Unlock the Secrets to Selling Your Home with Ease
Ready to sell your home? Don’t miss out on potential profits or stumble into costly pitfalls – try these expert tips for getting a great price and an effortless sale.
Know what kind of housing market you’re in
There are two types of real estate markets: a seller’s market and a buyer’s market.
Seller’s market
If you’re looking to maximize profit while selling your home, now may be the perfect time. A housing economist’s research indicates that seller’s markets typically last 15-16 years! Right now there are more buyers than homes available which means plenty of offers to choose from in addition to not having as many negotiations for concessions when finding a buyer. Get ready; this is an excellent opportunity for sellers who want to get top dollar for their property!
Buyer’s market
Buyer’s markets are a great opportunity for prospective homeowners! These periods can last two to three years and during this time buyers have more negotiation power. Sellers will need to work hard to make their home attractive, which could include offering repairs or upgrades as well as covering closing costs when applicable – all of which benefit the buyer in terms of savings. A longer wait is expected on finding an ideal match with these extra requirements; however, it’s worth doing if you desire lower-priced options and increased bargaining power.
Get your home ready to sell
To get the most out of a seller’s market, you’ll need to make sure your home is ready for Showtime. Staging it as if it were newly-built can help ensure potential buyers see its best side and set yourself up for top dollar offers! To stay ahead of the competition, consider taking these key steps:
• Declutter your space.
• Depersonalize your walls.
• Have someone do a smell test.
• Maximize your curb appeal.
• Light up the area.
• Consider a staging service.
• Get a home inspection.
Also Read: Tips to Sell Your Home as Fast as Possible
Find the right real estate agent
Selling a home can be complicated and overwhelming, which is why relying on an experienced real estate agent could be the key to success. Recent statistics confirm this; 90% of sellers in 2020 employed an agent for their transactions. Agents keep up with distinctive features within local neighborhoods while networking with other agents so your sale moves smoothly along. Additionally, they comprehend legal jargon associated with purchase agreements as well as handle all details that accompany selling a property – invaluable services you don’t want to go without! This includes:
• Helping you set a competitive price
• Scheduling home staging and showings
• Reviewing purchase offers and making counteroffers
• Negotiating who pays for any requested repairs
• Communicating with the buyer’s agent
• Checking on timelines for home appraisals, buyer mortgage approvals and closing
Where to look for a real estate agent
Connecting with the right real estate agent is essential when it comes to selling a home. For some, referrals from family and friends provide trustworthiness of an experienced professional. But before taking that route, make sure you check in on their experience handling homes sales near your area! Also be aware of intangible qualities like communication skills or personality––it’s crucial not only for success but also smooth sailing during what can often be a time-intensive process.
Is ‘For Sale by Owner’ worth considering?
Selling a home without an agent may seem like the most lucrative route; however, it’s worth considering all potential outcomes of such transactions. While attempting to save on broker fees can be tempting, homeowners need to make sure they have ample time and resources needed for proper advertising, handling buyer inquiries and navigating legal sale requirements prior starting the process. NAR data suggests that those who tried selling their homes as FSBO saw lower median sales price (at $260K) in comparison with agents-assisted sales ($318K). Worth noting is 57% of these cases occurred between parties familiar with each other – possibly indicating seller did not prioritize financial gain above other objectives when going FSBO.
Make sure your home price is right
When pricing your home, it’s important to carefully consider the market and what buyers are likely expecting. Setting an attractive price is essential: too high could prevent interested customers from even glancing at a listing; going too low can make potential buyers wonder if there’s something wrong with the property. A real estate agent may prove invaluable when deciding on the right amount––the National Association of Realtors found that homes sold by agents consistently achieved 99% or more of their asking prices!
Decide on your showing plan
As the home buying market recovers from coronavirus, many buyers are opting to take virtual tours before scheduling an in-person visit. To make sure your house stands out and captures potential buyer interest online, it’s important to showcase all of its features through photos and videos on your listing!
Review offers carefully
The right offer for your home is not always the one with the most money involved. Although it’s tempting to wait and demand a higher price, an all-cash or preapproved mortgage offer that guarantees rapid closing could be far more beneficial than accepting a counteroffer above listing price – which might scare off buyers altogether and extend your waiting time as you look for another attractive option.
Understand how long it can take to sell a home
Selling your home can be a fast process if you find the right buyer. Cash buyers are usually able to close within 1-2 weeks, whilst those needing mortgages might take slightly longer – with FHA loans taking an average of 52 days, conventional 46 and VA 53 as clarified by ICE Mortgage Technology’s recent report in Sep 2021.
