A question a lot of homeowners have been asking themselves lately is whether they should sell their home to take advantage of the hot market or stay put – also because of the hot market (e.g., “Where would I go to buy?”)
- Selling is about what your needs and goals are, and not timing the market. The most important thing about selling is making sure the time is right for you. It is still a seller’s market, and However, if you are not sure about why you want to sell or what your next steps are after you sell, it is probably a good idea to pause and work through what your needs and goals are. Talking to a lender and a REALTOR to gather facts and the state of the market can help you make an informed decision.
- Pricing is always based on what the market will pay. Understanding market data and trends for your area is essential to avoid over or underpricing. Real time data can give you a key advantage in making your home as competitive as it can be in today’s market, and a “Zestimate” is not always an indicator of a market price. What sellers consider comparable properties may not be the same as what buyers think are comparable properties, and pricing needs to take those potential differences into account. Your REALTOR will have access to the most current and comprehensive data points.
- Prepping a home for sale takes time. If your home is already an upgraded, spotless ‘turnkey’ property, then the process can move more quickly. However, most of us live in homes that are ‘lovingly lived in’. Converting a ‘lived-in’ home to a home ready for sale is usually straightforward and doesn’t need to cost a fortune, but it can make or break the popularity of your home. Getting yourself mentally ready to budget a window of time for prep goes a long way to a good selling experience.
- Phone calls from people or entities offering to buy your home will most likely lowball you. It is their job to buy low and sell high. Preparing and marketing your property through the MLS with a REALTOR is by far your best way to generate the broadest interest in your home and get a higher price.
- It can be tempting to do it on your own without a REALTOR but…. I’ll start this one by saying of course I’m going to tell you why selling with a REALTOR is the way to go. #1, FSBO’s on a median price basis sell for about 11% less than homes sold with a REALTOR. #2, as mentioned above, your REALTOR will have access to data to evaluate the highest market price for your home. The risk of overpricing is real – your home will be on the market longer as buyers will look for comparable homes within the market range, and no one wants to underprice their home. #3, REALTORs have experience in preparing a house for market – what is worth spending on and what is not. The right prep can dramatically increase buyer interest and decrease time on the market. #4, your REALTOR will arrange for photography, video and 3D, and present a marketing plan to gain the greatest exposure. #5, A REALTOR will also manage screening financially qualified buyers, numerous disclosure requirements, and issues that come up with inspections, appraisals and escrow. #6, REALTORs have a network of trusted ventors that can assist with every aspect of the selling process, including staging, contractors, seller’s inspections and lenders. #7, peace of mind that you have a trusted partner with a fiduciary duty to you to take on the significant workload in selling a house!
If you are thinking of selling your home, please reach out to find out more about our pricing and marketing process!