We’re in a seller’s market. Inventories — currently at a 12-year low of 2.3 months of supply — are extremely low sandicor.stats.10kresearch.com/infoserv/s-v1/hDig-tAC>. Assuming your goal is to maximize the return on the sale of your home, you’re in a better position now than sellers have been in in years, but this in no way means you automatically have the upper hand when negotiating with buyers. This is no time for complacency. In order to ensure you get top price on your home and are most comfortable with the offer you eventually accept, you need to do the following: 1. Time It Right Life changes are almost always the reason homeowners decide to sell; maybe you’ve got a child on the way, or an adult child is finally leaving the nest, or maybe a divorce is forcing your hand. The reasons to sell may be myriad, but they almost always come with their own stress. As soon as you know a life change is on the horizon, as soon as that “maybe I should sell” thought pops into your head, begin the planning process! No one can accurately predict how long your home will be on the market or when the sale will close, but you’ll reduce the likelihood your home sits on the market for too long — and you’ll feel more confident about your decision to sell — the more time you have and the better prepared you are. 2. Stage It Right First impressions are critical, and the details matter. The more you can do to make your home look nice, the easier you’ll make it for potential buyers to pictures themselves making dinner in your kitchen, relaxing in your living room, or getting a good night’s sleep in their new bedroom. Preparing (“staging”) your home is the first step. Imagine you’re a potential buyer looking at your home for the first time. What might make you say, “I can’t live with that,” or, “That’s going to take a lot of work”? That mural painting that’s not to everyone’s taste? The slightly overgrown shrubbery? Dirty, smelly laundry piling up? By identifying and addressing these first-impression issues, you’ll increase your chances that a wide audience will see your home as one they can call their own. 3. Market It Right Bringing an expert on board who knows your neighborhood and who knows how best to market your particular home will ensure a timely sale at the best possible price. Smart agents understand there are a thousand different ways to market homes, but that selling your home may require something unique. Is your agent marketing to other agents during the local broker’s caravan? Should they be marketing to buyers in your area and outside your area? By developing a unique and personalized plan to sell your home, your agent will dramatically increase the odds of your finding a buyer. 4. Finish It Right You may think, with all the work you’ve put into selling your home, that the moment you accept an offer, you’re done. Well, think again. It’s time to get to know Residential Purchase Agreements, or RPAs. Though generally similar, there are small differences that could have big repercussions: the sales price, the dates when tasks need to be completed, considerations for changes to the property, etc. To the seller, typically the most important items are the net price (net proceeds to the seller), and date of closing. However, one critical item not discussed in an RPA is that once an offer has been accepted, the number one goal is to cross the finish line. This is where your real estate professional can help guide you to accept the offer that is most qualified and manage the process to completion. In the next month’s issue of Real Estate Advice, Brian Gerwe will discuss how rental properties affect pricing, affordability, and the communities they are located.
Contact Brian Gerwe at 858-367-9980 or at [email protected].