Transcript for How to get best offer when selling a home
We move to our money smart series where we look at how to maage finances during the pandemic. How to know if it's a good time to sell your house and how to get the best offer. Rebecca Jarvis has the details. Reporter: When Gina and Joshua decided to list their island home they weren't quite ready to move. Pregnant with their first child, they thought they would just test the waters. We didn't even start thinking about looking at houses. When we bought the freeport house it took forever to find. Reporter: Something they never expected, an offer, $30,000 above their asking price. My house literally sold in 48 a few weeks later I am in the hospital about to give birth. We got the contract ready, we signed and sent it back and is mommy holding you? Reporter: Across the country homes are selling at a record pace, about 30% faster than this time last year. It's something to keep in mind as you consider listing like Gina and Joshua you might need to be ready to act fast. It is crazy how fast we sold compared to how fast we were able to find a home. Reporter: So how can you set yourself up for selling success? Tip number one, pay attention to timing. So if you're thinking about selling now is a good time. We do know that a lot of homeowners have indicated a desire to sell in the next 12 months and sellers may see the market shift a bit back in favor of buyers in the months ahead. Reporter: Make that online listing shine. The pandemic has changed the way people search for homes and they are being more discriminating about what they go see in person versus what they see online so put your best foot forward by taking great pictures, highlighting the features of your home that set it apart. Reporter: Do your research to set a competitive price. Homes are selling fast getting multiple offers but may or may not reflect the market. You sdoechlts want to scare off potential buyers with a price too high. Reporter: Have a plan. They need a game man for what they'll do next. They may get offers and have to make digs quickly. Rebecca, sellers have to factor in the expenses that come with selling a home. Reporter: Yeah, that's right. Closing costs, George, here, are one of the really significant ones that hit a lot of sellers. These are what sellers are responsible for and they can be as high as 10% of the home sale - price according to realtor.com. So you're including things like taxes, the insurance, the escrow, the attorney fee, in some cases these are even negotiable but could an add an average price right now of a home what coding to zillow of $281,000 or so and could run you $28,000 in closing costs alone. How about that question whether you should upgrade your home before you sell? Reporter: Traditionally you would hear that, yes, you should start to upgrade your home but given that right now it is a seller's market, that inventory is so sparse on the market, you're better off according to the analysts and realtors and brokers we spoke to listing your home without doing the significant and expensive upgrades. The better thing to do, declutter, depersonalize, get it organized so that if people are walking through your home they get a great feel, a great vibe overall, but don't waste the money and time and energy on these big fancy upgrades because right now, George, the houses are flying off the market. You can invest the money and it could be a buyer's market at that point in time. Get your home for sale as soon as possible. Makes a lot of sense, Rebecca Jarvis, thanks very much.
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