Hoping To Sell Home Quickly in 2016? Here’s your action plan.
When it comes to timing to sell home quickly, predicting the real estate market can seem impossible. Unless you’re a psychic, you can’t know what the future holds. But you can make some predictions based on what’s happened in past real estate cycles.
For starters, 2016 is an election year. There’s also talk of interest rates potentially rising even higher than the quarter-point hike that went into effect on December 16, the first such rate increase since 2006. Your strategies for selling, because of those issues and more, might differ this year.
Here are six clever tips to learn how to sell home quickly and help your home for sale in Charleston, SC, sell quickly in 2016.
1. Price the home right
If you ask two real estate agents whether you should underprice or overprice your home for sale, you’re likely to get two opposite responses. The overprice camp believes you can get more money by asking for more money.
The underprice side believes you’ll pique the interest of more potential buyers by asking less than what comparable properties in the area are selling for. That could start a bidding war, which could drive the price back up.
“I am a huge proponent of underpricing just ever so slightly,” says Brett Miles, a New York, NY, agent with Douglas Elliman. “Buyers are extremely savvy these days and watch the market like hawks. They are well aware of the bloated asking prices we are experiencing currently.”
Sellers have been “successfully pushing the envelope on ask for three-plus years,” says James Brune, a New York agent with Douglas Elliman. “But prices are plateauing now,” he says. “Sellers will need to be realistic and price at or below current market to get maximum interest [in their home].”
2. Finance the sale yourself
Federal Reserve officials are calling for a gradual rate increase over time. The federal funds rate has been 0% for years. The recent December increase brings the rate to 0.25%. The next increase will bring it to 0.5%, and there could be more increases after that. “If mortgage rates [keep rising], this will begin to affect affordability across the board,” says Brune.
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