{"id":1852,"date":"2017-04-26T12:45:02","date_gmt":"2017-04-26T19:45:02","guid":{"rendered":"https:\/\/www.realtyexecutives.com\/blog\/?p=1852"},"modified":"2017-05-02T10:09:51","modified_gmt":"2017-05-02T17:09:51","slug":"selling-home-hot-market","status":"publish","type":"post","link":"https:\/\/www.realtyexecutives.com\/blog\/selling-home-hot-market","title":{"rendered":"How to sell your home quickly in a hot market"},"content":{"rendered":"

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If you live in a city where demand exceeds supply and you\u2019re looking to cash in and sell your home, how do you do so quickly and painlessly?<\/p>\n

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Price your home right<\/strong><\/p>\n

As tempting as it might be to pad your asking price in a seller\u2019s market, an inflated listing price could scare away potential buyers. Buyers who are interested won\u2019t submit offers because they don\u2019t want to offend you, and buyers who are searching online may not even see your property because anything outside of their price range won\u2019t show up in their results.<\/p>\n

Research has shown that overpricing your home could result in more days on market, which will ultimately force you to drop the price in an effort to attract buyers.<\/p>\n

\u201cIf you overprice your home, it will sit idle on the market, and if you underprice it, you\u2019ll miss out on cash and equity that could\u2019ve been earned in the sale,\u201d says Mansions and Millionaires<\/em> host Michael Corbett<\/a>.<\/p>\n

Be prepared to move quickly<\/strong><\/p>\n

With homes going under contract after less than 10 days in some cities according to HousingWire<\/a>, expect your real estate transaction to move quickly. If your home is priced correctly, expect multiple offers which you will need time to review. Showings, appraisals, inspections and repairs are likely to occur during business hours, so if you work a 9-to-5 schedule, be sure to accommodate for this to prevent any delays.<\/p>\n

Finally, if you don\u2019t already have housing lined up, consider temporary housing options<\/a> in case you need to move out shortly after the sale.<\/p>\n

The basics still matter<\/strong><\/p>\n

If a fixture needs to be replaced or a structural issue needs addressed, it\u2019s better to fix it ahead of putting your home on the market.<\/p>\n

In fact, according to Remodeling Magazine, homeowners can recoup some or all of the money invested in these fixes during the sales process, depending on the region. (You can check the average for your neighborhood here<\/a>.)<\/p>\n

A little hospitality goes a long way<\/strong><\/p>\n

Real estate investor Brian Davis<\/a> says hospitality is the easiest way to make a buyer feel at ease in your home. \u201cThere\u2019s nothing worse than walking out of the sweltering heat and into a home that\u2019s just as hot and stuffy. Yes, it might mean a slightly higher electric bill, but keep the home refreshingly cool at all times,\u201d Davis advises. \u201cIf you\u2019re present for showings, provide cold drinks for prospective buyers: iced tea, lemonade, summery cocktails, cold craft beers. These are rarely unwelcome on a hot summer day, and will make an excellent impression on prospects.\u201d<\/p>\n

Factor summer holidays into your timeline<\/strong><\/p>\n

Appraisers, escrow officers, mortgage officers and even buyers can have more distractions going on during the hectic summer months, including holidays. \u201cBe prepared for longer escrow periods, as key personnel may be unavailable due to vacations,\u201d says Adham Sbeih, CEO of real estate investment and lending firm Socotra Capital<\/a>.<\/p>\n

Whether you end up entering the market in summer, fall or in a year or two, remember: hot market or not, the easiest way to be prepared is to find knowledgeable real estate professionals<\/a> in your area who understand the market.<\/p>\n

 
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