It’s currently a strong seller’s market with more buyers than sellers. Learn how to take advantage of this type of market and sell your home now:
Get a Very Good Price for your Home
With fewer homes on the market for sale and many motivated buyers (due to low interest rates and a strong economy), odds are in your favor to get top dollar for your home without price reductions. Many homes are receiving multiple offers – which means you will be able to select the best offer for your needs.
What you do not want to do is price your home out of the market. You have to be realistic about its current value. Your real estate agent will show you what similar homes are selling for and how a fair market value is determined. An overpriced home could result in an inconsistent appraisal, which will then give your buyer doubts or reason to possibly back out of the deal.
Less Time on The Market
Homes are selling at a faster pace. When your home sells in a short amount of time, you will not have to constantly clean and keep your home in tip-top shape for showings.
You will still need to prepare your home for the market initially. Staged homes show better in person and online – and will capture more interest among homebuyers. Read more about curb appeal and a staged home.
Selling As Is
In a seller’s market, many buyers are not agonizing over every item that needs to be fixed in a home. You may be able to sell your home “as is”. However, if your home has structural issues or a roof that needs replacing, your price will need to reflect those concerns or it may be best to fix those issues first before going on the market to sell. Remember, a home in great shape will attract more buyers.
The Seller’s Market Won’t Last Forever
Conditions for a seller’s market can change, taking that advantage away. For example, if your area has a spurt of growth in new construction, you will now have more competition of available housing for sale.
Will I Find a Home Now that Mine Has Sold?
If your home sells quickly, you will now be in a position to find a new home right away. While you are selling your current home, you should start looking at homes for sale. If you find that dream home, you may want to consider a bridge loan that will give you the funds needed for a downpayment before your current home sells.
Another consideration would be to ask the buyers to be flexible on timing for the closing or occupancy of the home. You might be able to request a rent-back agreement. This would help to alleviate moving twice.
One final idea is to move into a short-term rental while you look for a new home. Although this requires two moves, it will take away the pressure of finding that new dream home in a short amount of time.
Look at homes for sale.