Are you trying to strategize a successful home sale? When there is low inventory and buyer are eager to drive prices higher, there is definitely a chance that you could make some good money, as long as you avoid pitfalls.
When the market is hot, homes that are outdated or quirky may sell more quickly than usual. When the market is hot, more and more homebuyers become desperate to find that perfect home. This may mean that they have to settle for some qualities that they did not ordinarily want in a home. This allows homeowners a chance to sell the home without having to make as many major updates. The best way to decide which upgrades are necessary is to have this discussion with your agent. They will take time to compare your property to other property in your neighborhood.
Staging is one of the number one ways to attract multiple offers on your home. The first impression really is key. If you cannot afford to stage, then it is at least recommended that you declutter your home and clean before having any potential buyers there.
When the market is hot, houses often sell quicker. You are going to want to make sure that you have all documentation that you may need to present to potential buyers. You will also want to get an inspection done before listing your property. Have your disclosure documents all prepared as well before your house goes on the market. If you are prepared, then the buyer will feel more confident when making this decision.
A buyer is more likely to use an agent to locate homes that are for sale either before they are on the market or as soon as it is listed. For the most exposure for your sale, you will want to sell by the owner but have an agent help advertise your home and take advantage of those who are looking for a home like yours.
Make sure that you are able to be present when you have offers that you will need to review. Timing is everything. It may be advisable to advertise a time and date by which all offers should be submitted. Plan on responding to all offers within 24 hours. This is just common courtesy. If you know that you will not be accepting certain offers, let those individuals know as soon as you can. If you plan to counteroffer, make sure you do so in a timely manner as well.
According to NOLO, “Hot markets see more buyers purchasing with cash or minimal financing than other markets. If you’re lucky, your buyer may not need to be approved for a loan, which would greatly reduce the amount of time your property is under contract. ” You will want to be prepared to move quickly if you need to.
Appraisers may be comparing your property to properties sold at least a year ago. The comparison would most likely be a lot less than what you are selling for. This could hurt you as a seller. If a property doesn’t appraise for the offer price, the buyer will have a lot of difficulties getting a loan for the current offer price. You may be forced to lower your sales price or seek out buyers who are paying cash and do not need the approval of an appraiser to complete the deal.
Make sure to take advantage of the hot market and do not get your hopes up too high! Check out the source below for more information and more tips. If you are in need of a real estate lawyer. We are here to help!