We are in a seller’s market currently in the real estate market climate, and this is great news for those thinking of selling their homes. If your goal is to sell your home for the highest price and on the quickest timeline, this blog will give you steps to make this a reality.
- Set a Timeline: It is important to start prepping your home long before listing. According to Bank Rate, “At least two or three months before you plan to list, you should consider getting a home inspection to address any mechanical or structural issues. About a month before listing, start deep cleaning for listing photos.” It is crucial to keep clutter to a minimum, moving excess items to a storage unit.
- Find a Realtor: An experienced realtor who knows the market well can best position your home for local buyers. We recommend that you look at online profiles to gauge the agent’s experience and success with past clients. Pay attention to how and where they market their listings, and how professional their listings’ photos are.
- Determine Upgrades: Only take on projects your house really needs. Before you spend money on costly upgrades, be sure the changes you make will have a high return on your investment. Your agent can help you decide what changes should be made based on your market. According to Bank Rate, “Updates to kitchen and bathrooms provide the highest return on investment, and inexpensive DIY projects can also go a long way.”
- Set a Realistic Price: Your agent can help you find the sweet spot. Eliminate the need for multiple reductions by pricing your home to attract the widest pool of buyers from the start.
- List with Professional Photos: Be sure you have a solid digital presence. Bank Rate states that, “96% of buyers look at homes online.” Focus on online appeal, stage it and keep it clean, and clear out for showing.
- Review Offers: Consider all factors, not just the highest dollar amount. Your agent will be the best source to give you advice on offers. Bank Rate recommends that, “counter offers should always be made in writing and provide a short timeframe (ideally 48 hours or less) for buyers to respond.” If you have multiple offers, look at all the factors. If the buyer is relying on lender financing, the property will have to be appraised, and if there is a gap, it will have to be made up somehow or the deal could fall apart.
- Weigh Closing Costs: Be sure you know how much you’ll need to pay at the closing table. Bank Rate states that, “The seller typically pays the real estate agents’ commission which is usually around 5 to 6 percent of the home’s sale price. The seller is usually responsible for taxes, recording fees, and any negotiated credits.” Your agent should provide you a complete list of costs that should be paid at the closing table.
- Consider an Attorney: Legal expertise can help protect this significant financial transaction. An attorney can help fill out paperwork correctly, review contracts and documents, identify potential issues and ensure the sale goes on as smoothly as possible.
- Close: Make sure you have all your documentation ready.
- Congratulations on selling your home!
These steps provide a framework for a timeline and what to prioritize. We recommend that you go over each step and really consider what are important steps for you and your home selling journey. Working with a real estate agent is a great way to take some pressure off of you by depending on them for wisdom and guidance. We want you to have the most successful experience during this process.
Resources:
https://www.bankrate.com/real-estate/how-to-sell-your-house/
Existing-Home Sales – September 2023
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Check out our Informational PowerPoint!
