Are you a Homeowner thinking about taking advantage of the HOT seller’s market we are in today? If so, it’s crucial that you are fully prepared as the pandemic has proven to throw unexpected turns at every corner, especially in real estate. See below 6 Things The Pandemic Has Taught Us About Selling A Home!
1. Choose A Realtor You Can Trust
The first step before making any decisions about selling your home is to consult with an experienced and licensed real estate agent. You want to align yourself with a local expert that understands what is happening in the market and how best to position your home to maximize your sales price. There is an art to successfully branding a home that appeals to the masses so that qualified buyers feel compelled to write offers. As always, it’s best to have an unbiased and objective analysis on your home’s overall potential, weak points and what can be done to best improve your net return.
2. Preparation Is Crucial
Preparing your home is one of the most important things you can do prior to selling. This is where most homeowners fail. They get lazy and don’t want to put in the work. They think if they simply list the home, they will get the offer they want, but this is not always the case. At this stage, your trusted realtor should have a marketing plan in place that outlines what specific renovations should be done to maximize your sales price. Some examples of easy to execute and low costs improvements are interior and exterior painting with neutral colors, landscaping redesign, removal of blinds, shades, shower curtains and personal items, bathroom declutter and deep cleanings, etc and the list can go on.
3. Get Ready To Renovate
Renovation projects have become commonplace for hot homes in the marketplace. If you’re looking to maximize the sales price, it’s almost certain that you’ll need to do some basic renovations to bring the home to current standards. Most buyers in today’s competitive market want and will pay for “turn key” homes. They do not have the pallet or the vision to execute home projects. Get ready to renovate bathrooms, the kitchen and flooring if your home is dated.
4. Vet All Offers Thoroughly
It’s a good rule of thumb to always properly vet all purchase offers. I also recommend countering all offers, no matter how off they might be. A practical example of properly vetting is to have your realtor call the buyer’s agent and the mortgage broker to verify financials, proof of income, down payment funds, credit scores and the buyer’s ability to perform. If after vetting each individual buyer, it’s best to go with the profile, price and terms that stand at the top.
5. Be Open To Creative Negotiations
The pandemic has changed the way that we negotiate and we have seen creative solutions come to the negotiating table. The best thing you can do for the success of the transaction is to find out exactly what the buyer wants and create a way to meet their needs, while maintaining your overall objective. I always recommend offering a small credit to close as it relates to any repairs, as this gives the buyers a good sense that you want to make them happy. Other options are paying for the buyer’s home warranty and title insurance policy which is normally around a few thousand dollars in total. Most credits are minuscule in comparison to the bidding wars that could occur with houses selling for over the asking price.
6. Always Secure A Backup Position
This falls under the realtor’s responsibility and is often forgotten by most agents. One or two backup offers is the best way to ensure that if your escrow falls through, you have a contingency plan in place. Think of it as insurance, with the cost of time. We have seen that many transactions get cancelled due to a number of unforeseen circumstances with buyers as it relates to employment, loans, personal matters as well as things that come up with the property that the seller did not take the time to research prior to listing. Always secure a backup offer!
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