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
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
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
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