Here are some of the most important things a seller can remember in this market.
If you want to maximize your home sale in this seller’s market, here are the five tips you must remember:
1. Create a buzz about your home. You want your home to hit the market with a bang and get into escrow quickly, and you’ll need professional photography to do so. Keep timing in mind, too; the best time to list your home is Thursday afternoon or Friday morning because then it’ll be front and center in the feed of every buyer who’s gearing up for a weekend full of home tours. Since there will be tons of tours of your home scheduled that first weekend, it may be best to go out of town or stay at a friend’s house. Typically, the best offers come in early, and you want to do whatever you can to allow for as many showings as possible.
2. Price it right. Being in a seller’s market doesn’t mean you can choose any price you want. Today’s savvy buyers will see right through your greed if you price too high. Work with your agent to price your home appropriately so that it sparks a lot of interest and stands a better chance of generating multiple offers.
3. Review all offers. If you’re lucky enough to receive multiple offers, it may be tempting to simply select the highest one. While that may ultimately be the best choice for you, have your agent run a net sheet on it. Also, consider the other terms of the offer. Is the buyer getting financing, and if so, do they have pre-approval? Or, if they’re paying cash, do they have proof of funds to demonstrate their ability to purchase the home? Check out the closing date on the offer—does it really work best for you? Use some of your leverage as a seller in this market to renegotiate that date if need be, or negotiate a rent-back so you have more time to find your next home.
4. Be careful when calling for the highest and best offers. Asking buyers to submit their highest and best offer after receiving multiple initial offers is basically asking them to compete amongst themselves. Some savvy buyers aren’t interested in participating in such an ordeal. Just make sure you understand that asking this does carry the risk of turning some folks away. One of the tools we have available is something called a Seller Multiple Counter Offer Form, and you can use it to counter each offer individually based on the specific terms you’d like to adjust.
5. Act quickly. When responding to offers, have a sense of urgency—especially if you’re in a multiple-offer situation. It can be a frantic time for buyers, and sometimes they bid on several properties; if you take too long to respond, you may discover that some of your potential buyers have already moved on and are in escrow on another deal. So, be respectful of buyers’ time because it could impact your bottom line.
I hope you found these tips beneficial, and if you’re lucky enough to be a seller right now, we’d love to help you. We’ve handled many multiple-offer situations from both the buying and selling side of things, and we can coach you through the process. Don’t hesitate to reach out via phone or email, even if you simply have some questions about this or any other real estate topic!