This sizzling seller's market heavily favors homeowners, but is not without its challenges, too. Knowing how to leverage the advantages while avoiding potential problems is the best way to reach your goals.  To help you be prepared, here are four advantages and three challenges you might face when selling your home this year:

ADVANTAGES AND HOW TO MAKE THE MOST OF THEM

1. Higher sales price. It's no secret that the shortage of homes nationwide has created a feeding frenzy-like atmosphere among buyers. Locally, sales prices continue to trend upward as buyers compete for too few homes. Maximize your chance of receiving multiple offers by setting the asking price in the sweet spot slightly below the maximum market value. 
2. Shorter time on the market. Many homes are receiving offers the first day they go up for sale, and most are under contract within two weeks. This means that if for some reason the offer you accept falls apart, you are more likely to receive another offer once it goes back on the market, as the buyers who missed out the first time around would be happy to have a second shot at it.
3. More favorable terms. Knowing that others are likely waiting in the wings, many buyers are willing to forego repair requests or allow flexibility on move-out dates in order to keep the deal secure. Be sure to negotiate for the best terms for you.
4. Less need for remodeling. While the ROI on some projects make them worthwhile investments prior to listing, some tasks can be skipped in favor of getting on the market sooner. Buyers are more likely to overlook cosmetic issues or outdated rooms than ever before.

CHALLENGES AND HOW TO AVOID THEM

1. Getting your home decluttered. Clutter is a seller's worst enemy and it needs to be out of the way before photos. Even in this hot market, cluttered homes sell slower and for less money. The key is to start the process long before you actually put your home up for sale. Working steadily over time is much less stressful and effective than scrambling around at the last minute.
2. Repair quotes. If the home inspection reveals problems the buyer would like addressed, obtaining quotes for the work to be done may be necessary. But connecting with a qualified contractor who has the time and inclination to give a quote can be tough, potentially delaying closing. If you know that something is likely to be of concern to a potential buyer, get it fixed – or at least quoted – before you go to sell.
3. Finding somewhere to go. As a seller you may be in the driver's seat, but as a buyer you'll likely be at a disadvantage. The pressure to find a place to purchase because your home is selling can lead to hasty decisions and loads of stress. It's wise to have a plan already in place so that if your sale and your purchase don't line up at the same time, you are not left in the lurch.

Being both realistic and proactive is always the best way to avoid problems which could derail the sale of your home. This is even important in today's wacky seller's market. You also don't want to miss an opportunity to secure the most favorable terms for yourself by not taking advantage of your position as a seller with a desirable home.  When you're ready to make your move, choose to work with someone who can help you leave the closing table feeling satisfied that you achieved your goals. My consultations are free.