It’s no secret that today’s seller’s market is more competitive than it has been in years. There’s many stories about this hot sellers’ market, like neighbors selling their house for double what they bought it. This is fueling sellers’ hope to make a major profit off listing their home. This could deem true for you, but only if you gauge your market carefully.
Here’s a look at 4 myths about selling a home today, and tips on how to adjust your strategies for the realities of today’s market.
There’s no need to renovate – buyers will buy anything
In a hyperactive market, sellers expect a high price for their home without making repairs or upgrades. This can potentially be a setup for failure. Even in this market, you shouldn’t sell your home as-is.
Buyers today, despite limited housing inventory, want to walk into a clean home. One that has fresh paint, appliances working, countertops & walls not banged up, etc. High-priced homes that need too much work are a turnoff, buyers are looking for move-in-ready homes.
A few inexpensive upgrades that bring a return on investment to keep in mind are a fresh coat of paint, a good scrub down, tidying up the landscaping, replacing lightbulbs, and fixing broken doorknobs.
You can price your house above average and get that amount
The market is hot and it’s true that home prices have been rising. But don’t let the dollar signs get to your head. You can’t just ask for whatever price you want and get it.
Homes need to be priced realistically in line with what the market is asking, the type of home it is, and its condition.
You don’t need to market the listing – the home will sell itself
Never underestimate the power of quality pictures of a home. The pictures on a listing are the first thing a buyer sees, and this can guide their decision on if they book a showing or not.
Professional pictures, additional pertinent information, and other appealing amenities could sway a buyer to choose your property. Without it, your listing falls short, and most buyers won’t want to see your home in person.
Homebuyers start their search online. If your listing is lacking these items, it won’t get much attention.
Just pick the highest offer in a bidding war
Bidding wars are common in this market. Sellers are receiving multiple offers with some even over the asking price. Taking the highest offer may be tempting, but it’s not always the best move.
Think terms over pricing. A smart seller will take a lower price to get much better terms. An example is a lower offer that’s all cash. This would eliminate the financing hurdles and could mean a quick closing.
Make sure you examine all factors of every offer. This includes the buyer’s finances.
If you’re looking to sell your home in this active and hot market, make sure to look at the facts and reality of it all. Consider what your home is worth and what small things you can do to make your home stand out.