If you’ve been listening to the news at all, you’re probably aware that we’re in a strong seller’s market right now. Sellers are getting crazy terms and conditions for their houses and are selling for way over asking price. However, people tend to exaggerate in an extreme seller’s market that’s already a little crazy in the first place. Here are four common misconceptions about this market you should be aware of and the truth behind them:
1. You need a plan for your next home before listing your current one. This is stopping many people from putting their homes on the market. They’re concerned about what comes next. Where is their next move? The great thing about this market is that you can set favorable terms as a seller to help you out as a buyer. You don’t necessarily need to know your next move. You can write things into the contract like a short closing date and a long lease-back of up to 60 days, sometimes rent-free. This gives you time to find a new home before you have to move out.
2. Your home’s condition doesn’t matter. Many sellers think that they don’t need to do anything to their homes before selling. While selling as is can sometimes be the best choice, most of the time you need to make your home sparkle to sell for top dollar. Your home’s condition always drives its price. Major remodels aren’t necessary, but there are some things you can do to help your home sell more quickly, such as fresh paint, new carpet, and deep cleaning. This will help buyers feel like your home is fresh and clean.
“Pricing is so important in today’s market.”
3. You can price your home above the market. It’s common for sellers to think that they can list their homes way above market value because there is so much demand and buyers are willing to pay whatever it takes. In our market, it’s very important to set the asking price appropriately. If you price the home too high, fatigued buyers will be hesitant to make an offer. Overpriced homes tend to sit on the market longer and sell for less than they would have if they were priced appropriately from the start. There are multiple strategies to consider depending on your goals. Listing your home at fair market value will always yield the best return. Pricing is so important in today’s market, and a good real estate professional will run the right market comparables to help you come up with the right price.
4. You can sell your home by yourself. While this isn’t technically false, selling your home on your own doesn’t benefit you as much as you think. In this market, homes will sell. However, if you aren’t priced, staged, or marketed correctly, you’ll simply end up leaving money on the table. Our team’s listings have been receiving multiple offers, which is another huge situation to navigate if you don’t know what you’re doing. It helps to have an experienced professional at your side to help you get the best terms and price for your home.
If you have any questions about this crazy market or real estate in general, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.
