In Part 2 of this update, Ben focuses on the two most important things Jackson, Michigan sellers need to do to maximize sale price and get through the entire transition smoothly.
Watch Part 1 of the April Market Update for Buyers
Read the Buyers' Market Update blog.
1. Get the Pricing Right
Sellers who price their homes too high will miss out on quality offers. Here's why: In today's market, buyers typically write $10,000-25,000 above asking price, often with an appraisal gap clause that allows that if the house does not appraise for the agreed price, the buyer will cover the difference at close. If your home is priced at the top of a buyers' budget and the buyer suspects the house won't appraise, he won't write a quality offer.
2. Create a Plan
Do you need to sell before you buy? See below.
Will you write a home sale contingency into the contract?
Is my house ready to sell? Seek and follow the advice of a quality REALTOR® early in the process and your sale will outpace the market. Even if you think your house is list-ready, a REALTOR® who transacts daily in the local market can help you find extra value if you plan ahead.
If you need to sell before you buy, ask yourself:
How much can we expect to make from our sale? Your REALTOR® should give you an accurate estimation of the proceeds from the sale of your current home. This will help answer the next two questions.
How much can we afford to pay for our next home?
How much do we want to pay? This may differ from what is "affordable". Plan on making asking price on your current house, and if it sells for more, be pleasantly surprised.
Work with a REALTOR® who is transacting every day and can help you contextualize your sale to the current market.
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