![Selling Your House too Fast A Bad Thing | REAL ESTATE TIPS [2022]](https://i.ytimg.com/vi/fZ3L66rGLAM/maxresdefault.jpg)
So today’s market is a crazy market, and we’re talking about how to make you the most ridiculous amount of money when selling your home in a strong seller’s market because there’s some tweaks that you can do to really ensure you get maximum dollar. This ain’t your grandpa’s real estate market. So getting top dollar with great terms in the shortest amount of time possible. It’s changed a lot in the past year. So if you plan on selling your home now or in the next few months, take advantage of the following three tips. By the end of this video, you’ll know exactly what you need to do to make top dollar and it starts now. I’m Jonathan Beasley and this is my lovely wife, Rachel. And if you like our content, would you do us a favor by hitting the subscribe button? And the bell notification too? We put out a ton of videos and we hope you like them and if you do, subscribe.
Don’t Sell Your House Too Fast!
So tip number one, don’t sell your home too fast. I’m guessing you probably didn’t see that coming. At least I’m hoping you didn’t see that coming. We hear this a lot right now. Homes are flying off the shelf. It’s a historically great seller’s market and a lot of that’s true. But don’t fall for the idea that selling your home in a day or in two days or in 8 hours is necessarily a good thing. In fact, I would argue that it is not a good thing. So let’s talk about why that is so. By most any conventional standards, a seller’s market occurs when there’s an absorption rate over 20%. D-Mac What’s the absorption rate so by any and every technical definition, we are smack dab in the middle of a seller’s market. We’re well over 20% in the Hampton Roads area. So with that said, I freakin cringe every time I hear someone bragging that they sold a house in 6 hours or 8 hours or even in less than two days. So hear me on this. I feel really, really strongly, not just as listing brokers, but as sellers ourselves.
We are professional investors, we flip houses regularly, we flip apartments regularly, so we’re constantly listing properties that we own. I will never accept a contract day one. So I’m speaking from experience. You are leaving money on the table. If you sell your home too quickly, you may in fact end up having regrets a week or two weeks later when you realize that someone may have been happy to pay you more for your home. So here’s why. When a home is marketed properly, it takes some time to get that information distributed. Thoroughly or disseminated college word. So if you finalize the sale too quickly, you’re missing out on other potential offers. Think about supply and demand. The greater demand there is something the less supply there is something, the more valuable it becomes. So to answer the question, would your home sell fairly quickly in this market? Yeah, most likely.
As they say, rising tides floats all ships. But that doesn’t mean that you should take the first offer that you get. If you have someone that can put together a specific and a comprehensive marketing strategy for your home particularly a pre listing market strategy in conjunction with probably the greatest sellers market we’ve ever seen, you’ll make more and more money on the sale of your home by creating competition for it. So to get top dollar. The bottom line I said all of that to say is this You need a broker that can deliver multiple buyers and create a bidding war for your property via effective marketing, particularly pre listing marketing. Do not sell your home too fast.
What’s Your Budget?
I’m going to go with number two, which is run your budget scenarios, including future proceeds from the sale of your home and be sure you know what your next home is going to cost you and if it fits in your budget. So here’s some basic stats. The median sales price for existing homes appreciated 13% in the last year in 2021 and we saw almost double digit appreciation for the last 30 months straight almost we actually saw double okay so we actually got 30 months 30 months of double digit appreciation. Now that’s come to an end here in 2022 and we’re seeing the median sales price close around three to 5% higher which still is pretty awesome.
So while prices aren’t expected to climb as fast as they were, there’s still a high demand of buyers and the market is still very, very strong and this is not going to disappear. So now let’s talk interest rates. The Fed predicted three increases in rates this year and we already saw one take place already. And while rate increases are almost a definite going to happen in 2022, they’re likely going to remain low from historic perspective. I mean, really, they’re not going to go crazy time. Realtor.com predicts that the mortgage interest rates will average around 3.3% throughout the year and rise no more than like 3.75%. So they’re still really, really good rates. You guys So we would highly recommend you do a couple of things. One, call a real estate broker and get familiar with what your self-promotion.
No, I can’t help myself. So if you guys call I real estate broker and find out what they think they can sell your home for and take it a step further, what are your net proceeds going to be? What are you going to be taking away from that so that you know what you’re going to be able to put into your next home? Then talk to a loan officer, find out what your what your rates would be about right now. So you have an idea of what your next home purchase is going to look like, what you can afford. The last thing you want to be is caught with your pants down, excited that you made a killing off of your existing home, but you were woefully unaware of how much that dream home was going to cost you. Yeah. So in a nutshell, there’s been a lot of moving parts. Interest rates are going up a little bit, not by a ton. Prices have increased a lot. You’re going to benefit greatly by that. By virtue of selling your home. You’re going to do really well especially if you’ve been there a few years, but you actually want to know what you’re getting into and get familiar with that before you sell so that it’s not a big shot.
Find the Right Broker
Disappointment can be painful in this process, which kind of brings me to number three. You need someone that’s actually effective at helping you walk through life change because it’s a top life stressor that we’ve spoken of many times. So since you need a broker to help you assemble your data on your numbers, we’re recommending you create a checklist of the things that you want in a real estate agent and then go do your research. So it’s a reality. We just moved, it’s stressful, it’s a real thing, and the the realtor that you pick to make a huge difference in the experience that you and your loved ones have when you’re moving, you have so many other moving parts, pun intended, but you’re packing your packing, all of your earthly possessions, you’re moving your family.
It’s there’s so many things going on. The last thing you need to be doing is worrying about whether or not your broker is doing a good job putting in the research and helping you collect as many dollars that you have probably well earned in that house as you deserve. So while you’re thinking in these terms, what’s the one website people spend a lot of time watching videos or learning about a specific topic? YouTube. Yeah, you might have thought Google, which is also kind of true. But here’s a funny little side note. Reality check for you most of the things that Google is really good at is stuff that people can pay for. So we don’t personally use it as a source of credibility when we’re doing research because I hate to say it, people can be at the top of your search page just by paying for it. People can have articles published about them just by paying for it. People can have reviews written about them just by paying for it. So it’s a little tacky and hacky so let’s play some hacky sack, but it really happens. We know those people that do it, and we are not we’re not a fan of it. So we recommend YouTube do your credibility search. There it’s really hard for people to fake their way through ten videos or 30 videos or 100 videos, and it’s just a great way for you to kind of get to know how people communicate the way they think, their style and that sort of thing.
Because your broker is going to be one of your closest allies for the 30 to 120 days that you’re going to be selling your home and moving up. Obviously we love that shot, but otherwise we hope you enjoy these tips. That is how you can maximize your dollars by selling your home in this 2022 crazy seller’s market. We are That Fit Team professionals in real estate and passionate about people. See you soon.