Preparing yourself for the market. Now, this is more of a mindset issue than anything else and we'll start with the sellers.
So once you've determined that it's time for you to put your home on the market, one of the most important things you can do is select a strong agent, one preferably that has been through a seller's market before and one even more importantly that you can communicate with. Someone you feel comfortable having an open and honest discussion with and you feel like you're getting the truth from them in those conversations.
You also want to do a solid preparation of your home, oftentimes we hear sellers say, “Well, the market's so strong, I can just put my home on the market and I don't have to change out the pink and blue carpet or fix those areas of the walls that that may need a coat of paint.
Remember that when buyers are preparing
to make offers on homes, especially when they feel like they're paying top dollar,
they really want that home to be in good shape and if you don't prepare your
home well for sale, your home will be the one that gets one or two offers, if
any, rather than another home that has five or six offers. The more offers you
get in the seller's market, the higher price you'll get and the better terms
So it really does make sense to do solid preparation of your home. Also, as a seller, remember to remain flexible. In this kind of a market, sometimes buyers get a little freaked out about various things and they can ask for things that they shouldn't ask for, and sometimes you have to go into problem solving mode.
You really don't want to have to abandon a contract and go back to the market because that just raises questions in the minds of the next buyer. So remain flexible, keep on your problem-solving hat and see if you can work through anything that does come up with your contract.
This is where you can rely heavily on your agent who has seen these things before, who knows what's normal and customary in your market, who has likely worked with the other agent the buyer's agent before, and has a good relationship with them so that you can solve problems, sometimes even before they start. So those are some things to consider for a seller. Select a strong agent, do a solid preparation of your home, maintain a flexible mindset and rely on the agent that you choose to work with.
Now, for a buyer, it's also a very challenging market. So again, you're going to want to choose a strong agent, one preferably that has been through a seller's market before and has a good track record of helping agents win the bid because you are very likely going to be in multiple offer situations. We're hearing some buyers make three and four offers on different properties before they actually win the bid.
So in an effort to support you, you need to make sure that you have a strong pre-qualification, preferably from a local lender. You want to do everything you can for your offer to stand out among many and if you're working with a local well-known lender, you're going to have a better chance than someone from the internet for example.
You also need to have your money ready. In this market, sellers are not paying for closing costs, they're also not usually willing to make repairs after the home inspection. So you need to have sufficient money for your down payment and your closing and any minor repairs that might be needed. You also want to keep your running shoes on. By that, I mean when a house hits the market on Tuesday, you can't wait until your day off on Thursday or Saturday to go and look at that home. You need to have some plans in place that you can take off work or at least get there immediately that evening because that home will very likely be under contract in a matter of days if it's priced well and well-prepared for sale, so get your running shoes on.
And then lastly, listen to the agent that you select to work with because they've been through this before. They know what needs to be done for you to be successful and they can give you good guidance. So again, select a strong agent, get a complete pre-qualification of your finances done, have your money ready, put your running shoes on, and then work with your agent and communicate in a strong way so that you can be successful.
I hope you found this information helpful. If you'd like to discuss it further, please reach out to me