The housing market is BOOMING right now. Knoxville home buyers are fighting to make their offers competitive. Many homes are receiving multiple offers with several going over list. Low inventory and high demand has made it easy to sell your house fast in Knoxville TN, and for more money as well. This time can also create unrealistic expectations for homeowners in Knoxville as well, though. You can become discouraged if your house isn’t pending right away, or if your house doesn’t get multiple showing requests. Below, we will discuss some tips on helping you sell your house in Knoxville during a hot market!
Preparing To Sell Your Knoxville Home
Yes, the market is on fire right now, but that doesn’t mean that your house is what buyers are looking for! Perhaps you have an older home, a home that needs work, or a home that is not on a desirable street. The best way to get your home sold faster is to prepare for these things up front. Research the homes that are selling super fast in your area. You can gain valuable information by asking agents and other real estate professionals. You can also see this information by doing a search online. Look into website such as Realtor.com. Browse the pending houses and see how long it took to get a contract on them. Next, what is the similarities of these homes? Are they updated? Are they in similar condition? This will give you accurate data to determine what might be worth your time and money to prepare your home to sell fast.
Keep in mind that upgrades to your home come at a cost, especially if you plan to hire the work out. That is why you want to have a good sample size of other homes. It would not be wise to invest in things that home buyers don’t find important. For example, you notice that most homes that are pending fast have updated kitchens with modern appliances. It would make more sense to invest your money there instead of the back yard!
Sell Your House As-Is
One of the best things about a hot real estate market is the opportunity to sell your house as-is. Every home needs work. Inspectors always find something! Traditionally, buyers will haggle over the smallest items. But in a seller’s market, they have less leverage to do this. If you don’t have the funds or the desire to make an investment into your home prior to selling, consider selling the house as-is. Many home buyers in Knoxville are willing to buy as-is right now to make their offers more competitive.
If you opt to sell your house as-is, remember to price accordingly. Although you will get more money in a hot market, still consider the cost it will take to bring your home current to other homes that are selling fast. The buyer will be making these upgrades and also footing the bill to do so. That doesn’t mean you sacrifice a fair offer! In order to do this, gather a list of items that you know your house would need to bring it to it’s best condition. Let’s try an example. Let’s assume that you researched all of these houses in your neighborhood that have sold for top dollar. After your research, you make the following list of things your house would need to bring it into similar condition as those:
- Fresh paint and minor drywall repair
- New Flooring
- Bathroom updates
- New countertops
Selling Your House At A Fair Price
Ok, so we have our list. Next, simply ask some local contractors what it would cost to do these things. Use an average here. Some contractors will be expensive and some will be quite less. Let’s assume that the average of all of these things will run about $15,000. From there you can consider that when determining your list price. If homes that are similar to yours are selling for $250,000, you could deduct $15,000 – $20,000 to make your home more appealing as an “as-is” purchase.
Even if you decide not sell “as-is,” make sure you’re listing your home competitively if you want to sell your house fast. Over pricing your home is dangerous, even in a hot market! Yes, the market is demanding higher prices, but you still need to be in line with other homes are going for. This is for two primary reasons. One, if your price is too high, many buyers may simply ignore your listing. You get no traffic and the listing becomes stale. Secondly, even if you do find someone willing to buy it at that price, the appraisal could come in low if they are using financing, which most buyers do. If your contract falls through at appraisal, that is weeks worth of work that are wasted and you are left starting over.
In a seller’s market, it may be tempting to raise your asking price, but an inflated listing price may frighten away potential buyers. Buyers who are interested will not submit bids because they do not want to upset you, and buyers browsing online may not even see your property because anything outside of their price range will not appear in their search results.
Expect several offers if your home is priced right, which you will need ample time to consider and coordinate your move. Showings and inspections are likely to happen during business hours during the weekdays, so plan ahead if you work a regular work schedule to avoid any bumps in the road.
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Consider A Local Home Buyer
Many homeowners still have no desire to go through the stresses of selling their house in a hot market, or they want to sell their house as fast as possible. If this is you, you should consider reaching out to a local we buy houses company in Knoxville. Although these companies don’t pay top market price, you can still get a fair price for your home. This method is extremely attractive to sellers that may be looking for a fast, as-is cash sale on their house. Keep in mind, if you go this route, make sure you go with a reputable buyer. Do your research and learn how to find a legitimate cash buyer for your house.
Final Thoughts
This market will not last forever! Right now is a great time to sell your house in Knoxville. Although this is a seller’s market, you should still consider the tips we have provided. These tips will make sure that you don’t waste the opportunity to sell your house during this time. If you need help or have questions about selling your house for cash, please reach out to one of our acquisition partners today!
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