Know what kind of housing market you’re in
There are two types of real estate markets: a seller’s market and a buyer’s market.
In a seller’s market, there are more prospective buyers than homes available, which could bring about more profit for your home when a sale occurs. Seller s markets typically last 15 years or more, reported Homer Hoyt, a renowned housing economist.
You will have a variety of offers, and won’t have to devote a lot of time trying to appeal to interested buyers. The current seller market will likely taper off in 2022, and an increase in job availability will help more buyers afford current price increases.
Buyer’s markets usually last only 2 to 3 years when there are more homes for sale than there are buyers. At this rate, each buyer may demand more preventive maintenance and be willing to pay closing costs if taking out a loan. Sellers are compelled to put more effort into selling and more offers might entail a more affordable price or an extended time frame.
Know all about where you’re going after you sell
You may have a rough time and it is wise to have a plan in mind for what you can do once your home sells, especially if you plan to use the money from the sale of your old residence to buy a new one. Timing the purchase of a new home with the sale of an old one can be tricky, so make sure you have a designated plan.
Get your home ready to sell
- Declutter your space.
- Depersonalize your walls
- Have someone do a smell test
- Maximize your curb appeal
- Light up the area
- Consider a staging service
- Get a home inspection.
Find the perfect real estate agent
When you’re ready to sell your house, it’s important to find the perfect real estate agent. Here are tips to help you find the right one:
1. Do your research. Ask friends and family if they know any agents they would recommend. Check out online reviews of agents before choosing one.
2. Set a budget. Don’t overspend on an agent just because they are well-known or have a high commission rate. Start with what you can afford and work up from there.
3. Choose an agent who is familiar with your neighbourhood and has experience selling houses in that area.
4. Make sure the agent is licensed, bonded, and insured (LBI). This will ensure that their reputation is good and that any damages or losses during the sale will be covered by insurance.
It is always important to be prepared for any questions potential home buyers may have. Whether you are selling your own home or representing the property of a friend or family member, be sure to have all the answers ready and in order to make the sale go smoothly. Finally, remember that no two home sales are alike, so take your time inspecting each and every property you visit and don’t be afraid to ask for help from a real estate agent or friend if you feel uncertain about anything.