In a perfect world, the house you put up for sale will be sold for the exact amount you ask for with very little fuss. Unfortunately, the world isn’t quite perfect. Not only can it take a while to receive an offer, but you may not get an offer for the price you’ve set. On the other hand, you may get several offers, all of which you’re happy with – especially if you’re in a seller’s market. Whatever the case may be, the following are a few things to consider when selling a home and you receive an offer:
- The need to sell – How quickly do you need to sell? If you’re not under a strict deadline, then you have more flexibility to negotiate or wait for better offers.
- Length on the market – If your house has been on the market for more than a month – or longer – before receiving your first offer, then the valuation of your home’s cost may not be realistic.
- Look for contingencies that favor the buyer – Even if the offer looks solid, check the contingencies. If you’ve gotten several offers, this becomes even more important. Some contingencies are normal, such as home inspection and property appraisal contingencies. But beware of offers contingent on the buyer selling their home first.
- Look for contingencies that favor you – Don’t judge an offer by its price alone. One buyer might make a lower offer than another but offer contingencies that favor you. For example, maybe they’ll waive certain contingencies that make it easier to sell faster.
- Be open to negotiating – One of the biggest downfalls of sellers is that they become too emotionally attached to their homes and aren’t willing to negotiate. Don’t just outright reject buyers because their offers don’t meet your asking price. Be open to negotiation, especially if every offer you’re receiving is below what you’re asking for.
Keep these things in mind when you receive an offer for your house. For more tips on selling a home, be sure to contact us at Randy Lindsay today.
The housing market in the U.S. has seen a massive boom in the past year and home values have been skyrocketing as a result. There are countless reasons for this. There are currently low-interest rates. And many people are moving away from big cities because they can work from home.
If you’re thinking about selling a home, is now the best time to do it?
Selling a Home in a Seller’s Market
Another reason why prices have increased so significantly is that many homeowners are staying put, while renters are desperate to become homeowners. This has resulted in a low supply and high demand, a big factor in driving up prices. Buyers are bidding against each other, which has led to properties being sold well above their valuations.
Buyers are willing to overpay because they want to lock into low mortgage rates while they’re still available. The moment those rates begin going back up, there’s a good chance that the number of buyers will drop.
Now is an excellent time to sell your home if you’ve been thinking about it. It’s crucial to consider your options.
Where Will You Move?
If you’re downsizing to an apartment or a smaller house, it’s a no-brainer. You need to sell. If you’re moving to an area where housing prices are lower, it’s also a good idea to sell now.
However, if you think you can sell and move into a similar house in a similar area, you might want to think twice. You’re going to end up paying more than you expect to buy a new house.
Now is an excellent time to sell but consider your buying and selling needs before you do. For more advice on selling a home, contact us at Randy Lindsay today.
Selling a home can be a challenging process. In fact, selling a home can be downright difficult if you don’t prepare your home for sale properly. Doing so involves understanding what factors can affect your ability to sell your home and taking steps to prevent those issues. With that in mind, the following are four important factors that can affect how long it takes to sell your house:
- Listing price – If you’re asking for more than the market value of your home, then fewer buyers will bother looking at it. Very few people will pay over market value for a house, which means your home could remain on the market for quite some time if it’s overpriced.
- Condition – Not only should you make repairs wherever they are required, but you should consider investing in simple updates as well, such as repainting the walls if the color has started to fade. A house in poor condition is less likely to sell for the simple reason that buyers don’t want to spend more money improving the home’s condition, nor do they want to spend the time it takes to do so.
- The local market – The local real estate market can dictate whether your home sells quickly or not. If you’re in a seller’s market, it means that there are lots of buyers competing with each other, which can make your home sell faster. However, if you’re in a buyer’s market, it means that there’s a large supply of homes for sale but fewer buyers who are interested.
- Poor marketing – You need to do much more than just list your property online to attract potential buyers. You need to stage your home effectively, take professional photographs, write detailed descriptions, and advertise on the right platforms to attract your target buyers. Poor marketing means fewer buyers will even know about your property.
