What are the New Rules of Selling a Home?

Tina Suter – Broker Associate

With any change in the market, comes a change in the rules. Gone are the days of leisurely showing homes and clients having a few days to “think it over”. It’s either your feverishly rowing, or you’re sinking.

For sellers, that’s good news and bad news and kicks off the first new rule in this rapidly moving market: be ready to leave. In years past, we had an equal amount of buyers and listings. If a seller put their house on the market, they’d be warned there would be a showing every other day or so until they got an offer, and then a normal closing period. That gave sellers time between showings to be at home, and time to prep for a move during escrow. Right now, it’s basically put your house on the market and be prepared for full days of back-to-back showings, then don’t be surprised if it’s a quick escrow that comes your way.

Second major new rule: Cash isn’t always king. We’ve heard over and over about how low-interest rates are right now in comparison to years past. Because of that, a lot of buyers are taking advantage and borrowing instead of shelling out the cash upfront. It’s a smart move on their part and they are just as qualified as a cash buyer.

Last but not least, Price your property according to the market, not what is on the news. If a local sale made the news because of how many offers it received or how high over asking price it was, there’s likely something you don’t know. Underpricing can be a strategy to get a higher offer, but you have to be very careful to follow the market or you’ll end up losing money in the long run. House Real Estate did 330 transactions in the last year and just like everyone else, we’ve learned a lot. $275 million in volume for a team of 13 selling agents taught us to buckle up and be ready for quick moves, pay extra attention to the interest rates, and of course price properties with precise market knowledge so we can get the most for our sellers.