When we think of good real estate market, most sellers will thing that this means fast and easy money for their properties. After all, a good market means there are many buyers with little competition. And while this really is the case in most situations, a home seller still needs to be aware of several pitfalls in a hot market. Below are some tips to guide you.
1. Get Your House Ready
One great thing about selling in a good market is that buyers are desperate to get a home that they are more lenient with cosmetic flaws. Despite this advantage, you might still want to consider staging your home. This will give your space that added oomph and attract many buyers.
2. Gather All the Documents
Because homes in a good market tend to sell quickly, you need to make sure that all the paperwork is ready to make the sale right away. Get your house inspected before listing it, and make sure that disclosure documents are already prepared.
3. Market Your House
Because of the high demand for homes, you might be tempted to just sell on your own. However, home buyers are hiring real estate agents to look for houses for them. By paying for an agent to market your home, you have a higher chance of making a sale quickly.
4. Review Purchase Offers
Once your property is listed, make sure that you will be present and can review offers. If you can, set a date and time by which all offers should be submitted. This way, you can carefully review every offer and decide on the best deal for you.
5. Be Prepared to Move
In a good market, buyers are paying in cash or with minimal financing for a house so you might be able to close the sale in a short amount of time. Thus, it would be wise to have a rental on standby if you do not buy a property to move to on time.
6. Expect Appraisal Issues
Because good markets usual arise quickly, appraisers might compare your house to houses sold a year ago. And if no properties in your area were sold recently, the appraiser might have to look back years for comparable sales, and these might be less than the current offer.
7. Take Advantage of the Market
If there are usual circumstances surrounding your listing, use the good market to your advantage. When you get offers on your house, you have a greater bargaining power to accommodate any special moving requirements. Do not be afraid to negotiate.
8. Do Not Expect Too Much
Just because the market is good does not mean that you will get many offers. House prices vary from place to place, and some homes might have features that make it more attractive to buyers. Just take solace that you are selling in a hot market and not in a bad market.
Indeed, selling a home in a good market carries several disadvantages, but you should not be too complacent. If you need more tips on selling your house, contact RL Real Estate Group. Regan Laughlin and her team of experts should give you all the advice and direction you need to make a good sale. Call or text them at 605-212-8431 now.