Selling your house might be easy, but you should still head a few tidbits of advice from our experts.
Keep Your Options Open
It’s not uncommon for today’s house sellers to receive multiple offers days, if not hours, after putting their property on the market. For sellers who are left with the task of filtering among offers, this is an unenviable dilemma. It’s tempting to accept the highest bidder straight immediately, especially if they’re ready to pay far more than your asking price.
However, this can be a big mistake. Its recommended to allow the home to stay on the market for at least two weekends, which will give a larger number of buyers a chance to see the house. The more buyers you can choose from, the better your odds are of not ending up with a high-risk buyer.
A high-risk buyer is someone who:
- Can potentially back out of the deal if there are certain problems with the property.
- Doesn’t have enough cash to cover the difference between the mortgage amount and the home price if the appraisal falls short.
- Needs to sell their home before they can buy.
Because most places are suffering a property shortage, sellers are unlikely to miss out on a terrific deal if they leave their choices open for a few weeks.
Finally, keep in mind that many buyers are making numerous offers in order to increase their chances of receiving a good price in this ultra-competitive market. This can be risky if the buyer you choose is also chosen by another seller.
An expert real estate agent or attorney can assist you in sifting through the finest bids and navigating the terms and circumstances that benefit you.
Staging is Important
Even desperate purchasers are prone to walk away if the residence does not live up to, or even come close to, the asking price. In today’s world of aspirational real estate shows, real estate brokers say it’s critical for sellers to portray their home in the best light possible so that potential buyers can envision themselves in it.
According to a recent poll of real estate agents conducted by the National Association of Realtors, 7 out of 10 agents believe images, videos, and virtual tours have become significantly more crucial since the Covid-19 outbreak began.
This doesn’t mean you should spend a lot of money on upgrades. The usual suspects will do for sellers who want to increase their profits: a fresh coat of paint, organization, minimization of clutter, and a deep clean.
Cash is King, Terms Matter Too
The cash offer is at the top of the house offer hierarchy. The purchase process is made easier with cash. You’ll save time and lessen the chance of the deal falling through without the involvement of lenders.
- Cash offers offer several benefits, including:
- Sellers don’t have to depend on lender financing for the sale to happen.
- Cash buyers can remove appraisal and financing contingencies.
- The closing is usually smoother and faster.
The disadvantage of cash buyers is that they are more likely to want to negotiate than those who are financing the acquisition.
Experts believe that sellers should pay special attention to the provisions of the sales contract, regardless of how the buyer pays for the house or how much they offer. If a buyer includes stipulations (usually known as contingencies) that allow them to pull out of a purchase if certain criteria aren’t met, the seller may end up with nothing.
Price Your House Strategically
It’s only natural for sellers to want to make the most of this once-in-a-lifetime opportunity that is today’s scorching housing market. When buyers are lining up to pay more than the asking amount, no one wants to leave money on the table.
When it comes to valuing their home, though, sellers should have a level mind. Rather than listing your home for the moonshot price you want, collaborate with your realtor to set a solid beginning price and allow market forces (low inventory, great demand) take care of the rest.
Personal Tips for Selling
Along with the realty side of things, there are a few points that might help you feel more comfortable selling your home and make the experience better for you and your buyer.
White and Bold Wall Colors Are No-No’s: Try to paint your walls with neutral colors and keep everthing pretty basic, in order for the buyer to be able to envision their dream home.
“Cut the Clutter”: When we say ‘cut the clutter’ we really mean it. Be prepared to make your home look prepared to move in new things. Keep it simple.
It’s Not Your Home Anymore: Remove all personality from your home. Family pictures, personal tokens, etc. This will help the potential buyers to see the house as their own
The Walls Are in Worse Shape Than You Think: There are going to be many damaged spots on your walls and other surfaces, deep clean and touch up your home, allowing the potential buyers to see its prime.
Everything Is Going To Take Longer Than You Think: Be patient with the buyer and yourself, selling a house is hard work.
Maintain Your Home: Keep it clean and fix those nagging problems.