Are you finally ready to sell your home, but your timing worked out where it is currently a seller's market? With many more buyers than home inventory, this can be very advantageous for you as a seller. Here are some tips that will help set you up for success when selling your home.
Price Your Home Accordingly
You may be tempted to list your home for an inflated price to get the most possible, but that doesn't mean it will sell. In fact, it can actually backfire when people see your home listed for several weeks or months with no offers. You do want to put a lot of thought into what you will price your home at to generate interest and get buyers into a bidding war fro your home.
Have your listing agent do a comparative market analysis to determine what your home should be priced at. They'll do their research and look at former property listings to find how much a recently sold home like yours was purchased for. This gives you a realistic idea of how much you can get for your home.
You may want to use that information and price the home slightly lower if you are motivated, or a little bit higher if you are willing to wait for the price you want. Either way, you'll have more eyes on your home due to the favorable selling conditions.
Pick The Right Offer
If you end up getting multiple offers on your home, you may think that you should just select the offer that has the highest price. That is not necessarily true, because you don't want to be stuck in a situation where the sale falls through and you've wasted time with the home off the market.
You should look at what kind of pre-approval letter the seller has from the bank. Is it for the approximate amount that they are offering, or is the pre-approval letter for a much higher amount? If it's the latter, that means that the seller should have an easier time getting approved for the loan due to having a better financial situation. If they've stated that they are willing to put 20% down on the home, that should help make it even easier for their mortgage to be approved.
If you're having trouble picking between offers, be sure to consult with your listing agent. They can let you know which offers are more likely to fall through so that they can be avoided.