It’s no secret that it’s a sellers’ market right now in residential real estate. While homebuyers are battling it out to get their offers accepted and sellers have an opportunity to make money, there are still some things to consider if you are selling a home.
Setting the right price
If you are listing your home with a Realtor, they will research and recommend a listing price. Factors such as the neighborhood, square footage, lot size, design features, and upgrades can all impact the price traditionally. If you live in a high-demand area, where we are seeing a low inventory of homes for sale, home prices at a premium. To determine a listing price, check what similar homes in the area are selling for and list your home at a comparable price or slightly higher – if your home is full of upgrades and/or appealing design elements. More than likely, you will find interested buyers with multiple bids.
Keep in mind that while houses are selling fast, putting extra effort into the staging and cleanliness can help ensure you get top dollar for your home.
Avoid getting emotional
It is common for both buyers and sellers to get emotional during the sales transaction process. You may have spent plenty of time, effort, and memories within this house, and it can be difficult to say goodbye to a large chapter in your life. However, once you decide to sell your home, it is important to shift your perspective and look at it as a business transaction. As a seller, you may want to find the perfect buyer – someone that will enjoy and care for the home like you have. Or you may just want the buyer that’s willing to give you top dollar. Emotions can run high under either scenario.
It is important to look at the situation as a sales process and a financial transaction. Doing so will hopefully allow you to distance yourself from the emotional aspects and to determine the best decision as you work through the negotiation.
If you are thinking about selling a home, it is important to consider the time of year. Winter tends to be the worst time of the year for home sales, especially around the holidays. People are busy during the holiday season, visiting family, entertaining, and less likely to want to make a move. In colder climates, buyers are also less likely to go out looking, unless they need to make a move by the new year. If you list a home in November or December, it may take longer to sell, or you may not get the price you are hoping for. If it’s an option, you are better off waiting until spring or fall when weather and timing are on your side.
Do not hide major issues
Some sellers believe they can hide a major problem during the sales. However, this is a poor selling strategy, as most issues will be uncovered during the inspection, and it can lead to losing a potential sale. A seller has three options to deal with major issues: fix the problem ahead of time, price the property at a lower price to account for the issue or list the property competitively and offer the buyer credit to fix the problem.
If you do not fix the problem ahead of time, you may lose out on buyers looking for a turnkey home. To ensure that all major problems are addressed, have your home inspected before listing it. This can help avoid costly surprises once the home is under contract.
Pro Tip: Many states have disclosure rules. Some require sellers to disclose known problems about their homes if buyers ask directly, while others decree that sellers must voluntarily disclose certain issues. Check the rules in your state before selling a home.
Closing the deal
When the time comes to selling your home, Landmark Title is available to take you and your buyer through the title and escrow process. Our residential team will foresee challenges and roadblocks that can impede a closing and address them to make sure your closing process is as smooth as possible. They have the knowledge and experience needed to offer solutions and to provide options to help overcome any obstacles that may arise. To learn more about our title and escrow services, please contact us today.