How to sell your home in a seller’s market

The tight property inventory and rock-bottom mortgage interest rates (just under 3% as of this writing) have created a bonafide seller’s market. Indeed, it’s not uncommon for a single property to receive a deluge of offers from eager buyers.

As such, it’s an excellent time to put your home on the market. If you wish to get the best price possible and close the deal in the shortest amount of time, though, there are a few things you should do.

Stage your property

Yes, staging your property is a must even in a seller’s market. Take the time to make your home sellable and you’ll attract more and better offers. At the very least, give your property a good spring cleaning and declutter all the rooms to make them look more spacious. If you have the time, consider repainting your exteriors and interiors to give your home a more inviting feel. At this stage, you’ll also want to remove personal effects like family photos to make it easier for buyers to imagine themselves living in your house.

Time it right

While buyers are always on the lookout for new listings, experts say that debuting yours on Thursday yields the best results. In fact, this article from CNBC.com notes that homes listed on that day typically sold five days sooner. Why? It’s simple: people tend to house-hunt during the weekend and begin scouring for listings in the days leading up to it. A buyer usually sees newly listed homes on Thursday, reaches out to sellers on Friday, and goes to the viewing on Saturday or Sunday.

Prepare your paperwork

In a seller’s market, buyers want to close on a deal quickly. Hence, prepare all the relevant paperwork so prospects can easily perform their due diligence on your property. These include your title, disclosures, proof of renovations, and the like. If you have conducted your own pre-selling house inspection, have the report on hand as well.  Having all of these documents ready will give buyers much more confidence in going through with the purchase.

Know how to evaluate offers

Receiving 54 bids in three days is a good problem to have, indeed. That said, you’ll need to have a system and a standard to make evaluating offers more efficient. For starters, veer away from buyers who are not pre-approved for a mortgage; if they fail to secure financing, the whole deal will fall apart, leaving you high and dry. If there are cash-only buyers, even better — they can complete the purchase faster because they won’t have to go through a mortgage application or commission a property appraisal. And while the bid price is the most crucial part of an offer, take a look at other aspects of it, too. For instance, a prospect may propose a slightly lower price, but they may be willing to waive inspections or buyer contingencies.

These are exciting times indeed if you’re selling a house. And by following the tips above, you can make the process not just smoother but more lucrative as well.

Looking for a trusted agent in Wenatchee, Leavenworth, Cashmere, or Lake Chelan to represent you? Then get in touch with Coldwell Banker Cascade Real Estate. You may reach us by calling 509.888.8887 or by sending an email to info(at)cbcascade(dotted)com to book an appointment.