Ready, set, sold: 5 tips for selling your home in a hot market
Posted: April 06, 2021 | Word Count: 894
If you're thinking about moving, now could be the ideal time to sell your home. Over 28 million Americans say they plan to purchase a home in the next 12 months, yet the number of available homes on the market is lower than it’s been in decades. When there are more buyers than available houses, the uneven supply and demand typically results in bidding wars and higher selling prices. This has created a hot market for home sellers in cities across the country.
However, the market is just one of many considerations. Here are five tips for making sure your home sale is as smooth of a process as possible.
1: Consider if it’s the right time
There are many reasons to move, and according to the 2021 Opendoor Real Estate & Consumer Trend Report, the most frequently cited reason for buying a new home was lifestyle changes caused by COVID-19. This comes in slightly ahead of the top reasons people usually move, like getting married or having a baby. Whether you need more space or want to unlock the equity you’ve built in your current home, ultimately, only you know when it's the right time to sell.
2: Know your priorities and nonnegotiables
Once you decide to sell, prioritize your needs. You can list your home the traditional way, which often requires home improvements, staging, open houses and complex negotiations. The other option is to sell to an iBuyer like Opendoor for the certainty of an all-cash offer and a quicker closing. An iBuyer is a company that uses technology to make an offer on your home.
Even in a hot seller’s market, there are headaches and uncertainty that come with prepping, marketing, listing and selling your home. Selling to Opendoor gives homeowners an all-cash offer so they can move quickly, easily and with certainty. Sellers can choose their closing dates and avoid the hassle and extra costs associated with double mortgages and double moves. The process is entirely online and contact-free, from receiving an offer and having a video walkthrough to close. Learn more and get a preliminary, no-obligation offer in minutes at www.opendoor.com.
3: Prep your home for resale
If you decide to list your house the traditional way, you’ll want to make your home look its best to be competitive and secure interest from buyers. If you’re wondering about specific projects and return on investment, use the Opendoor home improvement calculator to gain insight. Here are some ideas from industry experts:
- Paul Gonzales, owner of Crown Custom Builders in San Antonio, Texas, says there’s an increase in demand for larger format tile in homes. The reason? Homeowners want to minimize the size of grout lines. He also notes that demand is growing for bolder, deeper colors on the exterior of homes — like dark blue or charcoal — without the stark contrast of trim.
- Sean, a home improvement specialist in North Carolina, says luxury vinyl plank (LVP) is a popular flooring choice because unlike hardwood and engineered floors, LVP is waterproof, scratch resistant and long lasting. Another trend is solid-color cabinets, which are often all-white, which refreshes outdated kitchens. Finally, with the shifting household needs during the pandemic, demand for home offices and flex spaces is high.
- Chris Stephens of Model City Roofing in Florida says they're working to fulfill customer requests for specific shingle colors or materials from certain manufacturers, but are also working against delayed production timelines and rising prices as a result of the pandemic. The price of any construction project has gone up due to the pandemic and he expects it could take until early 2022 to see it get back to a normal rhythm.
4: Offer virtual tools
Real estate has changed due to the pandemic, and having virtual options like video tours helps highlight your home and entices buyers who may not be ready to venture into an open house. According to the 2021 Opendoor Real Estate & Consumer Trend Report, 75% of home buyers report that they would be likely to consider buying a home through a company that empowers them to control more of the process with digital tools. Interestingly, baby boomers are turning to tech even more than millennials when it comes to touring homes — 92% of boomers said they want virtual options even post-pandemic, compared to 85% of millennials.
5: Decide your timing and where you’re moving next
Last but not least, it’s important to know your options for timing the sale of your home with buying and moving into your new home. Because 55-70% of sellers are also buyers, lining up closing dates can be a challenge, especially in a hot seller’s market. By selling to Opendoor, you can choose your closing date and move on your timeline. Plus, you’ll unlock the cash you need to buy your next home.
And even if you don’t sell your home to Opendoor, the company can help you make a competitive, all-cash offer to win your next home. Opendoor recently introduced cash-backed offers, enabling you to present the certainty of an all-cash offer to the seller, free of financing, appraisal and home sale contingencies, even if you need a home loan. Buyers who made offers with Opendoor’s cash-backed offer program already have an average acceptance rate 50% higher than regular offers.