Are you planning to sell your house this year to take advantage of the seller's market? That's a great idea, but our REALTORS® would like to call your attention to a few things you will want to address before you do. Mansfield and Ashland homes for sale are certain to bring healthy profits to the sellers, but maximizing those profits is still important. Here's how that can be done:
- Forgo unnecessary upgrades
In more competitive markets, sellers often invest thousands of dollars in renovations in the hopes of making a greater profit. At this point, sellers are better off making minor upgrades such as new paint than major remodels. Focus instead on presenting a clean and welcoming environment by eliminating clutter and personal items. You still want potential buyers to easily imagine their own belongings in the home rather than yours. But instead of paying an interior decorator to stage your home, remove photographs and add some houseplants to make their first impressions inviting.
- Price the house carefully
You certainly don't want to undercut yourself in an effort to sell the house quickly. That's a sure way to lower your profits. But neither do you want to price yourself out of the market. This is an important topic to discuss with an experienced real estate professional. A low price probably won't mean selling any faster than a higher one, as long as the asking price aligns with the appraisal. Selling too high could mean excited prospects making offers greater than the amounts they can borrow. Lenders will not approve loans for more than the fair market value.
- Consider the types of offers you receive
A higher offer from one party that depends upon financing may look more attractive than it is. A lower cash offer means the appraisal is inconsequential. Accepting a questionable offer could mean that the loan will not be approved and that cash offer may no longer be on the table. If you have any doubts about which to accept, discuss them with your real estate agent until you are comfortable with the details before accepting any offer. This is especially true if the home has not been on the market long. There could be better opportunities just around the corner.
- Be wary of contingencies
Simply put, these are loopholes in the purchase agreement that allow the potential buyer to walk away if their terms are not met. Typical contingencies can include items outside the seller's control, such as financing or even the buyer's current home sale. Other items could be a requirement that the seller pay for issues discovered upon inspection or withdrawal of the offer if the home is not appraised at a value as high or higher than the offer amount.
- Be prepared with living arrangements
The average time a home is on the market has decreased significantly. Many sellers are caught off guard by how quickly their home sells. A flexible moving date gives you more opportunities to find a new home. If you are planning on renting before shopping for a new place, make sure that a rental will be available to you. Do your research about moving costs, temporary storage, and other related expenses so that you are ready to act quickly. Discuss with potential buyers their willingness to rent back to you to allow you more time, if that should prove necessary.
The intricacies of selling in today's market spotlight the importance of consulting with a professional. Contact us for information you can trust before you list your home.