Home prices are high, which means fewer prospective buyers are able to afford your home. But the buyers don’t necessarily realize that, without a solid grasp on their financing options. That’s certainly not your fault, but there are things you can do to make sure you are avoiding dealing with people who don’t have a chance. Specifically, take hints from the luxury market. Your home may not have been in the luxury market a few years ago, but it could be now. Even if it isn’t, some of these tips may still be useful for you.
Real estate agents can do a lot of the work for you, if you know what you’re looking for. A good real estate agent will encourage any buyer that they represent to get a pre-approval letter from a lender, regardless of their budget. If they don’t have one, you’re probably better off not dealing with them. The type of open house you have is a big factor. While traditional open houses give you the greatest number of options as far as potential buyers, most of them won’t work out or are just looking and aren’t even interested. Worse, they can open up your doors to potential thieves, who often target higher-end homes. Consider a broker’s open instead, which would be attended only by agents who already have a buyer who is more likely to be seriously invested in buying a home. That will also let you know who the agent is that’s working for them, a potentially important piece of information. If the buyer’s agent is a specialty luxury agent, they will have already vetted their client, since they have as little interest in you do in working with a buyer who can’t afford a high-priced home.