Here are four misconceptions about seller’s markets you shouldn’t believe.
If you’ve been paying attention to real estate news, then you know we’re in a hyper-seller’s market. Sellers are getting way above their asking price with very favorable terms and conditions. So today I’m sharing four misconceptions about strong seller’s markets that you need to know before you list:
1. You don’t need a plan for your next home before listing your current one. This misconception is why many people are apprehensive about putting their homes on the market. However, in a hyper-seller’s market like this, you can negotiate very favorable terms. For example, you could negotiate a quick closing and leaseback. Some of my clients have been able to lease back houses for 30 to 120 days with favorable lease terms or even rent-free. That gives them time to make a plan, search for a new property, and move into it.
2. The condition of the home doesn’t matter. You can’t simply put a home in any condition on the market and expect it to sell for top dollar. Usually, home condition drives prices. When I meet with clients to discuss listing their house, we walk room by room, and I point out staging tips or needed repairs or updates. My goal is to ensure they get the highest amount of money in the least amount of time.
Sometimes it makes sense to sell a property as-is and sometimes it doesn’t. However, before you start making renovations, it’s crucial to get a trusted real estate agent involved who understands the current market and what buyers want right now.
3. Price doesn’t matter. In truth, pricing is critical. Buyers are concerned they’re overpaying for homes, so if you set your price too high from the beginning, buyers who have been in the market for a long time and are fatigued will be reluctant to bid on your house. Sometimes overpriced properties sit on the market, then sell for less than they would have if they had just been priced correctly from the start.
4. You don’t need a Realtor to sell your home. The temptation is to sell your home yourself to save money. However, that doesn’t always work. Yes, these days houses will sell if they’re on the market, but if they’re not priced appropriately, staged, and marketed properly, you won’t get the time, money, and energy back that you put into it. For the last few listings I had earned upwards of 20 to 50 showings in a single weekend, and they all received multiple offers.
It’s extremely difficult to navigate all those offers and take the transaction from contract to close if you don’t know what you’re doing. There are many hurdles to jump through in a transaction, and it’s wise to have an experienced professional on your side.
If you’re considering selling your property and would like to discuss your specific situation, I’d love to have a conversation with you. Please reach out to me via phone, text, or email. Also, if you have any real estate questions, feel free to contact me, and I’d be glad to make a video about it. Let me know how I can help you.