There are any number of reasons why people are hesitant to sell. With prices rising, they may be holding off in order to regain equity lost over the last ten years. They may not understand the conditions and benefits of a seller’s market. They may even fear that despite the fact that they can make good money by selling, they won’t be able to find a new home that they can afford. Whatever the reason, reaching potential sellers requires a unique marketing approach.
Here’s an example you can modify for your own use as a blog, flyer, and social media post:
6 Things You Need to Know to When Selling Your Home in a Seller’s Market
People choose to sell their home for many different reasons. Some sell to relocate for a new job, while others outgrow their home and are looking to move up. Whatever reason you’ve chosen to sell, you’ve made a large investment in your home and naturally, you expect to get a good return on your investment.
Good news! In today’s tight market where single-family homes are in short supply, you have an opportunity to get the best return possible. What are other benefits of a seller’s market?
- Your chances of a cash purchase are higher
- You may get competitive offers above your asking price
- Structural defects or other desired renovations or improvements will cost you less in negotiations — or possibly be overlooked entirely
- The purchase and sales agreement can specify your home’s closing contingent on your ability to find a new home
Here are 6 more things you need to know to make the most when selling your home.
1. Choose The Right Realtor® – First and foremost, you need a top-notch Realtor® to help you navigate today’s sophisticated real estate market. You want an experienced salesperson and a creative marketer who knows the local market and can successfully leverage all channels to advertise your home to the widest available audience.
To Do: Interview no less than three Realtors®. Check references. Look for someone with experience and personality. Ask what percentage of the sale is their commission.
2. Pricing – Here’s where the experience and market knowledge of your agent can really help. A good Realtor® will look at the big picture. By comparing recent sales of other homes in your market, he or she can help you determine a realistic selling price.
To Do: Make sure your real estate agent is aware of all upgrades and renovations. Don’t hide anything that you feel may affect the price. A potential buyer is going to want an inspection and any defects or repairs required will be included in negotiations.
3. Presentation – The proper presentation of your home and property is critical when it come to attracting the right buyer. Your Realtor® can help you prepare your home and offer some suggestions that will help present your home to its best advantage.
To Do: Make sure your home has curb appeal. Eliminate clutter and clean thoroughly throughout. Don’t under estimate the power of a fresh coat of paint.
4. Reach a Wide Audience – A good real estate agent knows that selling a home is more than simply planting a “for sale” sign on the front lawn. An open house, online promotion, as well as traditional media, all contribute to reaching qualified buyers.
To Do: Review the details of your Realtor’s marketing plan. Also, make sure he or she invites other agents in their office to see the property.
5. Find Qualified Buyers – Obviously, you hope as many potential buyers see your home as possible. You want to be sure, however, that they are qualified buyers — that is, buyers who have been pre-approved. A pre-qualified buyer is one who’s had a cursory review of their income, expenses, and credit, and is “likely” to be approved for a mortgage. A pre-approved buyer is one whose lender has reviewed their financials and credit thoroughly and, barring any title or inspection issues, can count on final loan approval. Pre-approved buyers are often able to close faster as well.
To Do: Let your Realtor® know that you’d like to screen offers based on pre-approvals only.
6. Know Your Rights and Obligations – A purchase and sales agreement is a binding document. Before signing, make sure you understand your rights. Who is responsible for closing costs? Is the final closing contingent on particular repairs? In the event that there are issues with the deed, the title, or local zoning restrictions that are discovered in the eleventh hour, what are your obligations to the seller?
To Do: Another area where an experienced Realtor® is truly essential. Ask questions and read the fine print before you sign.