Spring is in full swing and the real estate market is blooming. If you are debating or on the fence about whether or not to sell your home this season, Here are 3 reasons you should list your home for sale during spring:
Tap Into Your Home Equity
According to a recent report released by Zillow, in Seattle, homeowners are gaining $54.24 in equity per hour, 3.5 times the minimum wage of $15 an hour. This indicates that home values are appreciating at a rate per hour that’s actually higher than the local hourly minimum wage. This equity, however,
is only available once a homeowner sells.
Low Inventory Means Less Competition
According to another report released by Remax, the Seattle metro area is tied only with Denver for lowest home inventory and has one of the fastest markets in the country. This means that, in the majority of Seattle, there are not enough homes for sale to satisfy the number of buyers in the market.
Quicker Home Sale Than Ever
Due to the low home inventory, home buyers are doing all they can to stand out from the crowd, including getting pre-approved for their mortgage financing. This makes the entire selling process much faster and much simpler as buyers know exactly what they can afford home shopping.
Only you can decide whether or not now is the time to sell your home or downsize, however, the real estate market is ripe for a quick and profitable home sale.
Buyers are searching for homes, but supply is not keeping up with their demand!
There are two types of real estate markets: Buyer’s and seller’s markets.
What does this mean for you?
Selling a home in a seller’s market is very different from selling a home in a buyer’s market. Not only will your days on the market be notably fewer, but you might even receive multiple offers on your home, which could drive up your sales price and get you top dollar on your investment.
It’s an excellent idea to take advantage of restrained home supply since it’s the demand that drives competition. The greater the number of potential buyers for your home, the higher the chances are that you’ll make more money.
Another upside to a seller’s market is that homes that would otherwise be difficult to sell in a buyer’s market stand a greater chance of a sale.
Some homeowners believe that once you stick a “For Sale” sign in the front of your yard, the market takes care of the rest. Although it might be easier to sell in a seller’s market, it still takes a lot more to sell a home than hanging a sign out front. It requires strategy.
Top strategy for selling your home in a seller’s market:
Prepare The Home For Sale
Clean, declutter, and make small repairs on your home from top to bottom. Some buyers will overlook little defects in a seller’s market because there are not enough homes on the market and they don’t have many choices. However, your ultimate goal should be to sell your home for as much as you can. This entails having a clean and decluttered home potential buyers could picture themselves calling home. You’d be surprised the difference a fresh coat of paint can make on value perception.
A Picture’s Worth A Thousand Words
Once you have your home clean and have taken care of small touch-ups and repairs, your next course of action should be to hire a professional stager. The benefits of staging your home far outweigh the costs that come along with it. Not only will your home look great in photographs but often, it will leave a lasting impression on buyers as they view the home.
Lower The Sales Price
If you set the price a bit below the current market value, this effort will attract more buyers. It also will leave some room for buyers to feel more comfortable bidding above the asking price. Be careful when using this strategy, pricing your home too below its market value, will most likely turn away buyers and decrease the amount of market exposure your home receives.
Set a time for offer review
Let the potential buyers know that you will consider all offers on a specified day and time. Don’t make buyers wait longer than necessary or your strategy could backfire, and they might withdraw the offer.
Review Seller’s Market Offers
After all of the offers are received, make notes on each offer so that you are aware of not just the sales price but other factors such as:
- The amount of the earnest money deposit
- Whether the offer is all cash or if finance & the proposed type of financing
- Amount of down payment
- Waiver of standard buyer inspections or contingencies
- Seller costs, including proposal to pay the buyer’s closing costs
- Unusual requests or allowances
- Some buyers will send photographs of themselves, often including their pets or their children. They might write letters to the seller, talking about why they want to buy the home and sharing a bit of personal information.
Buyers are searching for their new home right now! If you are considering selling your home this year, the early months of 2018 will be your best option. Contact me today to capitalize on current market conditions and get top dollar for your home.
During their home sale, every homeowner wants to make sure they receive the best possible price for their home. Here are two key tips to ensure you get just that.
1. Make The Price Right
Many homeowners think that pricing their home a little OVER market value will leave them room for negotiation. In actuality, this just dramatically lessens the demand for your house. Over pricing, a home can not only reduce your home’s market exposure as fewer people will attend your open houses but can also negatively impact your homes online marketing strategy as other comparable homes would be priced at a lower price point. Price your home fairly, and instead of negotiating with one or a handful of buyers on pricing you might find yourself having multiple buyers fighting with each other over your house. One of the biggest assets a home has when on sale is the amount of exposure it receives, don’t hurt your marketing efforts because you didn’t price your home correctly. Partner with your real estate agent or research comparable homes in your neighborhood and choose the best pricing strategy.
2. Use a Real Estate Professional
This may seem counterintuitive. As a seller, you may think that you would be able to net more money if you didn’t have to pay a real estate agent commission. However, studies have shown that homes typically sell for more money when handled by a real estate professional. Why is this? Realtors help people buy and sell homes for a living. They’re experts at negotiation, marketing, and presenting your home to the audience. When it comes to big investments, don’t cut the wrong corners, choose an expert.
Price your house correctly and hire a professional. These two strategies will guarantee you maximize the price you get for your house.
Things have changed drastically in Real Estate. With more than 90% of today’s home buyers beginning their home search online, are you marketing your home in the right places? If you are struggling to sell your home, there are 3 changes you can make to your home selling strategy to get your home off of the market.
Presentation, promotion, and pricing are three strategies that are essential to any home sale.
If after these changes, your home still receives no traction, don’t hesitate to reach out to a real estate professional. The longer a home stays on the market, the less of a chance you’ll have to get the price, visibility, and terms you are looking for.