Selling In A Fast-paced Real Estate Market

Published: May 15, 2021

New York City is well-known as “the city that never sleeps” since most bars and clubs stay open until 4 a.m. and transportation services are available 24/7. However, in recent years, the rest of the world seems to have adopted New York City’s poor sleeping habits. Between the night owls who naturally work better at night, emerging entrepreneurs trying to find the right balance between their full-time job and side hustle, and growing employment opportunities - such as Uber and DoorDash - that offer flexible work hours, most people have legitimate reasons to work all hours of the day.

Similar to this rapidly changing world we live in, the real estate market is also fast-moving. Despite the ongoing coronavirus pandemic, people are still actively buying homes as buyer demand continues to surge. Were you thinking about selling your home soon, but the pandemic halted your plans? Well, we’re here to tell you that the real estate market is doing better than ever and you shouldn’t wait much longer!

Don’t know how to start the selling process? We’ve put together this comprehensive guide that’s guaranteed to help you sell your home in this fast-paced real estate market!

Pick a selling strategy:

Once you’ve decided to sell your home, you need to think about the selling strategy you’d like to use. There are three common options you can choose between: for-sale-by-owner, hiring a real estate agent, or inquiring with an iBuyer. While the for-sale-by-owner option doesn’t usually end with the fastest sale or highest possible sale price, if you’ve persuasive, have great marketing skills, and know how to negotiate, this option is perfect for you. You would be responsible for everything, from all the paperwork to selecting the best offer for your home. Yes, the for-sale-by-owner option is a lot of work, but you’ll be able to save big since you wouldn’t be paying for a real estate agent.

However, if you don’t feel comfortable handling the entire selling process on your own, you should hire an experienced real estate agent. They will help you market your home to buyers, keep all the paperwork organized, negotiate on your behalf, and provide you with support as you close the deal. Of course, you’ll need to pay your real estate agent for their services, which is usually 3% of your home’s sale price.

Looking to sell your home quickly? Think about inquiring with an iBuyer. Depending on the iBuyer you choose to use, this process is extremely simple - just submit an online request, fill out an online questionnaire, and attach some pictures of your home. The iBuyer will review everything and perform an inspection or home evaluation if needed. From there, you’ll receive an instant cash offer for your home.

Give your home a well-needed makeover:

Take the time to thoroughly clean your home. You should really focus on spots you haven’t touched in years, such as the air vents, baseboards, and ceiling fan. Declutter and organize your kitchen pantry and all the closets. When potential buyers walk through your home, they’re going to be looking at the storage space. Expect them to open some doors and take a quick look around. For those of you who don’t have time to deeply clean your home, consider hiring a professional cleaning company.

Once your home is sparkling clean, you need to depersonalize the entire space. Remove all your family pictures, political and religious items, and keepsakes. You can easily replace the empty spaces with neutral art to add some interest back into the home. Buyers want to walk through the home and visualize living comfortably in the space. When you neglect to depersonalize the home, potential buyers will have a hard time enjoying the space since it still represents you.

Stage your home:

When potential buyers enter your home, you want them to feel as if they’ve entered one of the model homes they’ve seen off Pinterest. You should considering staging your home before any open houses and showings. While you can easily do this, you can also hire a professional home stager to declutter the space and replace your existing furniture with rented pieces that fit a more neutral color palette. 

Next, open all the blinds, curtains, and shades to allow natural light to flood the home. Even the rooms with limited sunlight, you should add artificial light sources so buyers can see your home properly. Simply place lamps in these rooms and remember to turn them on before buyers arrive at your home.

Don’t forget about the outside of your home and curb appeal! You want to amaze buyers as they park outside your home. Even small changes - like painting your front door, replacing your old mailbox, and upgrading your front porch light - can make such a huge difference! Consider pressure-washing your home and driveway as well. Once you’ve added finishing touches to your home, work on maintaining your lawn, planting new flowers, clearing out dead leaves, and removing spider cobwebs. 

Set the right price: 

You need to really think about your home’s selling price. Don’t settle on a unrealistically high price that’ll leave your home on the market with no potential buyers. Even after you drastically slash the price, the buyers, who once considered looking at your home, will think there’s something wrong with the space. They’re now assuming your home has load of underlying problems they don’t want to deal with.

Since the fast-paced real estate market is very competitive, you should consider listing your home at a lower price - when compared to other homes in the area - to spark some interest. You never know, this could possibly start a bidding war between buyers for your home!