Sell Your House in Hot Market
Looking to sell your house in hot market, landlord and journalist, Laura Agadoni, cautions real estate professionals through her article on Trulia that, while a hot real estate market, where homes sell faster than two months, may seem to be the answer to a seller’s prayer, there can be problems
Agadoni identifies five areas where sellers tend to become problematic with a hot market, and how the burden could be eased.
- Your house sells lickety-split. Your house sells immediately but you are still looking for your next house. A Chicago real estate broker named Christine Lutz relates, “I always advise my sellers-turned-buyers to have a back-up plan, such as temporary housing. It’s better to move twice than to feel rushed into a purchase.”
- The appraisal falls short. Kelly Hager, a Missouri real estate agent, explains that if the house’s appraisalis low, “the buyer may walk away.” In such cases, you may try re-negotiating the deal or to get a second appraisal.
- Bad offers all around. There are buyers who fail to keep their promises during a buying frenzy. Sarah Bowles, a real estate agent from Denver, says that, “By not vetting offers, sellers may sit in a contract just to have it terminate three weeks later.” Then buyers will start wondering what could be probably wrong with your house since it has been sitting for some weeks in a hot market. You will then need to skip offers that don’t come with a mortgage pre-approval.
- Trying to beat the 1031 clock. Agadoni tells that Section 1031 of the U.S. Tax Code allows you to sell one investment property and buy another investment property without paying tax on the sale. But you need to identify a property to buy within 45 days, while the closure should be done within 180 days.
- Your big ego. Bruce Ailion, an Atlanta real estate agent, says that, “The biggest problem I see with sellers in a seller’s market is being overly optimistic about price.” Sellers have the tendency to turn down an offer that is below their expectation even if that offer from a strong buyer is reasonable enough. Then what happens is that, according to Ailion, “The property remains on the market, becomes stale, and ultimately sells for less than the first strong offer.” Many experts regard the first offer to be the best offer.
Ralph McLaughlin, Trulia’s Housing Economist makes the following points to if you plan to sell soon:
- Inexpensive homes sell fastest.
- The market picks up in the spring and dies down between August and October, extending through the winter, except for vacation homes in hot climates such as Arizona and Florida, where the market stays strong during winter.
- Although expensive, FHA loans enable people to buy a homewith a down payment of as little as 3.5 percent.
Val Buys Houses LLC we specialize in helping homeowners out of just about any situation, no matter what! There are no fees, upfront costs, commissions, or anything else. Just the simple honest truth about your home, we buy cash, therefore we can help you sell it fast to resolve any situation, or give you as much time as you need.
We care about our community in Cobb county and Atlanta. At Val Buys Houses LLC we take a lot of pride in providing excellent customer service. We have come across all scenarios, we are not here to judge; only to help.
Give us a call today at 404-844-8845 and let us see if we can help YOU!