INDIANAPOLIS – March was a terrible month in the housing market, but things are looking up. April was the beginning of the turnaround, and loan applications are up almost 15 percent in May.
There are several tips to sell a home fast. There are also things to know when considering buying a home so you don’t lose out.
“I talked to somebody over the weekend that said they lost out on a property that had 15 offers. That’s unusual, but it goes to show where the market is headed,” said Alex Montagano, broker eXp Realty.
Montagano is a local broker who says 15 quick offers is not typical, but it is an example of the current direction of home sales, especially with low interest rates. So if you’re a buyer, be prepared and be pre-approved for a loan.
“If you’re going to look at a house, you have got to be pre-approved. We are asking our lenders to make phone calls to the listing agent to say, ‘Hey this buyer is solid, they’re better than the next guy, that’s why you should pick them,'” said Montagano.
For sellers, homes are moving fast, but if you’re overpriced, your home might just sit on the market.
“Because there is so much information available to the consumers now on the internet, buyers can tell in a second if you’re overpriced, and right now they just don’t want to deal with haggling back and forth. They will say, this is too much money, and they don’t want to waste their time,” said Montagano.
Time is also important when it comes to the sale of your home. Be prepared to have another place to live.
“It’s kind of like saddle up, be ready and just get through it because you’re likely going to sell very quickly if you’re priced correctly, staged right, and you present well. There are definitely buyers for you right now,” said Montagano.
Back to buyers, if you think the home price is reasonable, don’t blow it.
“It’s not uncommon right now to see across the board paying over list price for properties. The days of negotiating and trying to get the number down on stuff that newly hits the market—it just doesn’t happen,” said Montagano.
If you want a house, but are worried you can’t get to see it on time before it gets sold, work with your broker if you have one.
“I had someone recently on a listing of mine who couldn’t get to the house by the time that we had set an offer deadline, and so we had pictures online, and we offered to shoot videos for them. Sometimes we even livestream the homes for a client looking to buy,” said Montagano.
If you are looking to sell, homes sold by realtors typically go faster and for more money. You can try it yourself to save the commission cost, but you can lose out by not having the same access.
“And then you have access to all the other realtors in your database. For example, I would call another broker and say, ‘I’ve got 123 Main Street coming on the market, do you have buyers? You do real estate in this market, you should come take a look.’ There are opportunities to sell before you hit the market,” said Montagano.
And there are opportunities to buy before a home hits the market if you have the access.