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How To Sell Your Home In A Hot Housing Market

How To Sell Your Home In A Hot Housing Market

Simply because a housing market is hot doesn't necessarily mean selling your home will be an easy process. If houses are selling like hot cakes then that is a signal for more homes to appear on the market which subsequently increases competition. The same rules for selling a home apply whether the housing market is hot or cold and the intention is to make your home stand out from the rest. Setting a competitive price, working with buyers and their agents and being proactive when marketing your home are all necessary to get top dollar.

Be Price Competitive

In an ideal situation you will have multiple bidders at the same time boosting the asking price of your home. Initially however, you and your agent should conduct a market study looking at both asking and selling prices of homes in your area. The higher the price, the more likely it is for your home to sit on the market as other homes around it sell in quick fashion. If you price your home to low you may wind up leaving money on the table or dealing with too many bidders in a housing feeding frenzy. It's all about setting the optimal price where you attract attention but not so much attention that it's counterproductive or so little attention that it becomes discouraging.

Flexibility is Important

As with most negotiations in life it pays to be flexible and the same holds true when looking to sell your home in a hot housing market. The art of negotiation is a learned skill that takes many years to become proficient. This is why most homeowners hire an experienced real estate agent to represent their interests. If you're willing to work with a potential buyer it increases your chances of selling your home for the price you want. Try not to be locked in to a particular closing date since sometimes financing falls through or the living situation of a potential buyer may change. It also pays to be flexible when it comes to home inspection results. A number of potential issues may need to be addressed and you might not want to fix all of them at your expense. Again, be flexible and focus on what's important for the home buyer so they don't get frustrated and walk away from the sale.

Focus on Curb Appeal

Putting your house in its best light may not be as important in a hot housing market. This is because potential home buyers may be more forgiving but that doesn't mean your home can look bad either. This is especially true if there are multiple homes within visual distance of your property. The basics will always be required like pulling weeds, mowing the lawn, trimming hedges and paint touch-ups. Whether or not you need to go the extra mile on curb appeal and plant flowers or clean rock will be determined based on the level of interest you receive and type of feedback provided to your agent. Your home still needs to make a positive impression when a buyer and their agent approach the property. The better it looks, the higher a price that can be commanded relative to the competition.

Actively Market Your Home

While it is a necessity that your real estate agent earns their 3% commission, it doesn't mean you can't proactively market your home through other channels. Using social websites and word-of-mouth, mention to everyone you know that you're selling your home as you never know when a lead may appear. Finding the right buyer and offering the right price for your home is about playing the odds. The more people you talk with means more people know about your property which increases your chances. No one knows your property better than yourself and no one will represent your best interests as well as you. Real estate agents are invaluable and are crucial in negotiations, paperwork and showing the property in your absence but it still benefits property owners to take charge when it comes to additional marketing.

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