Selling your home can signal the end of one chapter and the beginning of another—it’s an exciting life change that can be incredibly profitable. You likely gathered some helpful real estate knowledge when you purchased your home, but now that you’re on the other side of the transaction, there are important tips and considerations to have in your back pocket as you embark on your home-selling journey. Read on for a breakdown designed to empower you with helpful knowledge as you take the first step toward a successful sale.
The Importance of a Real Estate Agent
When selling your home, you’re only as strong as the team you choose to represent you. Although it is certainly important to do your own research beforehand, once you’ve enlisted the help of a trusted advisor to guide you, you can rest assured that a competent professional will be handling the many moving parts of a home sale.
A broker will advise you on any upgrades you’ll need to make to the home to increase its value, how to stage it so that it looks its absolute best, and arrange to have high-quality photography and videography taken of the home to be used in marketing materials that will be shared in ads, social media, and throughout their network to reach buyers. We’ll cover additional critical ways a broker will assist you in some of the points below.
Preparing Your Home for Sale
As you ready your home to hit the market, it’s wise to take a step back and view it as a potential buyer might, stepping into their shoes as they take their tour of the property. Curb appeal is major, and a fresh coat of exterior paint can do wonders in the makeover department. Ensure that the yard and any plants or gardens are adequately landscaped. Studies have shown that staging a home, wherein personal effects are removed and it’s intentionally styled with furniture and minimal décor to appeal to buyers, can fetch sellers a higher sales price than non-staged homes.
Determining a Listing Price
You might think: Why not list my home for much more than it's worth? Although you certainly don’t want to undervalue your home, listing it for far too much than it’s valued at could cause it to sit on the market for a long time without buyer interest. Property value is determined through several factors, including its condition, size, location, and comparisons to other recently sold similar homes in your area.
Anticipating Home Inspections
After you accept an offer, a buyer will request a home inspection, assuming there is an inspection contingency in place. Hopefully, you’ve prepared for this. Pre-listing inspections can prepare you for a buyer’s inspection and allow you to make repairs before the official inspection.
The inspector will check things like the plumbing, wiring, structural condition, and more. If any problems are flagged, these will be communicated to both buyer and seller and may reopen the negotiation. If something comes up on the inspection, it’s not the end of the world. A seller can make repairs or accept a new price from a buyer based on the issues found.
Understanding Closing Costs
Closing costs, which include commission to your agent, title insurance, and transfer tax, come out of the proceeds of your sale. Do your state-specific research beforehand so you have an accurate idea of how much you’ll be on the hook for once the transaction is completed. Sometimes, who pays certain fees can be negotiated, so discuss this with your agent.
Approaching your sale informed and prepared is the best way to begin your listing endeavor. Ultimately, having a trusted advisor at your side is the best way to ensure nothing falls through the cracks. If you’re looking to sell your property, please reach out to me so we can get started. Allow me to put my years of experience and market knowledge to use in your home-selling journey.