Here are four seller’s market misconceptions you shouldn’t believe.
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If you’ve been paying attention to real estate news, you know we’re in an insane market right now. Often, sellers are receiving multiple offers and for higher than the list price. Despite this great real estate market, today I’m sharing four common misconceptions sellers have about seller’s markets that you shouldn’t believe:
- You need to have a plan for your next home before listing your current one. That’s not true in this type of market because sellers are in the driver’s seat. When you get multiple offers, you get to decide when you want to close. What we’re frequently doing for our sellers these days is getting them a quick closing date but negotiating a ‘right to occupy,’ maybe up to 60 days for free. We’ve also had clients who lease back their homes for up to six months while they’re searching for their next one.
- Condition doesn’t matter. Since houses are selling like crazy, tons of people think they can put their properties on the market in any condition. That’s not the case. I walk with my sellers room by room to discuss how to prepare the home for sale. Buyers are savvy; they’re seeing plenty of houses, so they’ll know if it’s in poor condition and if the price seems appropriate. That leads me to the third misconception…
- You can price your home above the market. Weary buyers who have been in the market for a long time and keep missing out on properties may feel a home is so overpriced that there’s no point in looking at it because if it gets multiple offers, it’ll be out of their budget. It’s still crucial to price your house accurately. Also remember that if there’s a loan involved, there’s an appraisal involved, so the home will still have to appraise for the purchase price (or the buyer will have to agree to pay the difference).
- You don’t need a Realtor to sell your home. Your home is your largest financial investment, so you need someone very experienced to guide you through the process. If my sellers get multiple offers, sometimes we’re weighing 10 at once. We aren’t just looking at price; we have to evaluate what type of loan the buyers have, their down payment, terms, how long they’re willing to let you occupy the house, and more. Then there are more hurdles to navigate after the property is under contract to make it to closing.
If you have questions about this crazy market we’re in or how to navigate through it, give us a call or send an email. My team and I are on standby seven days a week from 9 a.m. to 8 p.m. ready to assist you. We would love to help in any way we can.