For Sellers, it’s deja vu all over again! Well, almost! Prices aren’t quite as crazy as they were a few years ago, and lending/mortgage rules have definitely seen a change. No more crazy loans to people who can’t pay them back! Banks and lenders have learned a lesson!
But it’s good to be a seller right now. Better than it has been for 4-5 years! Most areas, San Antonio included, are seeing a return to a seller’s market–less than 6 months of inventory available for buyers. Sellers are back in the driver’s seat, but there are still some things that sellers need to know and consider as they try to sell their homes.
Even though market conditions are favorable for you, Mr./Mrs./Ms. Seller, you are still competing with other properties. Your home still needs to be not just for sale, but sellable. Clean, in good condition, nice curb appeal, positioned correctly in the market. All these things are still necessary to attract the right buyer.
Do you have your plans in place to move? If you’ve gotten your home ready for the market, and if it’s positioned correctly, it should go under contract fairly quickly–depending on what’s happening where you are. Are you going to be ready to move in 30-45 days? If not, better figure something out! Now! This is what I call the best/worst/ case scenario! Best case–my house sold in a week! Worst case–my house sold in a week, I have to be out in 30 days! Where do I go from here??
If you are fortunate enough to receive multiple offers on your home for sale, are you looking at all parts of the offer and not just the highest price? Here are some other things to consider:
Is the buyer pre-approved for financing?
When does he want to close and take possession of the home?
Does he want seller concessions, e.g. help with closing costs, leave the refrigerator, etc.?
Does he want you to do additional repairs or replace carpet or other things prior to closing?
These items can make even a full-price or over-full-price offer less attractive than a lower price without all these additional costs to the seller. Consider the whole package.
If you’re tempted to overprice your home and see if you can get your price, keep in mind that buyers today are very savvy! They’ve already looked up your home online and gotten a Zestimate of its value. They’ve seen the history of the property and know if you’ve started high and come down in price. They know how long its been on the market. They probably also know what you paid for the house and when you bought it. They’ve done their homework and aren’t going to play that game any more. Buyers want to make a smart decision too!
Here’s something else to keep in mind. Builders are starting to build again. That means your competition is going to be not just the other homes in your neighborhood and area, but brand spanking new builder homes, with new everything, warranties, and all the amenities and features today’s buyers want. Can you compete with that? If not, then better get your home out there and make it competitive before the competition heats up even more!
Bottom line for sellers: Buyers are out, they’re looking, and they’re mostly ready to buy! Position your home correctly in the market and you’re sure to find a buyer or buyers who want what you have.
Good luck and be sure you’re represented by a professional, full-time, market-savvy REALTOR®!