Selling a Home
Everyone is getting over asking, right? And, in just one day?!
Today is a unique time in history to be selling a home; but be careful, not every home is selling over asking and in record time.
Buyers today are driving this market. I have seen homes sit and not sell after the initial feeding frenzy of showings when the home first hits the market.
Remember, real estate is local. Not all price points and locations have the same air; and the “sweet spot” can vary for sellers getting over asking price and a fast closing.
Here are three tips I have for sellers in a seller’s market:
Don’t get greedy. No market lasts forever. I’ve seen sellers take crazy offers over asking only to have the property not appraise and ultimately not close. The highest bidder can get cold feet and back out. Some sellers take an offer price they never really expected; and, come to find out after being a pending sale for 30 days find that their home is not closing, going back on the market and they are starting all over.
You can only sell it once. If offers are coming in daily, I’m not a fan of keeping homes on the market for two weeks. I don’t think there is an advantage of having 25 offers on a home. I recently showed a home where the agent said she had 50 offers at last count. When I showed up the entire cul de sac was filled with cars with neighbors highly upset about cars blocking their driveways and neighboring streets. The agent said she wanted everyone to have the same chance to make an offer, but in the end, my first-time buyer was never really in the running – it was just a sideshow.
Dealing with HGTV buyers. They know what they want, and they are willing to pay for it; but if you list a home and it doesn’t offer most of what a buyer wants, the home will sit on the market. Personally, I am one of only a few crazy buyers that will buy a home and live through the renovation. So, price your home accordingly and don’t be surprised if most buyers want move-in-ready homes with no work.
You should review your home and if possible make the changes you can afford before you list it; allowing your home to check as many boxes as possible for your buyers to have a retail interest. Unless you’re selling it as-is and at as-is price.
I have renovated many homes over my long career. If you need help preparing your home, I have many of the trades that could help you maximize your return.
Give my team a call – we can help!
By Tom Breeden