WASHINGTON (WUSA9) -- It has taken six long years, but the local housing market is finally bouncing back with local home prices up 11% in Washington D.C. Sellers, you're finally back in the driver's seat.
Pat Esswein with Kiplinger's Personal Finance joined us on Wednesday with tips to make the most of your selling experience.
First, Esswin told us sellers not to get greedy: "Now as the market begins to pick up realtors are still saying you have to price it right. So you can't get greedy. You want to base the price of your home on comparable sales in your neighborhood over the past two to three months. The more current the better. If your house has deficiencies, if it's a bit of a fixer upper, you're going to have to price it accordingly. You don't have to fix it up, but you do have to discount it."
So how do we get our homes to stand out from the pack?
"It's basically the same advice as before. Clean it within an inch of its life, declutter it, make it look its best," said Esswein. "The more expensive the home you have, the more you might want to pay for someone to come in and stage or window dress it."
In terms of multiple offers, let's say we're lucky enough to get that. How do we judge which offer is is the right offer for us to take? What things should we consider?
Esswein told us, "Many homeowners right now are getting full price, sometimes they get better than full price, if a bidding situation occurs between multiple offers, multiple buyers, so the first thing you look at, maybe you take an all-cash offer because that can close very quickly. That buyer doesn't need to get a mortgage. If you are looking at buyers who do need a mortgage, then you want the buyer who is already preapproved with a credible local lender for that financing. If all the buyers require financing, then maybe you look for the buyer who doesn't require an appraisal. That means they have enough money to make up the difference between the appraised value and what you've agreed to sell it for."