If you’re looking to change jobs out of state or need a bigger home, it’s time to do your homework on selling a home, especially if you haven’t done so for many years. Discover how to get started selling in 2020, which has changed from the traditional way of selling.
New Challenges in Selling
Much has changed over the past decade or two regarding selling a home. Today’s buyers are more demanding and have done their homework. They know more about markets and data and prefer seeing homes on their schedule, not yours. The days of open houses are over; they want a particular time that doesn’t involve other people checking out the home when they are.
Some advantages for you include lower interest rates. Buyers realize low mortgages won’t last. Still, if interest rates increase, buyers may rush in. Conversely, if rates rise too much, prices will decrease. When a buyer’s monthly price goes up with the increase in rates, there may be an impasse. Most likely, your asking price will have to rise.
Your Plan of Action
Sell first, then buy. Typically, once you planned to sell, you would find a place first, then sell your home, but who wants to deal with two mortgages? If you sell your home first, you might have the option to rent your house for a few months from the buyer or find a short-term rental elsewhere while looking for a new home. One thing you want to steer clear of is buying a place with the contingency that you must sell your old place first; this should be a deal-breaker, particularly if you have to deal with other bidders.
List your home, but then market it. Go through and take pictures of your home, along with a video walk-through. When buyers have a visual, it makes them want to see it all the more. If you have an agent, have them go through and develop a marketing plan that includes posting on social media. An agent with Coldwell Banker in San Angelo, Texas, says that buyers do so much more research ahead of time. They go through listings online and weed out any properties that don’t fit their needs or expectations. This is true of first time millennial buyers who have grown up with the digital age and everything on-demand.
Barter with your agent. Test a potential agent’s bargaining skills. Inquire whether they will reduce their commission. If they agree to, think twice about hiring them. If they can’t bargain a full commission themselves, will they negotiate the best price for you?
Forgo testing the market. Tread carefully when pricing your home too high. If it’s less than the market price, you will have to cut it, and that means more time on the market. Agents won’t show a home if they think it’s too high, so do your homework in pricing. Asking the right price will result in a quicker sale (half the time) than that of a wrong price.
Fix what is broken. Go through and do an inventory of your home yourself, or, better yet, get a home inspector; it will allow you to fix any issues they find. You don’t want buyers, especially first-time buyers, to invest in a fixer-upper. It may cost you in the short-term, but it’s worth it to get a quick sale.
Contact Local Home Buyers
If you need to sell quickly and don’t want the hassle of an agent, contact us. We buy homes in Huntsville, Alabama, with no fees, commissions, and with more cash in your pocket. Call us to learn more.