The uptick in the property market may mean sellers no longer have to put in a lot of effort, however, they still need to take a few steps to maximize their return on investment while staying clear of risky buyers liable to do the disappearing trick at the final stage. A few pro tips on how sellers should go about selling their homes:
Don’t Commit Yourself Too Early
You may find it tempting to accept the highest bid, especially if the offered price is significantly above your asking price if you receive multiple offers within days of listing your home. However, expert realtors recommend not rushing into closing the deal quickly but allowing at least a couple of weekends for more buyers to make offers. The more buyers, the better your chances of avoiding a high-risk buyer! High-risk buyers are typically those who can back out of a deal at the slightest pretext, need to sell their existing home before buying the next one, and may not have the cash to cover the difference between the home price and the mortgage amount. The buyer may also back out if he likes another property better.
Don’t Compromise on Staging
Even when the market is hot, buyers can still walk away if they don’t think the property is worth the price. Expert real estate agents recommend buyers take all steps to stage their homes to highlight the best features and de-emphasize the shortcomings to enable potential buyers to imagine them living in the home. According to a study by the National Association of Realtors, 82% of buyers’ agents reported staging made it easier for buyers to imagine the property as a future home. The agents also agreed that staged homes get better prices. Even though the high market demand may tempt buyers to ignore repair and renovation, most buyers are ready to pay a premium for attractive-looking houses. Cleaning the house, removing the clutter, and a fresh coat of paint will generally do. There is no need to spend on major renovations, especially if you are selling to an investor advertising, we buy houses in Chicago for cash.
Focus on Cash Offers
You have more chances of the sale going through when buyers make cash offers because the buying process is simpler. With cash offers, the buyers do not need to arrange mortgages, can eliminate inspection and financing contingencies, and ensure a smoother and quicker closing. With a cash offer, you can close a deal as quickly as 10-14 days compared to the usual 30-60 days for financed offers. Moreover, buyers do not need to stress over completing the paperwork that typically accompanies a loan. However, you can expect cash buyers to negotiate the price more aggressively.
Conclusion
Regardless of the offer amount and how the buyer intends to pay, experts recommend the seller to pay close attention to the terms and conditions of the contract. The sale may fall through even after finalization if the buyer builds in contingencies allowing them to back out of the deal. The highest price is not necessarily the best price because the terms and conditions are also important.
