempted to use a discount broker who will just list the property on the MLS and leave the rest of the work to you. However, if you want to maximize your position in today’s market, you need an expert agent that will provide the world-class marketing your home deserves.
If you have any questions about this market or how to sell your house, you can always give us a call or send an email. We’d love to talk to you about what your home is worth and how we’d maximize your position in the market.