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Here are six tips to abide by when approaching this chaotic market as a seller:
1. Don’t price for the unicorn. Every area has an idea of unicorn buyers who sweep in to pay more than anyone else. That’s the dream, but fixating on an outlier buyer can be a huge mistake. That means you’ll sit instead of sell. My advice? Ignore Zillow, price for the market that actually exists, and rejoice if your home gets bid upward.
2. Don’t expect cash. Selling to a cash buyer could happen, but how many cash transactions are happening in our area right now? Remember, the vast bulk of the market is financed, so buyers using financing can get it done.
4. Don’t price an apple according to an orange. This is a classic real estate mistake. Too many sellers want to price based on a sale or listing that’s superior in quality, condition, location, or some other feature. Here’s the strategy to remember: Price according to similar homes—not dissimilar ones.
5. Know if the market slows. At this time of year, we usually start to see seasonal slowing. As you list in the coming weeks or months, be realistic about the market if it changes. Right now the market is still ultra-hot, and the verdict is still out on what type of season the summer and fall will shape up to be. It usually softens, but we’ll see what happens. There's a temptation to price according to the hottest moments from a few months ago. My advice if you're late to the spring party is to price your home according to how the market feels right now.
6. Expose yourself. Be sure your home gets adequate exposure to buyers. Honestly, you only need a weekend to sell in today’s crazy market, but don’t sell within the first few hours after listing. Letting your home sit for a few days gives more buyers the chance to see it, and it’s helpful for those who made offers because it gives them time to ensure they don’t have buyer’s remorse (which might lead to them backing out of the deal at a later date).
If making a move in 2021 is one of your goals, let’s have a conversation about how my team and I can help. If you have questions about this or any real estate topic, don’t hesitate to call or email me. I’d love to hear from you.
