NASHVILLE, Tenn. (WKRN) — Home values and sales are climbing at record speeds, with houses selling fast for a premium.
Data from RE/MAX shows the median home sale price in Greater Nashville is just under $350,000, which is up 9% over last year.
We are currently living in a very one-sided market, skewed toward the seller. Though the current market conditions prove it’s a great time to sell, it doesn’t mean it comes without stress.
“Yes, you can sell quickly, but it’s the structure of the deal that can be really favorable for a seller right now. And you can take advantage of that,” Jeff Checko said, realtor with the Ashton Real Estate Group of RE/MAX Advantage.
Though sellers are calling the shots, Checko said it’s important to have an agent to help structure a contract and make demands.
“The marketing for a seller and setting the stage for multiple offers and trying to create as much interest as possible can really result in a higher purchase price. So, on both sides, representations is more important than ever,” Checko said.
According to Zillow, at the end of 2020, 24% of homes in Nashville sold above list price, and as of February, the typical home value was up nearly 10%.
“Your house is going to sell, but wouldn’t you rather have it sell 5-10% more because you took those extra steps?” Checko asked.
Here are three steps sellers can follow to get the biggest bang for their buck:
Make sure the house is ready and you have somewhere to go
- You’re going to have a lot of showings, maybe even 25-50 in one day. Make sure you have a hotel to check into or a friend or family members place to stay for the first few days.
- Your home needs to be staged, cleaned, and all repairs done.
- When it comes to taking photos of your home, use more than your cell phone. Make sure you have proper lighting, the right angles on lenses, maybe even some good photoshopping of the yard.
Know your price – don’t sell yourself short
- An experienced agent can help make sure that you get what you deserve and maybe even more.
Have a plan and know what you’re going to do next
- If you don’t know what you’re going to do next, then you could put yourself in a position where you got a great value fo
Zillow’s home trend expert, Amanda Pendleton said, “The number one stressor for sellers is that they’re not going to be able to time the sale of their home with the purchase of their new home and that’s a very real issue right now when homes are selling so quickly.”
She added, “There’s such little inventory out there, it makes it challenging to for a seller to know and have confidence they’re going to be able to move on from their home into their next home.”
If possible, buy first then sell. Or, accept an offer from a buyer who is willing to wait while you find your new home.
There are tech alternatives, or ibuying programs, like Zillow Offers, which allow you to avoid open houses and showings. You can also set your closing date which allows you to better time transactions.