2021 is a seller’s market for real estate, and you may have considered selling your own property. A seller’s market means that the demand for property exceeds the number of houses on the market.
This does not guarantee you will be able to sell your home for the exact dollar amount that you want. Your location and the time of year you sell will also be important.
The Bay Area is a great place to own property, and you are very likely to be able to sell a home if you own one in the area.
In a seller’s market, you may even be able to start a bidding war for a desirable house or condo. There are a few pitfalls to avoid in order to maximize your home’s profitability.
Don’t Ask for an Unrealistic Price
San Francisco is considered one of the most expensive cities to live in in the United States. People will pay $3000 for a tiny studio apartment in the right part of town.
The average home in San Francisco is worth well over $1000000. You may think the sky is the limit when selling a property in San Francisco, but even millionaires have their limitations.
You want to set the asking price a little higher than what you actually expect to get.
You should have your real estate broker do a comparative market analysis. This will give you a good idea of what homes like yours are selling for in the area and how long it is taking to sell them. Read more here homesbyspencerhsu.com.
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Do Not Try to Hide Problems with the Property
Whenever a person is selling something, there is a tendency to try and gloss over any flaws that the product may have.
When you go to a job interview, you may leave out a job where people will say less than wonderful things about you.
If you are selling a used car on Craigslist, you may try to nudge back the odometer.
Hiding problems with a home will not work because you are required to submit to a buyer’s inspection before you can sell property in the Golden State.
You should make any necessary repairs, or you should reduce the price of the property to reflect the cost of the repair.
Do Not Trust Unqualified Buyers
Did a Hollywood producer just tour your house? Did they tell you that it was just perfect for them? Not everyone in California is as honest about their financial and social status as you might expect them to be.
You may want to ask for a proof of funds letter for a cash purchase or a letter of preapproval from a mortgage lender or bank.
There are some home sales that are contingent upon the buyer selling their own home before they can close a deal with you.
You have worked hard to buy a property and make it into a comfortable and livable space. You deserve to get the very highest profit possible from your investment.
If you take a few simple precautions, your home sale can be smooth and be very profitable.