02 Mar How to Take Advantage of a Seller’s Market
As reported by U.S. News, the current mortgage rate stands at 3%, creating a thriving seller’s market in the real estate sector. For those planning to sell their home, this article by Gulotta & Gulotta will explore effective ways to attract buyers and get the best price for your home.
Hire the Right Professionals
Having experienced individuals guiding you through the selling process will make it easier to manage. Here are two types of professionals you should look to work with:
- Real Estate Broker: A broker will undertake all-important responsibilities of listing your property, handling viewings, screening buyers, and much more. Additionally, they will also help you decide the right price for your home.
- Real Estate Lawyers: Being experts in real estate law, lawyers will draft and review important contracts, oversee the transfer of title and deeds, protect you from fraud and help negotiate with buyers.
Make Your Home Sale Ready
Having your home in the best condition will reduce the time it’ll take from receiving an offer to making the sale. Here are a few ways you can make your home move-in ready:
- Declutter: Remove all excess furniture, decorations, and belongings. This will make the space feel bigger and allow buyers to envision living in that space.
- Make Repairs: Having a home without any maintenance issues will result in a fast and positive appraisal. Additionally, it reduces the burden on the buyer to work on the property and allows you to quote a higher price.
- Curb Appeal: Make a strong first impression on buyers through having a well-mowed lawn, colorful flower beds, freshly painted exterior, and outdoor lights.
Once you receive a quote meeting your expectations, revert quickly and complete all formalities in the shortest period of time.
- Open an Escrow Account: As reported by PennyMac, this is an account handled by an independent third party who safe keeps funds and documents until all formalities are completed. Coordinate with the buyer to open an escrow account immediately post-acceptance of the offer.
- Have a Smooth Closing Day: This is when you officially hand over the property. As it involves signing numerous documents, opt to have your lawyer be with you to clarify any doubts or concerns.
As a seller, the market currently stands in your favor. Be swift and take complete advantage of selling your home at a higher price.