Tips for how to get your home ready to sell in a hot sellers market.

Get Your Home and Property Ready to Show
Get Your Disclosure and Other Paperwork In Order
Marketing Your House: Don't Overlook the Professionals
Be Prepared to Review and Make a Decision on Purchase Offers
Be Prepared to Move Quickly
Be Prepared for Problems with Appraisal
Don't Get Your Hopes Up Too High

Get Your Home and Property Ready to Show

While most sellers are able to sell “as-is” in a hot sellers market without making any major updates, at the bare minimum, you want to de-clutter and thoroughly clean your house in preparation for professional photography and showings. Whether or not to make any significant fixes to the property should be discussed with your agent who can evaluate comparable properties in your area. Home staging, on the other hand, is the number one way to help a buyer fall in love with your house and can help attract multiple offers quickly.

Get Your Disclosure and Other Paperwork In Order

Houses sell quickly in a hot market so you need to be prepared to present all relevant documentation to potential buyers right away. If you appear completely prepared to sell, a buyer will feel more confident making a quick-closing offer. In addition to the required property disclosure and HOA information, it is extra helpful to have a list of your average utility bills and tax payments on hand as well.

Marketing Your House: Don't Overlook the Professionals

It may appear that a house will sell itself in a hot market but don’t overlook the need for the expertise of a professional. When inventory is low, qualified buyers are more likely to use an agent to help them find a home. Oftentimes realtors are aware of inventory that is coming up soon or may even have seller clients who wish to keep their property off market. In a high-stakes low-inventory situation, having a successful negotiator with a strong network working for you is paramount.

Be Prepared to Review and Make a Decision on Purchase Offers

Time is of the essence. Buyers will want you to choose them and will often want you to make that decision fast. Set out a specific time to go over all offers with your agent to sort out which will be the strongest offer to accept. A good seller's agent should be able to get a feel for the ability and solidity of the buyer through talking with the buyer's agent.

Be Prepared to Move Quickly

Hot markets see more buyers purchasing with cash or minimal financing than other markets. If you're lucky, your buyer might not need to be approved for a loan, which would greatly reduce the amount of time your property is under contract. If you decide to accept an all-cash offer, you will likely close in a short amount of time. But don’t freak out just yet. Buyers are more wiling to accommodate sellers' needs when inventory is low. Once offers come in on your property, you have greater bargaining power to use to accommodate special moving needs. Don't be afraid of negotiating. Your buyer is just as aware as you are of the limited options on the market.

Be Prepared for Problems with Appraisal

Hot real estate markets oftentimes arise quickly and it takes a while for appraisals to catch up. A cash buyer who doesn’t need approval of a lender appraisal quickly rises to the top of the list when considering offers. Dependent on a loan? Consider having your buyers agent add an appraisal gap clause to keep your offer competitive.

Don't Get Your Hopes Up Too High

Just because the market is hot does not guarantee multiple offers for over asking. House prices can differ drastically within the same neighborhoods for many reasons that aren’t apparent on MLS. Curious how the house down the street sold for well over asking price in a bidding war the first day it was listed? Well, mature landscaping, designer paint colors, upscale lighting, a really great layout, and lots of natural light could be the reason. Other factors and special circumstances like having friends or family on the street or being next door to a playground or dog park can incentivize buyers to go above and beyond to secure their offer is accepted. The good news? You are still more likely to sell for closer to your asking price than you would in a down market and thats’ reason enough to pop the champagne at closing!