Real estate is one industry that has managed to ride the pandemic wave. Demand is high, inventory is low, and home prices are rising fast. Sellers are having the best time because a for-sale sign is enough to have offers pouring in. Although everything appears great, you must take some steps to maximize returns and get genuine offers that do not evaporate before closure. It is vital to avoid getting too complacent just because things seem to be going in your favor. Here is some expert advice that sellers should follow in 2021.
Expert Advice for Sellers
Price realistically
It is tempting to take the advantage of this unprecedented opportunity, but you must keep your expectations realistic. This is expert advice you should take heed to. You cannot expect to get the price you ask for if the property isn’t in great shape. Consider all the factors and come up with strategic pricing anyone will be willing to pay. Over-quoting can do more harm than good as potential buyers may tick off your place from their checklist.
Steer clear of risky buyers
Despite the white-hot selling market, you cannot undermine the inherent risks of real estate deals. Keep an eye on risky buyers because they can cause the deal to land in trouble. A risky buyer is the one who is likely to back out of the deal at any point. Also, as another part of expert advice, avoid ones who seem short of cash or need to sell a property before closing the deal. You can get stuck and miss out on a great offer.
Save where you can
Another piece of the expert advice you must follow while selling in 2021 is to save the seller’s costs as much as possible. It makes sense to collaborate with a flat fee listing agent as the alternative is far more cost-effective than the conventional way. You can sell quickly and save thousands because you will not have to pay the agent a percentage of the price. Additionally, you get value-adding services like photography and staging guides as a part of the package.
Avoid falling for the cash bait
Cash is surely the king, but terms are equally important when it comes to real estate deals. A cash offer is a big temptation because it simplifies the process and cuts the risk of the deal not getting through. There is less stress and paperwork but you must consider the downsides as well. The buyer will probably want to negotiate a price cut or add some contingencies in the contract. Decide wisely because you shouldn’t miss out by falling for the cash bait.
Keep your options open
Home sellers can expect to get field multiple offers, even within hours after listing the property. It sounds great, but do not pick the highest bidder right away. This is definitely expert advice. Keep the options open for some time and get a fair idea of where the market is going. The trend is upward, and you may miss out on a better price by grabbing a deal too fast. If you aren’t too sure, seek advice from an expert.
Final Thoughts on Expert Advice
The prospects appear exciting in the sellers’ market right now, but smart thinking gets you the best deal. Follow these helpful pieces of expert advice and win the game.