12. September 2017
In many parts of the U.S., the local housing market is undeniably in favor of the seller. For real estate agents themselves, that doesn't mean the process will be a total cakewalk from start to finish.
According to agents who spoke with Realtor.com, it's quite the opposite: High-quality homes of all kinds are in high demand, but most homeowners selling their home are simultaneously buyers of another one. That puts extra pressure on their agent to close deals quickly and at an ideal price.
To navigate the ever-evolving real estate marketplace from the sales side, here are some basics to know:
Price is priority
The first piece of advice given to anyone looking to sell a home quickly involves setting the right price from the very beginning. This is especially critical in the modern homebuying environment, where information regarding past and current sales trends is available to anyone with an internet connection. As one agent explained in an interview with Realtor.com, buyers know from the outset if a home is overpriced, so agents can't expect to pull a fast one by starting out with a list price above the market. Aim for the going market rate, and in the right area, offers high above that level will almost certainly come.
Once you've found interested buyers, then the real strategic work begins. As Redfin explained, a buyer's agent will likely make an initial offer that's more favorable to them, but there's always room for negotiation.
- Sellers are often motivated to close quickly, but so are many buyers. If a fast close is important to you or your client, take this as a positive step, but don't allow it to detract from the final closing price.
- Sweetening the pot with a high offer is music to every seller's ears, but concessions in the closing process allow the buyer to gain back some of that leverage. Remember that issues found in a home inspection or appraisal could cancel out a high offer as well as drag out the time to closing.
- Don't forget that seemingly minor issues at the last minute could derail the entire offer. One common issue involves the title on the house. If any liens or other problems exist in the home's documented past, this is grounds for most buyers to walk away. Agents should exercise due diligence in title research to nip these in the bud, which may require help from a legal professional.
Besides being a responsive agent and a diligent negotiator, some of the best ways to ensure a fast sale are also among the easiest to implement. Trulia recommended taking time to stage the home properly and increase curb appeal to reel in more buyers and allow them to see themselves in the home. These tiny details go a long way toward helping everyone get what they are looking for out of a home transaction.