Selling a home isn’t as easy as sticking a “For Sale” Sign in the front yard and calling it a day. The times have changed. It is not that simple. Right now we are undeniably in a seller’s market. Which means, buyers are demanding homes but the inventory is low nationwide. On top of that, buyers are choosing to act now to get those low-interest rates. All of this put seller’s in the driver’s seat, which can be a lot of pressure. Things are moving very quickly in today's market.
Price the home right from the beginning
Conventional wisdom might suggest that is a good idea to list your house above market value to make a some extra money, especially in the market today. However, this isn’t such a good idea because, in today’s fast-paced market, this would put your house at risk of sitting on the market for a long time. If your house sits for too long people start to assume that there is something wrong with it. So if you list your home at market price, which your agent will help you determine, your house will sell faster. If you really want to sell fast you could even consider listing your home a slightly lower which could start a bidding war and drive the price up receiving multiple offers.
Marketing is Key
While professional photographs are always a must, many sellers and Real Estate Agents are going a step further to include video tours and drone photos and videos. These videos give buyers a sense that they’re walking through the house without leaving their couch. Social media is another key component to the marketing steps. What can your agent do to market your home that's different then the rest?
Splurge on Staging
Presentation is important! Even if that means hitting up the local Rent-A-Center, or even hiring a professional home stager. On average, staged homes sell 88% faster and for 20% more. This is particularly important if you have already moved out because bare rooms look empty. By adding furniture you can actually make a room look bigger and give the buyer an idea if their furniture will fit. It will also help with depth perception of photos. It's hard to tell the size of a room by just looking at pictures. Photos help a potential buyer judge the space before they even look at it.
Stagers charge $300-$600 for an initial consultation and up to $500 to $600 per month per room. If you can’t afford to stage the entire house, (which isn't always necessary) at least make sure you include the living room and kitchen. According to the National Association of Realtors, the kitchen and living room are the most important rooms in the house.
Plan for Multiple Offers With how little inventory is today, there is a good chance you will receive multiple offers, which is a good problem to have. To help relax tension, create a plan for how you would respond if you receive multiple offers. The decisions depend on what is important to the seller. For example, some sellers are just looking to accept the best offer they receive and go to closing quickly. Other sellers might be interested in learning how to drive up their home’s price. Sometimes the highest offer isn't always the best offer. Plus, you will need to consider each offers full terms, including closing window, contingencies, and the buyer’s financing. By figuring out exactly what is important to you up front, you will be able to make an easier decision if you get multiple offers on your home. Talk to your realtor. Ask him for advice and to come up with a plan.