There Has Never Been a Better Time To Sell Your Home
It’s a seller’s market right now. Here’s what you need to know before you make your next move
PHOTO CREDIT: SHUTTERSTOCK
There’s never been a better time to sell your home. Real estate agents across the country are seeing properties move from “for sale” to “sold” within a month of listing. And sellers often receive multiple competitive offers on their home within a week of a listing.
People’s lives have also changed drastically in the last year, motivating big moves and paying a premium for them. “Now there are buyers who are searching for a home that better fits their new work, parent, play, and entertain from home lifestyle,” says real estate agent Kaitlin Lovern in Dallas/Fort Worth, Texas. “We have seen clients sell their home and walk away with a large return on investment.” And it goes beyond list price, too, says Lovern. “In our current market, sellers are not only able to sell at a record-breaking price per square foot, but also have the terms heavily weighted to their favor.”
“What I am finding is the inventory is very low, so the pricing of homes is extremely competitive and at a record high,” says Leah Williamson, a real estate agent in Hiram, Georgia. “It’s a wonderful time for sellers to take full advantage of the equity in their homes.”
Competitive pricing is not the only reason to list now. “Interest rates are at an all-time low, so buyers are anxious to buy before rates go up,” says agents Mel and Debra Hellerman in Henderson, Nevada. “If you’re thinking about selling your home, don’t hesitate to take advantage of the market now. Interest rates won’t be this low forever, and you don’t want to miss out on the opportunity to maximize your home sale.”
Even with the market in your favor, there are steps you can take to get the best favorable offer and walk away with the equity you’ve built over the years.
Consider these 5 key tips before placing your property on the market.
Talk To a Real Estate Agent: Even if you’re just considering selling at this juncture and haven’t yet made up your mind, talking to an agent can help you make a final decision. You need to understand what it takes to sell and know what your home is worth. “Work with an experienced agent to price your house to sell at the best possible price in a timely manner,” says Denice Casey, an agent in Arizona. “An experienced agent will be able to guide you through negotiations including financing versus cash, close of escrow, and inspections.”
Get an Appraisal: Here’s why this is important. In a seller’s market, the seller can accept the highest of multiple offers. However, the buyer could be priced out of the home if a market appraisal delivers a lower value than the selling price. The buyer’s down payment percentage on the lower appraised price could fall to less than 20% of the mortgage, making the loan subject to private mortgage insurance. The buyer could choose to accept those additional costs, raise the down payment amount, or drop out altogether. If the buyer backs out, the seller is left looking for other buyers or has to lower the price. Getting an appraisal can help you understand your home’s true market value and price it accordingly.
Consider Home Improvements: “Buyers prefer move-in-ready homes,” according to the Hallermans in Nevada. “Do things like repairs and painting prior to putting the house on the market.” Ask your agent for recommendations on what repairs should be completed before listing your home to help you get the best possible sales price. Unless they’re actively seeking fixer-uppers, today’s buyers are educated about the costs of repairs driving up their true home-purchase price. They are looking for pristine properties.
Declutter: When your real estate agent takes pictures of your home for your market listing, you want to show your house at its best. Removing clutter helps maximize the space in your home and focuses buyer attention on the home itself. Don’t forget that potential buyers will also come over to look at the space, and you don’t want clutter to take away from its overall value.
Plan for Your Next Move: With homes selling quickly, don’t put your home on the market if you haven’t already secured a new living space. In past buyers’ markets, owners could plan to stay put for a while – sometimes up to a year or more - while they awaited a sale. This gave them extra time to look for a new home or apartment. Not anymore. This can be a great scenario if you’ve been eager to make a move. However, a stressful one if you’re scrambling to find new digs while you entertain multiple offers on your home from potential buyers who plan to move in immediately.
It’s a great time to sell a home. A professional real estate agent can help you take advantage of the current seller’s market. As an AARP member, you can now get support from AARP® Real Estate Benefits by Anywhere. Anywhere, which owns the most recognized brands in real estate, understands the entire process of home selling, moving, and buying. They’re committed to helping you navigate one of the most exciting and sometimes challenging processes you’ll ever undertake.
When you enroll in the program, you’ll be assigned a personal Advocate who will be your champion. Your Advocate will be with you every step of the way. You’ll be connected to a real estate agent known for superior service from one of Anywhere’s trusted residential real estate brands, including Better Homes and Gardens® Real Estate, Century 21®, Coldwell Banker®, Corcoran®, and ERA®.
If you’re thinking of buying or selling a home, enroll to be introduced to a local real estate agent and earn a $300-$7,200* benefit after you close on your home.
Click here to calculate your cash benefit using the simple tool or call Anywhere at 1-866-860-8232 to learn more about your AARP® Real Estate Benefits by Anywhere.
