You have finally decided to put your home up for sale on the market, but you are unsure how to proceed. In a declining real estate market—supply outstrips demand—a home seller will have to generally lower the price to sell a house faster. However, that isn’t the only way to improve our home’s attractiveness to potential buyers.
Selling a home typically involves specific guidelines and patterns, and there are some things you could do to boost your home’s sale-worthiness. If you are looking to sell your house in a cooling real estate market, here are six steps to selling faster and avoid any surprises later down the lane.
Step 1 – Hire a Real Estate Agent
Placing a ‘for sale’ sign in your front yard isn’t the only step to selling a home. The home selling process is quite complex, and you’ll require an experienced real estate agent’s help to wade through its rough waters.
Often realtors are professionals who have undergone years of training and experience to help you get the most return on your investment. They exist to guide you through the home selling process that can be stressful for many people.
With a real estate agent by your side, you won’t have to worry about figuring out legal terms, doing all the paperwork, marketing your home, and negotiating the offers. Additionally, realtors will also help you determine the listing price for your home based on the market statistics, so you can be sure you are getting the best deals on your property.
Step 2 – Make Your Home Show Ready
Buyers are often more attracted to homes that have a warm and inviting ambiance. As you might have lived in the house for many years, you might be used to all its little quirks. But for potential buyers, the creaking and stained floors might be a turn-off.
So, take a step back and look at your house through fresh eyes. Start from the outside and work your way around the insides of your house, as though you are a guest at your own open house. Keep an eye out for even small issues like an untidy garden and peeling paint while also looking for larger problem areas that can significantly affect the buyer’s offer, such as a lack of insulation or roofing issues.
Additionally, take some time out of your schedule to de-clutter and deep clean your home before the listing photos are taken. Consider replacing worn-out items and repainting bold color choices to more warm and neutral tones. It will help your home feel larger and more welcoming, inviting your buyer to fall in love with your property the moment they see it.
Keep your home in pristine condition throughout the time it is on the market, as you never know when a potential buyer might want to check it out.
Step 3 – Decide Your Asking Price
Regardless of how well you refurbish and stage your home, if you don’t price your home right, you are setting your home up to be on the market for quite a long time. Ideally, you might be looking to sell your house for more than what you initially paid for and invested in it. Nonetheless, with the housing market being dynamic and fickle, that might not be the case always.
Consult your real estate agent with an open mind about what the ideal asking price for your home would be. He/ she will then provide you a detailed report describing your property’s value based on several different factors, such as the local market statistics, comparables, etc.
Your property doesn’t have to be the lowest-priced home on the block, especially when you have made significant improvements to make it staging-ready. However, it is also essential that the asking price is not out of line with other comparable homes in your local market.
Try putting yourself in your buyer’s shoes and decide what a fair price would be. You can even ask your friends, neighbors, and other extended family members to tour your home and pour in their suggestions.
Step 4 – Market Your Listing
Part of your real estate agent’s job is making sure your home reaches as many prospective buyers as possible. Unlike you, your agent will have access to numerous resources to market your property. They will also come up with a comprehensive marketing plan to best push your house in the market.
Every seller wants their home to stand out from all the other comparable homes in their area and grab buyers’ attention. So, discuss with your agent what the marketing plan includes, such as staging, photography, open houses, online marketing, etc. Also, give them any suggestions you might have.
Step 5 – Get Ready for Inspections and Contracts
After a buyer submits an offer to your real estate agent and you accept it, it’s time you should get ready for the finishing touches. An agreement containing the terms of the sale will be signed first between you and the buyer. Once this is done, the mortgage lender will order an inspection and an appraisal of the property.
If problems arise during your home inspection, you may find yourself making repairs or renegotiating your contract. However, if all goes well, you are just one step away from the closing date.
Step 6 – The Closing Date of Selling Your House
The closing day is when you will finally sign all the final pieces of paperwork and pay any outstanding fees. Generally, this is also the day you will hand over the keys of the property you once called home to its new owner. Once you sign on the dotted line for the final time, it’s time to celebrate successfully selling your home.
Only a Little Extra Work is all it takes
You can sell your home fast, and it only takes a little extra work. Do everything in your capability to get your home in excellent shape and be prepared to make small concessions at closing. The steps mentioned above, paired with an attractive price, will increase the odds of getting your home sold faster.
Have Questions? Ask Liz!
Give Liz Welch a call today to learn more about local areas, discuss selling a house, or tour available homes for sale.