To say that the housing market has been hot over the past few years would be a gross understatement. With far more potential home buyers than home sellers, the sellers have the upper hand. In some markets, that is changing. But according to Redfin, homes in these eight markets continue to sell within days.
Where homes are the selling fastest
You'll notice that hot markets are geographically scattered. We can't just say it's homes on the East Coast or West Coast selling like hotcakes. The cities are spread out, as though someone drew a line from one coast to the other, right through the middle of the country.
The reason homes in some markets are selling faster than others may be due to several factors, including:
- Number of homes on the market: When there's more demand than supply, homes tend to sell quickly.
- Area economy: One needs to look no further than Detroit to recognize what happens when a primary industry leaves town. When an area's economy is in shambles, the housing market suffers.
- Condition of the home: While nearly any home will eventually sell in a superheated market, move-in ready houses will always sell faster, particularly if they are appropriately priced.
How to sell your home faster
According to the True Group, fast-selling homes sell for more money. And who doesn't want that? If you're looking to move soon and you want to sell at top dollar, you might want to keep these tips in mind.
Pump up the curb appeal
There's nothing like a first impression. If a buyer appreciates what they see from the street, that's like love at first sight. Real estate agents say curb appeal is the No. 1 factor affecting how long your home will linger on the market.
Make it move-in ready
A move-in ready home is clean, organized, and free of extra furnishings that make rooms appear smaller. It's also free of family photos or personalized items that remind buyers you live there. What you hope for is a buyer who immediately imagines themself living in the house. Buyers want to believe they can move in one day, spend a couple of days putting their belongings away, and return to life as usual. They don't want to empty their bank account making updates and repairs.
Think about schools
Even if you don't have kids in school, the school district you live in matters. Homes in highly rated school districts sell faster and at a higher price than homes in less desirable districts. A Realtor.com survey found that 78% of buyers are willing to compromise on the features of a home as long as it's located near a good school. If a buyer is going to take out a mortgage, they want to believe they're making a good investment.
Stage like a pro
There are at least two ways to stage a home: You can hire a company to do it for you, or you can do it yourself. Even during "normal" times, a staged home spends 73% less time on the market than non-staged homes. Simply put, staging makes the most of the space and makes it easy for buyers to imagine themselves living there.
Price it appropriately
Right now, anyone selling a move-in ready house can pretty much name their price. Still, overpricing your home in any market will scare off potential buyers. If the price is fair, you're far more likely to have multiple offers and competitive bidding.
This wild market will likely calm down at some point, which will be good news for home buyers. But whether the market is red-hot, average, or cooling down, you have it within your power to walk away with top-dollar.
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