JAN 19, 2023
We know even thinking about selling your house in 2023 might scare you. I mean after all, you have to consider that rising interest rates are spooking buyers, there's a looming recession, and companies are increasing layoffs. However, sometimes it just makes sense to sell — even more so when you consider that housing inventory across the US is historically low compared to overall housing demand. Below are our top mistakes to avoid when selling in 2023:
We know the excitement of getting an offer way above your asking price for your home is thrilling, but before you rush to accept that offer that came in $100k above asking consider these questions: How likely is this offer/buyer going to close? Is the buyer financially stable and have the funds to close? What are the contingencies attached? Is there flexibility on closing date? There's about a million other reasons why the highest offer isn't always the best, but it usually boils down to whether the buyer is actually able to close given their offer price.
Much like getting the highest offer on your property, the first offer you receive probably shouldn't be the offer that you should accept. Of course it depends on the situation, but if an offer comes through after you've recently listed your property, it could mean that you haven't given other buyers enough time to view your house and think about making an offer. There's a balance of keeping your house on the market long enough to show potential buyers, but not long enough to where people start to wonder what's wrong with the listing.
Although not as commonly known, homeowners can also order inspections and appraisals of their home before allowing buyers to view it! This is done for a couple of reasons, but it's mainly for giving you more power during the negotiation process as now you know just as much as the buyer's inspector and appraisal knows. Additionally, providing this information up front gives buyers the confidence in knowing what work needs to be done with your home, as well as what their bank could appraise it for — there's less doubt in the buyer's mind about making an offer.
Yes we know, you want to get top dollar for your house — so does everyone else. Often times, most homeowners don't consider that pricing a house too aggressively early on in the listing process will immediately push away buyers to other listings without making them look again. You have to price your home in a way that is at fair market, or even slightly under. It might sound counter intuitive at first, but pricing it slightly under market will generate the demand and buzz you need to receive multiple offers and end up selling for higher than asking.
This content is meant for informational purposes only and is not intended to be construed as financial, tax, legal, or insurance advice.
