4 Tips for Selling a House in Today’s Market
In today's market, selling a house involves more than just sticking a sign in the front yard. Based on reports from real estate agents, we are in a seller's market. That means there's not an abundance of homes on the market. Buyers concerned about interest rates increasing are willing pay the seller's full asking price, or even more, to lock in at today's interest rate. Sellers who use these 4 tips for selling a house will be in the driver’s seat.
Rule No. 1- Price the House Correctly
Real estate agents can help buyers price their home. Trust the real estate agent's market analysis and resist temptation to overprice your home. In the past, it may have been acceptable to list at a higher price, anticipating buyers making a low offer to barter. However, things have changed. Your house may be passed up by today's savvier buyers, who know when a house is overpriced. Buyers may assume something's wrong with a home that's on the market for more than a month. A lower priced home might attract several buyers who are willing to bid for the house, which would drive the price up to the actual or higher market price.
Rule No. 2- Market on Social Media
Hire a professional photographer and a videographer. Online video tours can give buyers the feeling of actually being in the home. One out of every five buyers purchases a home from the video alone, “sight unseen.” Both sellers and real estate agents should use social media, such as Twitter, Facebook, and Instagram to market the home and include a link to the listing for more information.
Rule No. 3 – Stage a Vacant House
Unoccupied homes should be staged, so rooms don't look empty and sad. Staged homes sell 88% faster and with a 20% higher selling price than non-staged homes.
Staging a home can cost as much as $300 to $600 for the initial consultation, then afterwards, $500 to $600 a month per room. If staging the entire house in not in your budget, consider staging the living room and kitchen. A National Association of Realtors ®’ 2015 Profile of Home Staging survey revealed those as the two most important rooms to buyers.
A less-expensive, last resort, option is to use pop-up staging, which is cheap cardboard furniture that looks real, or use digitally altered listing photos called virtual staging.
Rule No. 4-Anticipate Multiple Offers
With fewer homes on the market, there is a good chance of receiving more than one offer. Although multiple offers are not a bad thing, they can be stressful if you are not prepared. Have a plan for responding to multiple offers. Decide on what's important to you. You may decide to accept the best offer for a quick move or hold out for the highest bid. There are no set rules. For some sellers, if the contingencies, financing, and the closing window are not the best fit for their situation, the highest offer may not be the best one. Think about your response to multiple offers ahead of time. In today's market, it's possible to be bombarded with offers.