If you are thinking of selling your home in Bozeman this year, there has been no better time! Home values in Bozeman have increased significantly over the last few years, and the average number of days a home spends on the market in Bozeman has dropped nearly 60%. Here is what you need to know if you are selling your home in the Bozeman area in 2021.
1) Things could get crazy
Depending on the price range your home is in, be prepared to have your home filled with potential buyers. When a home in a certain price point is listed in the Bozeman area these days, there are usually back-to-back showings every 15 minutes, all day long. As a seller, you will want to be prepared for your home to get some serious foot traffic. Put away your personal items, declutter your house and be ready to spend a few full days away from home. Of course, if you are concerned about COVID, you can put showing restrictions in place. Ask your agent to provide high-quality photos and 3D tours of your home to give buyers another way to view your home. Learn more about marketing your property here.
2) The highest offer isn’t always the best offer
Depending on the price and condition of your home, there is a good chance you will be looking at multiple offers. But it is important to remember that the highest offer isn’t always the best offer. Due to such low inventory, buyers in our area are becoming more aggressive with their offers and in some cases, the buyer may be promising more than they can handle. Even in multiple offer scenarios, we’ve seen deals fall apart because the buyer did not have the financing to back up the offer that they made. Or, we will see a deal fall through when the offer goes over the asking price but the home appraises for less than that price. If the purchase of the home is financed, the buyer is often responsible for coming up with the money to cover the difference in price. And in some cases, they are not able to. This brings us to our next point…
3) Who you work with matters
This is not the time to let your wife’s co-worker’s brother list your home. The real estate agent you choose to work with matters now more than ever. Why? You are relying on your real estate agent to manage what could be hundreds of phone calls, multiple offers, and negotiations on your behalf. The process can be stressful and you want to know that your agent is moving through the process professionally and with your best interest in mind. You also want to make sure that your agent is a full-time real estate agent and that they aren’t fielding calls about your home on their lunch break. If you don’t have an agent, we can help! Send us an email at firstname.lastname@example.org and we will find the perfect agent for you.
4) You still need to price right
While home prices in Bozeman are higher than many of us could have ever imagined, you can still make the mistake of pricing your home too high. Often when sellers are interviewing real estate agents, they will choose the one who presents the highest listing price for their home. But this can be a big mistake. Experienced agents know that when you price too high, you often end up losing more in the end. A home that is priced too high can sit on the market for much longer, costing you time and money. If and when an offer does come in, you won’t have the negotiating power that you could have had if you had priced more competitively. It is a much better strategy to price your home based on what comparable homes in your area have recently sold for.
This brings us to another point. Montana is a non-disclosure state which means that the price a property sells for is not public information. The only people that have access to this information are real estate professionals and appraisers. In order to accurately determine what your home is worth; you will need to request a comparable market analysis from a real estate professional. The good news is that we can do that for you! Click here to find out what your home is worth.