As the New Year kicks off sellers may be feeling a little trepidation at what’s in store for them in 2019. With mortgage rates increasing and the housing market more tepid than last year, sellers may wonder if they need to revamp their strategy.
Housing experts predict inventory will increase, which means more homes on the market and fewer buyers vying for them. At first glance, seller’s may feel a bit of anxiety as they worry that their house will sit on the market longer. Economists say it’s still a seller’s market though, and with these seven tips in place, sellers can overcome challenges and see results.
Prepare to Win the Buyer
With the market trudging a bit slower than it was, you may see the number of buyers decreasing. This isn’t necessarily all bad, because it gives you time to get your house in prime condition for viewings. You won’t feel overwhelmed with the multiple viewings that were common last year. This is the year to make an impression. You want to be sure to “wow” prospective buyers when they come to see your house. First impressions are lasting, and potential buyers will be more apt to make a deal if your house looks pristine. That doesn’t mean you need a mansion or the latest appliances, but you must impress with a stunning presentation and the superb cleanliness of the home. If you fail to do this, they will quickly move on to the next listing.
Combat Problems in Advance
Last year, sellers were scrambling to meet with multiple prospective buyers in one day. The hectic pace left little time for preparations. With a more even pace this coming year, sellers have time to take care of possible house repair issues that need attention.
Professionals advise that homeowners get a pre-inspection before showing a home. Take advantage of the eased time constraints, and get your home inspected before prospective buyers come to see it. When you get your inspection completed beforehand, it helps you in two ways:
1. You can repair any items that you did not know about.
2. You can show buyers that you have nothing to hide.
Respond to Any Offers Promptly
As you begin to participate in showings, you’re likely to receive an offer or two. You must always be ready to respond to them appropriately. In addition to price, sellers should also look for terms and conditions that can help one offer stand out from the rest, such as an offer with no contingencies on financing or inspections or one that offers some other benefit to the seller.
Since all offers will have a response time and date, working closely with your real estate professional to accurately assess and prioritize each proposal is a crucial part of determining whether to move forward with a counter offer, declining the offer, or accepting it.
Make Sure to Examine Buyer Financing
No matter how heartening it is to hear that you’ve received an offer for your home, you need to take a step back to make sure it’s a substantial offer. Your trusted real estate agent will be able to assess whether the buyer is ready and able to buy your home.
Many buyers may desire to purchase your home, but the question is, are they capable of doing so? Sellers may focus too much attention on the offer and fail to note essential details about the buyer's financing arrangements.
If the buyer has not obtained a solid mortgage approval before making their offer, it may not be a solid deal. Your agent will help you navigate through financing issues.
Price for Maximum Appeal
Although the home prices are supposed to rise in 2019, sellers have to be careful that they don’t overprice their homes. If they price their home higher than market value, it will likely backfire.
Buyers may be ready to purchase, but they will still be concerned with their budgets, loan limits, and appraisal values and pass up homes that are overpriced. Instead, sellers should work to make sure their homes are priced reasonably for the current market and then work with their listing agent to maximize the most attractive offers through skilled negotiations.
Use Negotiating Skills
Getting an offer may seem like the end of the road for the seller, but this is actually when the work begins. Negotiating takes place once an offer is on the table. It’s important during this phase to understand the current market, the competition in the Detroit Metro area, and the value of your home.
Your listing agent will provide you with information about how much houses like yours have been selling for. This will give you get a better idea of how much you can expect for your house. Although your agent will advise you on what is appropriate, you have the final say.
Work With a Trusted Agent
Having a real estate agent you can trust is of utmost importance. Anyone can do a viewing and write up a listing, but a trusted agent is one who will guide you every step of the way. The agent you want will understand the market inside and out and know just when to use negotiation to get the sale. The person will be equipped to handle the mortgage and financing documents, too. You need to know that whoever is working for you is going to put forth the effort to sell your home. Only an agent passionate about the work will do.
For more great advice on selling, contact a reputable, successful real estate professional in your area.