Selling your home in a sellers’ market can be very tempting because you’re thinking of getting a better price for your property. It usually happens when most buyers fall over themselves to buy limited numbers of properties up for sale. Most sellers use the law of demand and supply to cash in on their real estate. However, there are certain pitfalls that a seller should be aware of before selling their home in a seller’s market.
• Give your home a facelift before listing
Given that many buyers are after your property, many sellers get carried away with the many offers they get and decide to sell quickly. However, it is usually a mistake because if your property requires some repair works, it is advisable to spare some money and complete the repairs since it is likely to fetch a better price with the repairs done.
• Have your disclosures and paperwork in order
Since properties in a sellers’ market sell quickly, the contract deadlines tend to be shorter. It means you need to prepare all relevant documentation for potential buyers within a short period. Getting your paperwork will increase buyers’ chances of purchasing the property quickly because they will feel more confident to place an offer. If your paperwork is not accurate, it may hamper your ability to make a good deal because serious buyers will want to see complete disclosures before committing any funds.
• Market your house using professionals
Many sellers assume that they don’t need to pay an agent any commission in a hot market because the house will market itself since it is a sellers’ market. It is valid to some extent, but engaging a real estate agent can make a difference. When demand for real estate is high and supply is low, buyers tend to use real estate agents to locate homes for sale before listing, and mostly they talk to other agents. It means your property is advertised by an agent to as many buyers as possible, increasing the chances of a good deal.
• Be prepared to move fast
Most buyers prefer dealing in cash in a sellers’ market. Closing a deal can be within a short period. You have to be prepared for this possibility before placing your property on the market. Even having a rental as a backup plan can be a brilliant idea.