Secrets to Selling in Today’s Market
You may have heard once or twice (or a zillion times by now) that it’s a seller’s market currently. And while this is still true, it doesn’t necessarily mean the same thing it did a generation ago (or even a few years ago). This market is markedly different, in large part due to the pandemic and the low inventory of homes for sale and high demand of buyers. And while it does mean that homes are selling at record speed, it doesn’t mean you should hastily throw your house on the market and choose the first good offer that comes along. Here are a few secrets we’ve complied.
1. Have a place to go
One pro tip is to have a place lined up to go once your house sells. It most likely will sell quickly and you won’t have the luxury to find another house in the meantime. Because, after your home sells, you will now be in the position of buyer and need to fight on the other side of things. So, if you don’t have another home lined up, consider renting until you can plan your next move. It could take a little while to purchase your next home with the slew of buyers out there. But don’t give up. Just make sure you’re not stressing about where to stay while you find your next spot.
2. Consider your marketing
While your home might sell right away without you hardly lifting a finger, it might not sell for top dollar if you don’t invest in the right marketing. It’s not always enough these days to throw a few photos up (even if they’re professionally taken). A lot of buyers want interactive floorplans, video walkthroughs of the home and even aerial photos. Turnkey home has come to take on a whole new meaning. They want the works. So yes, listing photos are great, but to get asking price (or even above) go the extra step with some of these marketing bells and whistles.
3. Take your time choosing an offer
It might be tempting to accept the first good offer you receive, especially if the offer is above asking price. However, be wary of these offers. It might be fine and go through. But you also run the risk of having the appraisal come back under that amount of the offer. Then you would be forced to lower the price of the deal. Or, the buyer could offer above asking but then rescind their offer or demand lower after the home inspection. You might be better off choosing an offer that is at or slightly above asking but perhaps they waive the inspection or they have a bit of a flexible closing date. These types of contingencies will go a long way in your peace of mind and the ease of the transaction. And if that sky-high offer is rescinded because of the home inspection or because of an appraisal gap, then you’re back to square 1 anyways.
4. Prepare to be busy…very busy
Another aspect of the selling game that differs from past markets is how quickly the showings will come at you. It used to be perhaps that a seller would have a showing scheduled once every couple of days with maybe more on the weekend. But with the onslaught of eager buyers vying to get in there quickly to scoop up your house, you’re most likely going to have back to back showings for several days. You might want to get out of dodge for a bit or at least stay with friends, family or at a hotel for a few days to make your life (and your agent’s) easier.
Consider these secrets for successfully selling your home in the current market. And contact me today to learn more about the market and how I can help sell your New Jersey home for top dollar.