Buyers realize that now is a good time to buy a home with the interest rates remaining low, but homeowners that have been thinking about selling aren't sure if now is a good time to sell. Now many be the perfect time to sell your home because demand is high and inventory is low. This means that you'll have less competition from other homes on the market for those serious buyers that want to become homeowners. If interest rates do rise as predicted, many buyers will drop out of the market, meaning you'll lose out on the benefit as a seller of the supply and demand advantage.
That said, let's look at all that goes into getting your home marketed and sold.
Of course you want to spruce up your home so that it's attractive to potential buyers. Declutter, freshen the paint on the walls if needed, perform all of the deferred maintenance that has been on the "to do list", but don't put money into renovations or upgrades that may not give you a return on your investment.
Select a Real Estate Agent that you're comfortable with and that has a good handle on the current market for the area in which your home is located. We all have a "friend of a friend" that's an agent, but this may not be in your best interest. They may not know your market well and it's sometimes more difficult to have an honest business relationship when you're worried about possibly offending the agent or of sharing personal information. For the best possible outcome, you want an agent that you can be totally honest with and one that will be totally honest with you in return.
Determine your timeline. What's your purpose for moving? If it's for a job or a new school district then adhering to a projected timeline is important. Discuss this with your agent so that they're aware of your needs and can help you achieve them. Although there's no crystal ball as to when your home will sell, knowing this information may determine how your agent markets your home.
Set a realistic price. Rely on your agent's expertise for this. Insisting that your home be listed for more than your agent recommends is only setting up the situation for failure. Buyers are savvy in today's market. They aren't going to look at a home that's overpriced, much less buy it. Sure you can come down in price later on, but by then you've already lost the interest of many potential buyers. In the end you'll probably get less for your home, if it does sell, than you would have gotten if it was priced correctly from the get-go.
Focus on relocation. Ideally, the agent that's selling your home should be able to assist you with this. If you're moving out of the area ask your agent if they have a relocation department. If so, they can make a referral on your behalf to a reputable agency that's knowledgeable in the area to which your moving. If you're moving local, your agent will be able to coordinate the move to avoid double house payments, or worse yet, leaving you with no place to go when the closing on your current home takes place.
Making a move, for whatever reason, is never easy, but there had to be a reason why you were thinking about it in the first place. Weigh the pros and cons and decide if a move is truly in your future. If so, now is the perfect time to get started!Submitted by:
Licensed Real Estate Salesperson
Coldwell Banker Prime Properties