Over the past year, the housing market across the United States has reached astronomical highs and there’s no sign of things cooling down anytime soon. As HomeLight reports in their Top Agent Insights for Spring 2021 report, 97% of real estate agents report that they’re seeing a seller’s market, and 91% report
that inventory is lower than they expected.
Whether you’ve bought a starter home or are just looking for a change of scenery, the current housing market is a great opportunity to trade up for a better space. While buying and selling a home at the same time can be daunting, especially when there’s limited inventory, you can simplify the process by considering the tips in this article.
The fundamentals of selling a home for the first time
Compared to purchasing a home, selling a home is much more daunting because you can face many challenges such as negotiation deadlocks, hiccups in the home inspection, fielding unrealistic expectations from buyers, and more. Fortunately, you have options when it comes to selling your home. You can sell with the help of an agent, compare instant cash offers from buyers, or sell on your own.
For most homeowners hiring an agent is the most sensible option for getting the best price when selling your home because they know the ins and outs of the markets they service, so they can advise on touches to help you get the best price possible, market the home on social media and across the web, negotiate the best offer with buyers, and also handle the paperwork associated with selling.
Another option is to simply sell your home for cash. If you’re in a time crunch or don’t want to deal with streams of prospective buyers browsing your home. Although these types of sales were previously for fixer-uppers, homeowners that have homes in good condition can benefit from selling to an iBuyer. These companies use computer algorithms to calculate an offer without onsite visits.
The final option to discuss is selling your home on your own. While it may seem like a great way to save money as you’re not paying a third-party commission, the majority of homes for sale by owner (FSBO) homes sell for less than comparable properties sold by a professional. Additionally, you’ll have to manage troves of paperwork, and you’ll be responsible for any mistakes that may come up.
Your options when buying and sell a home at once
Before you put your home on the market, you need to ensure you have a strategy for accommodations after you sell your home. Given the fact today’s housing market is so hot, it’s very likely that the closing date on your home sale will align with the closing date of the home you buy.
Fortunately homeowners today have a few options for buying and selling their home at the same time. One of the simplest options is to move into a rental property while deciding on your next home. Another option is to arrange a rent back period, which is where you temporarily rent your home from the new owner until you find a new space.
Regardless of what you choose, thanks to the internet and digital marketing, it’s easier than ever to simplify the process of selling your home.