What To Expect When You Are Expecting (To Sell Your Home)
By Patrick Burgan
If you’ve been watching the real estate market lately, houses are selling faster than the new PS5 at the holidays, or Cabbage Patch Kids if you’re more in line with my generation. The simple laws of economics are wreaking havoc on the market. With money being so cheap to acquire through financing due to all-time low interest rates, the demand for homes is insane. Homes are being listed at 9am and not evening making it until lunch time before they are already under contract in some cases. With supply levels not meeting the demands of the market, your home just might be what someone is waiting to purchase. Here are a few things you should expect to expect when listing your home for sale in today’s environment with a trusted Realtor®.
Of course, you think your home is perfect. It is YOUR home! However, as you prepare to list your home, buyers are going to be looking for any excuse to negotiate a strong position by pointing out the blemishes you may not know about in your mecca. Pre-inspections are a great way to not only identify the areas of opportunity that could help you and Realtor® decide whether to list a home as is, to list after improvements are made with your Realtors® input on the ones that yield the highest return and, most importantly, transparency to the buyer. Pre-inspections speed up the transaction process as buyers may forgo having their own inspection done if you already show them your house is ideal to sell, but ideal for them.
LET THE BIDDING BEGIN
It is not uncommon to see a bidding war in today’s market. Like fighting over the last cookie in the cookie jar, these buyers aren’t going to stop until they get what they want. This is where your Realtor® plays manages your best interests. Leveraging Escalation Clauses allows bidders to put a ceiling on their offer, having it automatically increased if a bidding war ensues until it reaches their threshold. However, bidding banter doesn’t always lead to a better outcome. Sometimes, too many bids discourage buyers causing them to get nervous and back out. Your Realtor® is there not only to manage your interests but the emotions a bidding war can bring to buyers.
CONTROL WHAT YOU CAN CONTROL
We all want to be in control but sometimes we just have to let someone else do the heavy lifting. From a seller side, there are two things you are in complete control over: condition and price of the house. While your Realtor® will advise you on staging and price points, these really are up to you. Keeping a clean house and organized for showings make people feel more at home in a calm, comfortable environment. Remember, the way you live in your home is different than the way you sell your home. Also, the price is what YOU want it to be. Your Realtor® will have data to help you make the decision but, ultimately, it is your decision. When it comes to exposure of your home, that’s where your Realtor® is in charge. From listings, open houses and targeting of prospective buyers, your Realtor® is the one who controls the visibility and awareness that will ultimately bring people in. These three things must work together and, when they do, great things happen, like homes selling before Happy Hour starts so you can celebrate.
Look, there is no guarantee your home will be the next success story that sells an hour after it is listed, so setting your expectations is key. However, if you listen to the market, there is no better time to list your home. Working with a Realtor® will help make turn your expectations into a reality.
Sponsored by Burgan Friedkin Commercial Group.
Patrick Burgan is the 2021 President of the Youngstown Columbiana Association of REALTORS®
Copyright 2023 The Business Journal, Youngstown, Ohio.