Tips For Selling In a Seller’s Market
Are you thinking of selling your home? The current market climate could be very advantageous and work to your benefit. It’s still a seller’s market and you could very likely receive multiple offers, many at your asking price - or even above. But as easy as it sounds, there are some pitfalls you should be aware of and avoid.
As exciting as it is to receive an offer on your home, in today’s very competitive market, you’ll want to refrain from taking the first offer you get. The fact is, you will probably get more than one offer, and quite possibly, some of the offers may be above your asking price. Since that’s the likelihood, don’t take the first offer you receive, even if it looks perfect. With the lack of inventory, buyers know that they must be extremely competitive, so other offers that come in may have better contingencies and even a higher price than your original listing. Some may even be cash offers that greatly speeds up the closing.
Another important thing to check for in any offer is to determine whether the buyer is pre-qualified for financing. The last thing you want is to accept a great offer that is at or above your asking price, only to have the deal fall through because the buyer doesn’t qualify for the loan. Pre-qualified buyers are your ‘guarantee’ that they have all the financing they need to complete the deal.
Lastly, check the buyer’s offer carefully to avoid any contingencies that are too demanding or inconvenient. While a buyer may ask for 30 days to close, or want the sale contingent on the sale of their current home, some buyers can make unreasonable demands, such as requiring you to move out in a week, or making you liable for any problems they find even if it’s months (or years) after the sale is completed and they’ve moved in.
With all the legal and financial pitfalls involved in selling your home, it’s a good idea to work with a seasoned, knowledgeable realtor to insure that your home’s sale goes smoothly, with no negative surprises. We’ve been serving our clients in the West Michigan real estate for 15 years. We’d be happy to advise you. Call us for a free consultation.