October 26, 2021 // 4:22 PM
Real Estate Update: How Should I Sell My Home?
Written by Carol Lehman
Carol Lehman offers many years of Lancaster County real estate experience. She’s weathered the rollercoaster of the industry, helping clients during buyers’ markets and sellers’ markets. She offers an outlook on the real estate market as of October 2021.
When it’s time to sell your home, you have several options. Before making a decision, I strongly recommend you seek the guidance of a professional to determine the best case scenario for your personal situation.
We pay cash for houses!
Commercial investors often offer quick sale, cash offers on homes. While a quick sale, cash offer can be enticing because you don’t need to worry about inspections, renovations or listing fees, the bottom line in that situation: someone is trying to get a good deal on a home. Someone is trying to purchase a property under market value so that they can flip the house and make a profit.
In most cases, the buyer will get the better end of the deal in a situation where you sell your home for cash in a quick sale situation.
Not every home fits the portfolio for a public sale. Some people decide to use an auctioneer because they think it will cost less and be a clean sale, with no inspections (sold as-is). Some people also prefer the definitive timing of the auction and subsequent closing dates. Depending on the location of the home, however, you may be leaving some money on the table.
In some specific rural areas, selling your home with an auctioneer may be the best option. For example, if you have a custom home with several acres in a rural location, an auction may offer a strong solution. In this case, a local family will most likely purchase the home. In addition, interested buyers establish the price of the property by competing openly to purchase the property.
In contrast, if you plan to sell a house on a smaller lot in New Holland Borough, because of auction requirements (10% down at the time of sale), a buyer who qualifies for an FHA loan or other government subsidized mortgage may not be able to purchase the home. Often, buyers who qualify for these programs do not have a lot of liquid cash. They qualify for a higher mortgage payment, but may only be able to put three, five, or ten percent down. In this case, you are eliminating potential buyers by selling your property through auction.
Real Estate Listing
The real estate market in Lancaster County remains incredibly strong. Additional inventory has slowed the pace of sales slightly, but we continue to see offers above asking price. Many buyers continue to forego home inspections and place cash offers, which help you move through settlement quickly. It appears the market will most likely be strong for the foreseeable future.
If you choose to list your home with a realtor, the sooner you connect with a realtor the better. Pre-planning can help the listing process go quickly. A real estate professional can help you determine if there are any upgrades or renovations you need to make to your home before listing it. In addition, they can help to determine the appropriate time to list your home and offer staging guidance so prospective buyers can appreciate the amount of space available in your home.
At Hostetter Realty, we are moving help. We can offer you a traditional real estate sale or a public auction. We can also offer recommendations for people who can help you with upgrades, renovations, staging, moving or downsizing. Before you make a decision, please contact us or another trusted real estate professional for a free consultation. A real estate professional can be a valuable resource to explain your options and help you make an informed decision.