Selling Your Home in a Seller’s Market
Today’s real estate market is on fire — if you are a seller, that is. The current supply of available homes is down by around a third since last year! Homes are also selling in record-setting times, sometimes within just hours of hitting the market. Many people are currently going all out to purchase any home that pops onto the market, and sellers are receiving multiple offers (in some cases, 50 or more!) well over their asking price.
This many offers to consider can leave a seller feeling stressed and overwhelmed. Accepting the highest offer is not always the best choice, but it can be difficult to know which factors are the most important when deciding between multiple offers.
If you want to sell your home in today’s red-hot seller’s market, follow these tips to maximize your profits while minimizing your stress:
- Use a closing agency
Selling your home is a complicated legal process that requires knowledge of local laws and ordinances, key deadlines, and even ethics considerations. Using a professional closing and title services agency like Benefit Title is the best way to ensure you’re following all the rules and won’t run into any surprises in the future.
- Cash is king
Cash buyers don’t have to worry about not being approved for financing because of appraisal gaps or inspection issues. Because of this, cash offers are being accepted four times more than financed offers right now.
- Do due diligence for finance offers
If you decide to consider finance offers when selling your home, be sure to do research on the lender. Read reviews online and focus on the lender’s ability to meet key deadlines and communicate during off-hours. If the lender is reputed for being tardy, move on to a different offer. You can also ask your real estate agent or title agency for information about reputable lenders.
- Opt for offers backed by local lenders
Not only does going with a local lender’s offer benefit your community’s economy, but it also might mean fewer headaches for you during the sales process. Local lenders are typically more available on nights and weekends to handle any surprises that come up.
- Favor offers with fewer contingencies
In today’s market, sellers can be choosy when considering offers that ask for repairs or modifications. Cash buyers can even skip appraisals and inspections altogether, making them an even more attractive option. Finance buyers are trying to overcome this disadvantage by covering appraisal gaps right out of their own pockets.
- View offers in a standardized format
No matter how you choose to view your offers, make sure they’re all in the same format, so making comparisons is easier. Most professionals use a standardized spreadsheet that lines up the details of each offer right next to each other.
- Avoid unnecessary information
Some buyers will provide information with their offer that is not relevant to the selling process and should not be considered when comparing offers you’ve received. Letters and other personal communication should never be viewed when deciding which offer to select.
Whether you decide to sell your home on your own or go with a professional realtor, the experts at Benefit Title Services can help by ensuring your home’s closing is as quick and cost-efficient as possible. We’ve helped with thousands of closings here in the Sunshine State, putting us in the top 10% of Florida’s closing businesses. Call us at (855) 969-3818 today to see how we can help you sell your home for top dollar.
