Real Estate: Amazing time to sell your home

By Matt Trudel

This market is one of the hottest real estate markets we have seen in several years.  Prices are up, interest rates are down, and inventory is low.  This is a seller’s market and that means it is a great time to sell.  This will mean you are capitalizing on getting the maximum out of your investment.  Supply and demand are part of what is driving this market higher. 

You might be inclined to go buy a For Sale By Owner sign and put it up thinking that is all it takes, but generally that leads to two issues that will cost you time and more importantly, money.  It is a fact that people who sell their home on their own end up accepting less than what the market value of their house really is.  It also takes a lot more time than people realize when selling a house.  This includes scheduling showings, being available, answering calls, emails and questions.  All of that is before you go under contract and then have inspections and more negotiations. So do yourself a favor and hire a professional to assist you through the process.

Another tip is to make sure your house is actually ready to be put on the market to attract the most buyers.  More buyers mean more competition which leads to higher offers.  So you want to fix items that need repair and replace things that are worn or damaged, like flooring or deck boards.  Touching up the walls and ceilings with fresh paint if needed.  Another way to get buyers is to limit the time blocks of when buyers can see your home.  This is more common now with the COVID-19 issues.  This also causes buyers to see other buyers looking at the property and potentially create a competitive feeling of possibly missing out.

In come the offers and after negotiating things like purchase price, earnest money, inspection periods, and a closing date, you need to figure out where you are going.  One option would be to negotiate that into the offer if you are going to buy.  Include that you have 30 days to put a home under contract and will close both transactions on the same day within 30 days of going under contract on your new home.  With interest below 3 percent, it is not a bad time to buy and you should have decent negotiating power as long as your house is under contract.  Another option might be to rent for six months or a year and see what happens with the real estate market next year.  At some point this market will slow down and take a dip.  It always does and with this being an election year it might just happen next year.   This would allow you time to watch the market and perhaps you will have sold at the peak and can buy after the dip in the market.

 This article was written by Matthew Trudel, owner of Five Star Realty, Windham, 207-939-6971