Maybe you’ve been on the fence about selling your home after all the work you’ve put in over the past few months and even years. However, the data from the Homelight Q3 Survey of Real Estate Agents says that this is a major sellers’ market. The combination of people looking for different places to live amid all the uncertainty of 2020 and the low inventory available in the market right now mean that people are selling their homes for very strong prices right now.
If you’re ready to take the leap, here are some things to consider.
Get Your Home in Tiptop Shape to Draw Multiple Offers
Even a strong sellers’ market isn’t a reason to rest on your laurels for the sales process. A professionally cleaned, fully updated home is going to be very popular with buyers, increasing your likelihood of competing offers and cash offers, which aren’t dependent on the home’s appraisal value. When you combine real improvements to the home with a market where people are willing to pay top dollar for the right fit, you create a magical combination.
While low inventory is a factor, remember that other people have had more time than average for home projects and remodeling this year, so other homes in your area may have similar updates. Make sure you have at least a couple features that you can emphasize that make your house stand out.
Have a Moving Plan in Place for a Fast Sale
Realistically, your buyers may come to you with an offer you can’t refuse that is contingent on a quick sale. Make sure you know what you’ll do if you have to move quickly: have you packed up non-essential items and found the moving company you’d prefer to use? What kind of contingencies have you discussed with your real estate agent about either renting your home from the new owners or proceeding quickly with an offer on a different house? Making a plan can help you have maximum flexibility to accept the perfect offer without having to compromise.
Take Advantage of Low Interest Rates for Your Own Next Home
While a sellers market cuts both ways, this is a good time for getting a good value on the home you buy with those sellers’ proceeds. Low interest rates for qualified buyers are a big part of the sales frenzy right now, and being able to get more house for your same loan amount is a real benefit. With 15 or 30 years, locking in your mortgage rate at this historic low is a great way to continue to reap the benefits of your excellent home sale this year.