Monday, January 21, 2019 / by Nicolette Samash
If you’ve been thinking of buying or selling a home for any length of time, you’ve probable heard all about how we are currently in a seller’s market, or a “hot market”. If you are a buyer you may have heard horror stories about bidding wars, having to submit offers on many homes before one is finally accepted, rising interest rates. This kind of market is certainly known for being tough on buyers, but what is under discussed is how our market can actually be tough on sellers as well. In regards to net income, now is a fantastic time to sell. However, there are a couple things you should keep in mind if you are going to be selling your home soon and it is priced appropriately:
- You may get BOMBARDED with people wanting to come into your home. There are so many buyers looking compared to the amount of homes available – especially in certain price ranges – that you may have back to back appointments all day. This means that you will need to be away from your home while they’re looking, so expect to be out of the house frequently. It also means that your neighbors may get mad when there are cars lined up outside your home all day waiting to get a chance to see it.
- Buyers may be to thorough during the showing. Some buyers may bring a home inspector along to look through the home with them so they can waive the inspection contingency on their offer. You may come back to find things have been moved, the crawl space has been accessed, or the attic door isn’t fully put back into place. This can feel intrusive and annoying.
- Along with this comes frequent requests to see your home. Your phone may blow up with showing requests from agents, and it will be important to confirm as quickly as you can. For some this can be disruptive at work, or be overwhelming. It’s also hard when there are many people requesting showings to not double book people.
- Some buyer’s agents will want to present offers to you in person. To go the extra mile, some buyer’s agents will request to present their buyer’s offer to you in person so they can plea their case and ensure it is communicated correctly.
- Buyers may try to find you. Buyers may get desperate and go around their agent to try and talk to you. If this does happen call your agent right away to put a stop to it.
- You may receive multiple offers…sometimes many multiple offers. Depending on the price range and how competitively priced your home is, you may receive many offers to decide between. It will take some time to review all of them thoroughly, and it can be a bit of an emotional roller coaster to choose, especially when there are personal letters from buyers, different types of financing, varying timelines, and dozens of offer strategies, it may not just be who offers the highest price. Then after you do choose, it is smart to sign around a back up offer in case the one you chose falls through for some reason.
Finally – and most importantly – after you sell your home you will likely become a buyer and be faced with the buyer’s struggles in a seller’s market. It may not be a smooth transition between selling your home and immediately finding one to go into, so it’s a good idea to have a plan in mind in case it takes a couple of months to find a new house.