The market is hot and you’ve decided to sell- now what do you need to consider before putting your home on the market? Selling your home in a HOT seller’s market has obvious benefits. Chances are your home will sell quickly and for close to or over asking price (if priced correctly); when inventory levels are low, and there are plenty of buyers around (such as the case for Whistler at the moment), sellers can expect a high volume of interest in their property. This heightened activity does not mean sellers can be unrealistic or complacent when putting their home on the market. Here are 6 Tips for Selling Your Home in a HOT Seller’s Market.
Have your exit strategy in place
Don’t be surprised if you list your home for sale and it receives offers (sometimes multiple offers) very quickly. If this were to happen to you- would you be prepared? What is your exit strategy when your home sells? If you need to purchase another property ensure you have your pre-approvals in place. If you plan to buy a home in the same market ensure you’re actively following homes for sale- ready to submit an offer when one appears that meets your criteria. If you plan on moving out of the area, have you looked into jobs, schools and the real estate market in your new destination? The last thing you want is to have an accepted offer on your home, with no exit strategy in place.
Once your home hits the market it’s likely it will attract a lot of interest from buyers. Showing requests could come flooding in and it’s important to make your property available for Realtors® showing prospective buyers, and for open homes. If your property is tenanted it is best you speak to your tenants about their rights and obligations during this period and after the home sells. The better able you are to make your home available, the more likely you will sell your home quickly (and the less hassle it will be in the long run with showings and open homes).
Just because homes are flying off the shelf doesn’t mean you can expect to sell your home in under a week for well above market value. Setting a realistic price that’s in alignment with current market conditions and considers your unique property and lot features and attributes is important. Your Realtor® will be able to suggest a selling price for your home based on local market conditions, comparable properties that have sold recently in your area, and the unique features and attributes of your home.
Don’t ignore repairs
Making sure those household repairs are done prior to selling will help the sales process once the offers come in. There is nothing worse than tying up the offer process with repairs that could have been addressed beforehand. This could include holes in the walls, rotten external staircases and chipped exterior paint. If your home is in need of larger repairs such as a new roof or restoration work, you may want to consider doing this beforehand or factoring these repairs into the list price of your home.
No need to get the suitcases out quite yet but it’s a good time to rummage through your home and determine items you can donate, store or dispose of. An uncluttered house will present better to buyers and will also eliminate a lot of the last minute packing when your home sells.
Choose the right Realtor®
With so many Realtors® it can be overwhelming choosing the right one. The best way to choose a Realtor® is by asking friends and family for their recommendations, reviewing the awards, accreditations and testimonials of Realtors® in your area, and finding a Realtor® that has experience and expertise with properties like yours. It is also important to find a Realtor® that uses the latest and most innovative technologies to ensure your property is reaching the most prospective buyers locally and globally. If your priority is to sell your home quickly and for the best price you will want to find a career Realtor® who will work hard for you- many Realtors® work part-time to support their lifestyle, which is not always the best option if you want and expect premium service and the best results.
Selling your home is always an exciting time but if proper precautions are not taken, it can be more stressful and lengthy than necessary. By following these six simple tips you are on your way to preparing for a smooth selling process and one step closer to the next chapter of your life in a new home, neighbourhood or even community.
Denise Brown is a Realtor® located in Whistler, BC where she has been practicing Real Estate for 15 years. Denise is consistently awarded as one of the top Realtors® in Whistler and in 2015 sold 18 times more homes then the average Whistler Realtor® averaging 101% above the list price. Denise treats the business of real estate as a career, not a lifestyle, and uses the latest and most innovative marketing approaches to ensure properties are sold in a timely manner and for the best price achievable. If you are looking to sell your home in Whistler, contact Denise Brown today.