The majority of home sellers envision a stress-free sale where they just market their property, find a suitable buyer fast, get paid, and then give the buyer the keys. I wish it were that easy! In actuality, there are a lot of moving components involved in selling a house, some of which are under your control and others of which are not.
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Geographical factors, for instance, may affect how long your home is up for sale or how much you may offer it for. It’s likely that you’ll sell more quickly and fetch a better price in areas with fierce rivalry and little inventory. On the other hand, you will probably need to put in more effort to find a buyer if local house sales have dropped.
High prices in the current real estate market are making it extremely difficult to afford: In June 2024, the median house price reached an all-time high of almost $400,000. Furthermore, mortgage rates are remain comparatively high even if they have retreated from their peak of 8% in late 2023. It is understandable why many purchasers are forced to wait for the market to become more reasonable.
Five Steps to Home Sale
1. Decide when you want to sell your house.
Depending on the state of the local market, the entire process of selling a property might take several months or even longer. Therefore, it makes sense to be organized and prepare ahead.
Consider obtaining a pre-sale house inspection at least two or three months before to your intended listing date. Although not required, this might be prudent, particularly in an older property. You may get a thorough inspection report that highlights any significant issues for a few hundred dollars. This gives you prior notice of problems that purchasers will probably find during their subsequent in-person inspection. Being a few steps ahead of the game, you may be able to expedite the selling process by doing necessary repairs alongside other house preparation tasks. Your home should then be prepared for sale by the time it is listed for sale.
In order to prepare for taking listing photographs, begin deep cleaning your home around one month prior to listing. Reduce clutter and think about putting extra stuff in a storage unit to make your house seem its best.
2. Employ a market-savvy agent
You can find the best real estate agent to work with by just researching their background online. To find out how long an agent has been in the business, how many transactions they have closed, and what professional credentials they may have received, look up their web profiles. Observe how and where they advertise their ads, as well as how polished they appear.
According to Jorge Guerra, president and CEO of Real Estate Sales Force in Florida, “any designation they’ve earned is a huge plus, because it’s a sign they’ve taken the time to learn about a particular niche.”
Some homeowners may be tempted to sell their house themselves without the help of an agent in order to avoid paying a commission. “For sale by owner” is the term for this. Sellers can save a substantial amount on that cost, often between 2.5 and 3 percent of the transaction price. For instance, 3 percent of a $400,000 property sale is $12,000.
But in order to get paid, a listing agent must perform a lot of work. For instance, they may market your home to as many people as possible and bargain for you to get the greatest deals. If you want to go it alone, you will be responsible for managing all the negotiations and closing procedures, as well as for preparing your house, marketing it, and evaluating the bids from potential purchasers. It is a significant commitment.
Remember that real estate commissions are usually negotiable when working with an agent. You may thus be eligible for a break at the closing table. However, you could still be required to pay your buyer’s agent’s fee, depending on the terms of the transaction.
3. Assess what should be upgraded and what shouldn’t
Make sure the modifications you make will yield a good return on investment before investing in expensive enhancements. For instance, if you only stand to lose money or break even on new granite countertops, it makes little sense to install them. Additionally, these upgrades might not be required, especially if local inventory levels are low. A competent real estate agent can assist you in determining what should be done and what shouldn’t be done because they are aware of what local purchasers anticipate.
The greatest return on investment is frequently seen in bathroom and kitchen renovations. However, low-cost do-it-yourself initiatives can also make a big difference: Low-cost strategies to create a positive first impression include a new coat of neutral paint and updated landscaping.
4. Establish a reasonable pricing.
Customers don’t want to spend more than necessary, even in marketplaces with intense competition, therefore setting prices appropriately is essential. While underestimating a home’s worth might result in money being lost, going too high can backfire. Consult local real estate comps to determine the ideal starting price for your house. You may determine how much you can realistically ask by using this information on previously sold houses in your neighborhood, which provides you a sense of what comparable homes around are selling for.
According to Grant Lopez, a Texas Realtor with Keller Williams Heritage and a past chairman of the San Antonio Board of Realtors, “a common mistake sellers make is pricing a home too high and then lowering it periodically.” According to some merchants, this strategy will maximize profits. However, in practice, the reverse is frequently true: Expensive homes can deter potential purchasers, who might not even bother to look at the house.
Additionally, properties with numerous price decreases might make buyers think there’s a problem. Therefore, it’s better to price your house to draw in the most number of purchasers right away in order to avoid the necessity for frequent discounts.
5. Use excellent listing photographs
This phase will probably entail your real estate agent filing the property with the local multiple listing service (MLS) and hiring a photographer to take marketing images of your house. The following advice will help you prepare your house for the market:
Take expert images: Since online house seeking is so common these days, good photos are essential. A skilled photographer can make spaces look larger, lighter, and more appealing. The external and outdoor spaces of the property are no exception.
Pay attention to internet appeal: Although you’ve undoubtedly heard of curb appeal, experts claim that online appeal has surpassed it in importance. Online listings are essential because, according to the National Association of Realtors, all homebuyers utilize the internet to find a property. Guerra said, “The first showing of your house is online.” “Whether someone calls and schedules an appointment or clicks on the next listing depends on how well your website looks.”
Keep it clean and stage it: Staging a house means clearing out extra furniture, personal stuff, and ugly things, and setting up spaces for maximum functionality and flow. Hiring a professional stager might make you stand out if you’re selling a luxury house or in a sluggish market. HomeAdvisor estimates that professional home staging costs $1,836 on average, however pricing can vary based on your region and the amount of work required.
Make yourself scarce when prospective buyers arrive to see your house by clearing out for showings. Allow them to see themselves in the room without any interruptions: According to Lopez, “buyers may be reluctant to voice their opinions when they perceive the current homeowner lurking.” “It might prevent them from giving your house much thought.” Buyers typically come to see your house with their real estate agent. Asking your own agent to attend showings is another option.
