Tips for Selling Your Home in a Hot Real Estate Market

Selling your home in a booming housing market? Here are some things to consider before you list your property.

Reconsider Remodels

Before you’re ready to put your house on the market, you might remember the common admonition that you should renovate before you list to get top dollar. Although low-cost upgrades like repainting and sprucing up your landscaping might be smart undertakings that can boost your property’s appeal, in a hot market it may not be wise to invest in major remodeling projects. Remember that some improvements can be not just costly but also time-consuming. If you’re in a housing market that’s at the peak of a boom, you don’t want to miss out on the opportunity to sell while things are hot because you’re tied up doing a remodel. Just be aware that if your home is viewed as a fixer-upper, you might not be able to ask as much for it as you would if it’s been fully updated.

Price It Right

Whether your home is turnkey or in need of some updating, you may be wondering, “What price should I set so that I sell my house quickly in a hot market?” It’s a tricky question, as pricing it too high can cause it to sit for too long without an offer, while pricing it too low may rob you of earning the highest possible profit.

Some sellers can get too greedy when they hear about nearby homes that are going for exorbitant prices. If they set a price that’s too high, their listings can start to appear stale and unappealing to buyers if they languish for months without selling. Checking comparable sales and neighborhood data before you settle on a figure can help ensure you’re putting your house up for sale at a price that is likely to generate offers quickly.

Make It Attractive

Just because you’re in a hot market doesn’t mean you can leave your home looking like a mess and think that it will still appeal to buyers. Regardless of how many people you expect to stampede to your home during your first open house, making it look attractive is still important. Showing your home at its best can mean the difference between receiving a single meager offer and multiple top-dollar offers.

Start by decluttering your home by clearing off as many surfaces as possible. Put away laundry as soon as it’s finished, don’t leave stacks of mail sitting around, and aim to have counter- and table-tops as empty as possible by tucking small appliances and extraneous items neatly away. Removing personal items is also a smart idea; new buyers want to easily picture themselves living in your home, and that can be hard to do if your family photos and mementos are on display. Finally, keep things clean and tidy, and aim to have your home always smelling fresh.

Lean Toward a Cash Offer

In a hot market, you are more likely to receive multiple offers following a showing and you’ll have your pick of which to accept. While the highest bid may naturally seem like the most appealing, experienced realtors often advise sellers to weigh cash offers more heavily than those that require financing. Cash sales can close in a matter of days, rather than months, and when you accept a financed offer there is always the risk that the buyer won’t have his or her loan approved. By going with a reasonable cash offer, the whole selling process can be a lot less grueling.

Although a lot of things are less stressful for sellers when the real estate market is hot, selling your home during a boom still requires attention. Deciding whether to undertake remodeling projects, pricing your home well, making it appealing, and knowing what type of offer to jump on are just a few of the things to consider when you’re ready to put your home up for sale.