You can prevent these factors from affecting your sale time by working with a local real estate agent. To speak with an agent about selling your home, contact us at Randy Lindsay today.
There has been a massive demand amongst homebuyers this year. Interest rates for mortgages are incredibly low and people are looking for stability and security following the pandemic. On top of that, the supply is low as well since many homeowners are staying put. While such a seller’s market might seem like a big advantage if you plan on selling your home, it could be a detriment as well. The following are a couple of reasons why you should be careful if you plan to sell your home during this seller’s market:
- Finding a new home can be a challenge – Home values have skyrocketed, and with so many buyers out there, you may even get more than what you expected should a bidding war start. But remember that there’s a flip side: if you need to buy a home after you sell, you’re going to face stiff competition and may end up overpaying for a new home.
- Many buyers are waiving home inspections – Buyers are waiving certain contingencies, such as home inspections, as a way to entice sellers to accept their offer. However, it may be a mistake to agree to this. Should the home inspection be waived and the buyer finds something wrong with the house after the fact, you may find yourself in a messy legal battle.
- Many buyers are waiving appraisals – If a buyer waives the appraisal and submits a bid that’s much higher than the appraisal would have been, they’ll get stuck having to cover the difference, which they may not be financially capable of doing. As a result, the deal may fall apart.
Be careful when navigating a seller’s market as a home seller. For more advice on selling your home successfully, be sure to contact us at Randy Lindsay today.
When it comes to selling your home, you need to understand exactly who might be interested in buying it. Only then can you reach them through your marketing efforts. Don’t assume that everyone might be interested, otherwise you won’t be able to market your house effectively and can therefore miss out on potential buyers.
Understanding Your Buyers
If your house only has two bedrooms, then a buyer with a large family isn’t going to be interested. Trying to market your house to those buyers will be a waste of time. However, if you have a four-bedroom house, trying to target single buyers isn’t a good idea either. For example, highlighting bars in your area might appeal to single buyers, but they won’t have a need for that many bedrooms. You’re first step should be to figure out what types of home buyers your home will appeal to.
Finding The Right Buyers
When you put together your listing, which includes a description of your home, the neighborhood, and photographs, you need to keep in mind the type of buyer you’re trying to target. If your house is tucked away in the suburbs far away from the city, highlighting a potential home office is a good idea. If your home is in a quiet area and falls within a great school district, you should target families by noting these facts in your description.
As for where to find these buyers, a good real estate agent can help. They can help put together a listing that’s properly optimized for the right keywords and that highlights the right features to attract your target audience. Additionally, local agents have large networks, which means that they can connect with other agents to find buyers who fit the profile you’re trying to market to.
When selling your home, keep the buyer in mind. For more advice on how to sell your house successfully, contact us at Randy Lindsay today.
If you plan on selling a home, then one of the first things you should do before listing your property is to determine what buyers actually want. Knowing what buyers want will allow you to invest in improvements that can help boost your home’s value and sell it more quickly. It can also help you market your property more effectively by highlighting features of your home that are in demand. The following are a few things that homebuyers have been looking for, particularly during the pandemic:
- Home office – A significant number of people began working from home during the pandemic, and many of those people will continue to work from home. As such, a home office has become an absolute must for many homebuyers. If you have a spare bedroom, consider setting it up as a home office.
- Segmented space – Open floor plans were all the rage not too long ago – but that was before families were stuck at home together. Segmenting your space (such as through the use of pocket doors and other dividers) helps to preserve the quiet and privacy that your family desires when everyone is home.
- Upgraded outdoor space – There’s no doubt that everyone has a newfound appreciation for the outdoors after having been stuck inside for months. As such, many homebuyers want to make sure that they have an outdoor space they can enjoy should they ever be forced into lockdown again. Upgrade your outdoor space by investing in various outdoor living areas (such as installing a fire pit) to attract even more potential buyers.
These are just a few things that homebuyers are looking for these days. For more advice on what homebuyers are looking for and on selling a home in general, be sure to contact us at Randy Lindsay today.