Let the mad dash to the spring market begin! Are you ready… better yet is your home ready for the frenzy?
Hello, its Jeff Scott with Nor’West Property Shop. Our social media and in-box have been buzzing with this major question.
Should I sell in Spring?
Let’s look at the numbers:
Spring brings out the best in the Northwest with a wildflower explosion, whale migrations, warmer weather and the hint of Baseball in the air. For many homeowners wishing to sell this is the time most buyers come out of hiding and the loan officers get to work. Historically May-June is the pinnacle with more homes being listed on the MLS coupled with the most going under contract or pending than any other time all year. But Beware!!! With the onslaught of buyers aggressively looking comes a huge influx of sellers. Using the tried and true supply and demand concepts we learned in Econ 101, the changes may offset and not necessarily mean a higher selling price. However, the buyers will be out and the overall supply, year over year, is down which will lead to multiple offers and favorable closing terms. Those who know how to maximize this potential will fair better, selling for faster, for more money and less hassle. WAIT!! Before you clean out that garage or start making the repairs to the porch, look at the necessary steps.
STEP 1: Hire the right Realtor. One that can utilize your timing, technology, and localized market conditions to get you results. Ask yourself, “Does your Realtor add up in 2018 or stuck in 2008.”
Step 2: Have a plan for the next phase. The average days on market have dramatically decreased with averages hovering at three weeks. Yes…. 22 days last year in May. If the trend continues expect even lower days on market.
Why is this important? Timing is key to everything. This is where your Realtor can really shine and make a difference. Knowing how to create a strong demand for your home in a short amount of time leads to better offers and more in your pocket at closing. Great, Right? If you are ready with a solid game plan for the next step than yes. If not you could find yourself needing a short-term rental and now competing in the same market that you joyously just boasted about. Your Realtor should understand how to protect you, if not… well …get a new one. **Key Question .. Ask your Realtor if they can explain a reverse contingency when selling your home to protect you. This will give you the answer if they are seasoned enough to earn that commission check.
You see, in a hot seller’s market finding a homeowner who will accept a contingent offer on the sale of your home is all but gone. So if you are an all cash buyer, no problem. If you need the equity from the sale of your home your in for a journey.
(Get your survival guide) Should I stay or should I go now: Buying or selling first – Ultimate guide to the Catch 22
Step 3: So you have the Realtor needed and a plan in place so it’s finally time to get that gem to shine. Fix everything !! Ok that may be tempting in hopes of getting that perfect offer. Is it necessary? NO, not in a seller’s market. Only concentrate on home improvements that improve values and give you the rate of return you’re looking to get back. Learn how to spend your money wisely, keeping new trends in-mind but leaving room for a buyers personal touch. Bringing your home up-to-date and using utilizing a smart staging strategy will pay dividends. Buyers want to envision themselves living in your home and those who can create the ‘model home’ feel will win. Invest in a professional paint job (DYI for the most part just won’t cut it), clean up or replace old flooring and give the yard a pick me up. MUST DO…. Declutter and depersonalize your home. Use the idea that minimal is better. You want your home to look larger, sparkle brighter and scream to the seller, “welcome home”. Save all the big ‘fixes’ until your Realtor can run the numbers to see if it makes sense to bring in that contractor.
Step 4: Even in a sellers market strategy matters.
Now price that home to sell and let your Realtor go to work. No longer can a Realtor just provide the basics and expect to get top dollar. Your strategy should still be aggressive and far-reaching. Foreign buyers are pouring into the Puget Sound and for good reason. The economy is fantastic and the Tech industry is hiring … hiring big time. Seattle schools are among the best in the nation with the University of Washington leading the way in IT and medical research. If your home is not in front of these markets than… well you get it.
Love Facebook? Instagram your friend? Yes…. well its the same for buyers. The reach of these platforms is uncanny. Posting your listing is a must and can create a few unique buyers but get your home in front of thousands. Utilize the backend tools and tricks to capture the interest of buyers and create your own demand outside of just listing in the MLS. Does your home have a presence online rather than just an online presence?
You are now on the right track and the process is not as intimidating as is seems. Sit back and wait for that perfect offer….. Remember it will all be over in just a few weeks.
WAIT!!!! Almost forgot….. Did you get pre-approved for that next home!! “My Oh MY”
-Jeff Scott , Broker , Nor’West Property Shop