If you’ve been following the real estate market lately, you probably know that we’re in what’s called a seller’s market. But how does that actually translate into an individual home seller’s experience? I just went through the process myself, and no BS, it really is a great time to sell. Low interest rates and increased consumer confidence in the economy are creating high demand, and there are very few homes for sale. As a result, prices continue to rise and bidding wars are increasingly commonplace.
- You’re likely to get more than you thought you could. I bought my place in May 2010 for $422,000. First, I estimated what my home was worth with Redfin’s Home Value Tool and I thought I’d be able to get about $465,000. So even after the various selling costs, I figured I’d be able to make a net profit of about 4.7%. Redfin has a cool Home Sale Calculator that I used to make this estimate. Then Klaus ran a more detailed competitive market analysis. Based on that and his recent market observations, he thought I could get quite a bit more than $465K. Turns out he was right. I decided to list at $479,950 and ended up getting several offers over $500,000.
- The market’s moving fast. It certainly helped that I was selling my townhouse in a Seattle neighborhood where there’s a lot of demand and inventory is scarce but I was surprised at how fast I got strong offers. I listed on a Thursday afternoon, had showings and an open house over the weekend and got my first offer on Monday. Three more offers arrived by Tuesday afternoon and I was under contract by the end of the day. Simple advice from our Home Selling Guide like de-cluttering and getting professional photography (free with Redfin!) were helpful in making a strong debut and selling quickly.
- Sellers have the upper hand. I wanted flexibility on my actual move-out date so I asked potential buyers about a lease-back. This means that I would get to lease the home from its new owner after the closing date so that I have more time to move out. The offer I chose included a 60-day lease-back. In a more balanced market, I might not have had as much luck making this ask. But these days, sellers have more leeway to ask for terms like this.
Everyone’s experience selling their home will be different, but even as someone who works for a real estate company, my own experience was surprising in many ways. If you’re on the sidelines wondering if this might be the time to sell your home, let Redfin know how we can help. You might be as surprised as I was what a good time it is to sell.