Selling your home in a hot seller’s market is different than selling in any other type of market. The likelihood of you selling quickly and for top dollar is good, but there are still three things you must avoid if you want a smooth, successful sale:
1. Set a time for offers to be presented. I see this happen all the time on the MLS—listing agents will set a time for offers to be presented to their seller before anyone’s seen the house yet. If you let potential buyers know you’ll be reviewing offers at a certain time, I guarantee that some of them will lose interest. Buyers don’t want to wait around for days on end to see whether their offer will be accepted. Many buyers don’t want to enter into a multiple-offer situation, and setting aside a presentation time gives them the impression that that’s exactly what will happen.
The biggest problem with setting a presentation time is this: What happens if you don’t get any offers? If buyers see that your home is still on the market after you set a presentation time, they’ll start to wonder if there’s something wrong with it.
2. Overprice your home. This is the worst thing you can do to your home in any market, but the effect is even worse in a hot seller’s market. Today’s buyers are very educated, and when they’re paired with a great agent, they’ll be able to know an overpriced home when they see one. Thus, your home will sit on the market and buyers will gradually lose interest. To regain that interest, you’ll have to drop the price.
If you don’t believe me, look up homes in the past nine months that took over 60 days to sell. You’ll notice that many of them endured multiple, large price drops before they sold. If a home doesn’t sell, it’s almost always because it wasn’t priced correctly.
3. Think that you underpriced your home. If you do everything correctly when listing your home, you’ll sell it quickly and for top dollar. Don’t second-guess yourself and think that you didn’t sell it for enough money just because it sold quickly. That’s exactly what is supposed to happen if you work with a good agent and list during a hot market. You did everything correctly, now go celebrate!
If you’d like to talk more about how to sell your home in a hot seller’s market or have any real estate needs at all, don’t hesitate to reach out to me. I’m happy to help.