In several corners of the US, the housing market has started to pick up but in the majority of the US you can feel the anticipation in the air of sellers who are ready to make the move to put their home on the market. However, they may be holding off because they don’t know where to turn for answers to their questions.
We all know different areas have been hit by the downtrend in home sales somewhat harder than others and the home prices have been low. There are many areas who have not seen a home sale in over 6 months. This makes things a bit interesting for everyone wanting to sell.
When you have made the decision that it is time to put your home on the market, or maybe you were put in a situation forcing you to sell, the first thing I recommend is to interview several real estate agents to help you in the process.
During the interview you should try to learn about the qualifications of the agent. If those qualifications are suitable try building a relationship with the agent. Keep in mind that the relationship with this agent could last a long time through the selling process and you are building the relationship with the agent, not the company they work for. I have personally seen homes that received an offer after 4 days of being put on the market, but did not close for another 5 to 6 months. There have been homes on the market for 6 to 8 months but closed in less than 2 weeks.
You can tell what the sales market is like in your neighborhood by watching how many sales signs there are and how long they are posted in front of the homes. Homes that have signs posted in their yard for longer periods of time may indicate that the market is not good at the present time and you may need to wait to put the house on the market. Yes, the interest rates are still low and there are buyers out there who want to buy. But sometimes you need to bide your time and wait just a little longer, unless of course your situation does not allow you to wait.
If you need to sell due to your circumstances, it is especially important to have a solid relationship with the agent you work with. Keep in mind that there are some agents that are better a buying and others that are better at selling. The one you used to buy your home might not be the right one to help you sell it. This is not always the case but you need monitor this when using the same agent. During the interview you need to find out the agents experience with a slow market as well as their experience with lenders and short sales. This is useful in case you receive an offer that is less than the amount needed to cover your mortgage.