There are a lot of myths surrounding real estate, and since we’re in such a crazy market right now, we’ve been receiving a lot of questions that stem from this misinformation. To help address some of these concerns, today we’ll be discussing four of the most common questions we see:
1. What am I going to do when I sell my house? It may be easy to sell in our market, but it’s not so easy to find another place to purchase. It’s causing some sellers to avoid listing because they fear they’ll suddenly be homeless. Fortunately, buyers in today’s market are very willing to allow sellers to stay longer as they search for a home. This may be through a leaseback, a delayed closing, or paying for the seller to rent elsewhere.
2. What home projects should I focus on? Since homes are in such high demand, some sellers wonder if they even need to fix anything before listing. This is tricky to answer, as each house and each person’s situation is different. However, there are definitely good and bad upgrades, and some people put money into things they really shouldn’t be. Sellers today can get away with more due to demand, so they may not need to spend as much on upgrading their homes. The best way to figure out what to do is to speak with a Realtor, as they can figure out what will work best for your home and local market.
3. How should we price our home? People are hearing about homes selling for tens of thousands of dollars over asking price, and it’s making them want to list their own homes at higher prices. However, this can easily cause appraisal issues and other problems. It’s important to be mindful of challenges that can arise based on the offer, the down payment, and how much we believe the house will appraise for. Buyers need to figure out how the difference between the lower appraisal and their higher offer will be paid.
4. Do I even need a real estate agent? Having an agent is more important than ever; there are so many different things going on in our market that it’s hard for someone without a deep knowledge of real estate to juggle everything effectively. We’re talking about navigating problems involving refundable earnest money deposits, appraisal lawsuits, and contracts. Buyers also have dozens of offers to sift through, and it can be hard to know which one is the right one to choose. An experienced agent can help you work through all of these issues and make sure you have a safe, secure, and lucrative sale.
I hope these answers have helped you get a better understanding of the market we’re in. If you’re thinking of jumping into the market or if you have any further questions, feel free to reach out to me. I look forward to hearing from you soon.
