Agent Wisdom: Seller Tips for a Fast-Changing Market

The shortage of homes for sale around the country has created conditions so favorable to sellers that some are fielding offers that include non-refundable deposits, flexible moving timelines, even a two-week vacation on a Greek island. Still, sellers can miss out on the best offers by setting the list price too high or failing to take remote buyers into account. That’s the consensus among three top-performing agents* with decades of experience in markets around the country. Here, they share their tips for home sellers to help increase your chances of selling your home quickly and for top dollar.

Agent tips for home sellers #1: Market your home for both in-person and virtual tours

Just a few short years ago, a buyer making an offer on a home without first seeing it in person was a novelty. Now it’s common, especially since remote work arrangements are allowing people to live far from their workplace, said agent Hao Dang, who leads the Hao Dang Team at Windermere Real Estate in Bellevue, Washington. 

Dang said buyers are touring homes virtually and in person, so it’s important for sellers to ensure their home is appealing to shoppers in both scenarios.

“We still stage, prep and get a pre-inspection for sellers to get more buyers interested in the home and comfortable with the thought of submitting an offer,’’ Dang said. “You want to fix things to get the highest yield.” Fixing major problems that an inspector identifies in the pre-inspection, such as a leaky roof, can also help your home sell faster, he said.

Buyers move quickly to snap up new homes that sellers price fairly, he said. Sellers should be prepared, with the help of their agent, to field offers soon after the seller's agent posts the listing — or even before if your agent has reached out to other agents to let them know they have a new listing in the works.

Keep an eye on interest rates

The market so strongly favors sellers right now that prospective sellers may think they can wait as long as they want to list and still get top dollar and generate bidding wars. But agent Laurie Finklestein Reader, who has 25 years of experience in real estate, said things are likely to change for sellers as more homes come on the market.

“Sellers are currently sitting on a phantom golden goose egg that is going to hatch whenever they want,’’ said Reader, CEO of Laurie Finkelstein Reader Real Estate in South Florida. “As interest rates continue to rise and sellers want to capture equity, there will be more inventory, which means more competition.“ 

Reader said South Florida is already seeing prices peak right now in the luxury market, where some sellers have begun to lower prices.

“It feels like things are quickly coming to a head,’’ she said. “With interest rates of 5.5% to 6%, it’s a whole new game. Homeowners thinking of selling should think hard about doing it now when competition is light and interest rates are at levels that buyers still feel confident locking in.”

Take backup offers seriously

Buyers are making strong offers that include such things as non-refundable deposits, no financing or inspection contingencies and flexible lease-back terms. But things can and do go sideways, and a buyer can back out.

One of Bic DeCaro's top tips for home sellers: Having a strong back-up can help keep your selling plans on track. DeCaro, lead agent at Bic DeCaro & Associates in Great Falls, Virginia, is a residential specialist with more than two decades of experience.

DeCaro helped one client place a winning bid on a home after the home had already gone under contract to another buyer. They were told there was a small chance that the contract would fall through, but DeCaro helped her client craft a strong backup offer that included pre-inspections to avoid delay. 

The contracted buyer began missing deadlines, and the seller granted several extensions. DeCaro’s client added $25,000 to their backup offer, and when the primary buyer’s financing was delayed again, her client's offer became the winning bid.

*The agents are all members of Zillow’s Premier Agent Advisory Board, a 27-member panel of agent partners who provide insights and industry expertise to Zillow.