Undoubtedly, you have been hearing about the strong seller’s market we are in, and you are thinking of selling your Baton Rouge home. We have some tips for selling your Baton Rouge Home in Spring 2022.
Pricing Your Home
When discussing pricing with your real estate agent, allow them to help you. Ask to see how they arrived at the list price. Many sellers want to list high in this market since so many homes are going for over list price. This tactic is not a wise move. The public still knows what a fair price is, and we have seen some homes sit on the market listed for over fair market value. You will also run into appraisal issues if you list the home too high and ultimately accept an offer conditioned on appraisal.
If you price your home reasonably, chances are you will receive more than one offer. When reviewing one or many offers, you should consider a few things. Price should not be the only deciding factor. Consider what type of loan the buyer is using. Different loan types come with various restrictions regarding the house. Are the buyers paying cash? If so, make sure your agent gets a solid proof of funds letter. Speaking of proof of funds letters, make sure your agent receives a solid pre-approval letter for financed offers and knows how to decipher the jargon in that letter. Some phrases may need to be questioned. I.e., assets verified, etc.
There are other terms that you should pay attention to. If you receive an offer that is way over the list price, chances are the house won’t appraise. Did the buyers agree to pay over appraisal? (Otherwise known as an appraisal gap) If not, you only have numbers on a piece of paper. What about the closing date? Does that coincide with your plans?
Discuss with your agent upfront if you want to start accepting offers right away or allow a few days for many buyers to see your home? Since homes have been going under contract so quickly, we have seen some sellers accept offers for the first two or three days and then decide on which one they will accept. This tactic will most probably give you a good number of offers to choose from and allows more buyers to actually view your home. We have even encouraged our sellers to take a few days vacation so that they don’t have to worry about the chaos of all the viewings.
Presentation Of Your Home
Your home still needs to be professionally photographed and adequately marketed. Unprofessional pictures will decrease the interest in your home. Even in this crazy, fast-moving market! Professional pictures are the norm now so you don’t want to stand out with dark/grainy cell phone pics. You also need to make repairs and keep things in tip-top shape. The buyers don’t have much to choose from and are desperate, but they are still kicking back at homes that are not well cared for.
There has never been a market like the one we are in right now. Homes are selling within hours for over listing price with multiple offers. It’s the craziest thing we have ever seen.
If you are thinking about selling your home, reach out and let us know. We have agents that would love to help you navigate the process and get you to your next destination. Want to take a peek at how we market homes? Check out our exclusive listing portal.