In many real estate markets around the country, sellers are in the driver’s seat again. Inventory is low.
Houses are often selling for more than asking price. After years of a sluggish buyers’ market, many real estate agents are trying to get their would-be sellers to list their homes now.
It seems like a great time to sell. But how can you know for sure if it’s a great time for you to sell?
If you experience buyer’s remorse, you can usually get out of a contract through contingencies or other out clauses. If you start to feel seller’s remorse, you don’t have that luxury. So you must be absolutely sure you’re ready to sell.
To avoid seller’s remorse, and to make the sales process go as smoothly as possible, keep these strategies in mind.
Develop a solid pricing strategy
Agents often encourage their sellers to list their homes competitively, so that the market receives it well. Sometimes sellers see that as the agent pushing for a quick sale. Many times, it’s truly the agent looking out for the seller’s best interests.
Whatever the scenario, pricing is the most important discussion a seller can have with an agent. When there’s a disconnect on price, raise it as a red flag from the get-go. If you find yourself resisting your agent’s suggested price, talk through the options or get a second opinion.
You might try starting out with a higher number. This might be against your agent’s better judgment, but it can be worth a shot. If there’s no activity in the first few weeks, you can always reduce the price.
Alternatively, sellers who increase their asking price after the home has gone on the market are often seen as frenetic, lacking a strategy and having a clear disconnect with their agent.
Bottom line: If you haven’t had a serious pricing discussion with your agent or you aren’t sold on your list price, don’t go on the market.
Have a clear post-sale plan
The sellers of an Essex, CT home heard the market there was hot and that they could get the price they tried but failed to get just six months earlier. They’d already done the appropriate clearing out, painting, and fix-it work, and even had the property inspected. So, for them, going on the market was easy.
However, they didn’t expect to receive three offers, all of them above the asking price, within hours of their first open house. The buyers they chose wanted to close in 30 days.
The problem: The sellers had nowhere to go. They didn’t have a plan. Like many sellers today, they heard the market was strong again. And after dreaming for years of finally getting what their home is worth, they jumped in while “the getting is good” without thinking it all the way through.