Seven things to know before selling your home in 2017
The real estate world is not the same as it was ten years ago. Homeowners who know more about the home selling process early on may have a smoother transaction or better outcome. Below are things to know before listing your home that may improve your selling experience.
Preparation takes a long time.
The number one regret home sellers in 2016 had was that they wish they would have started preparing to sell their home earlier. Getting your home ready to sell may include larger renovations such as finishing the basement or upgrading your kitchen, or might involve ensuring your finances are in order and the market is right. Ideally, you want to begin the process to sell your home long before you need to move out. Doing an inspection or appraisal early on can help you understand what areas you should look into repairing or upgrading.
Read more on getting your home ready to sell.
Real estate is hyper-local
Just because you’ve lived in your neighborhood for the past twenty years doesn’t mean you know how the market is performing in your area. When estimating what your home might sell for, look at recently sold homes using online resources such as Zillow, Realtor.org, and Redfin. Make sure you factor in the intangibles of your specific location such as your view or noise level. Common practices and who pays for what in home sales also vary based on neighborhood. Check with a local expert, visit open houses nearby, or talk to neighbors that recently sold to learn how homes are selling in your area.
Market conditions vary by season
Ignore what your best friend told you about the real estate market from her town 1,000 miles away. Each area is different so find out what time of year has the greatest demand for home buyers in your area. In some areas, weather plays a big factor, while in others there may be more flexibility. If your neighborhood has good schools, there may be more demand in the spring or summer for families that want to move in before the next school year. You should research when homes sell the fastest in your area or talk to an expert or your agent — not all homes sell the best in the spring.
There are many options for how to sell a home.
New companies and technology are changing the way real estate transactions can be done. Depending on your location and preferences, you may be able to get an instant offer from Opendoor, sell your home to a developer with CityBldr, or sell your home online for less with our company Haus. Looking into alternative ways to sell may earn you more money or sell your home faster. Different real estate brokerages also offer a variety of services and prices. You should do research on what you’re getting and interview more than one before committing.
Not all real estate agents are created equal.
According to the National Association of Realtors® 2015 Profile of Home Buyers and Sellers, 72% of home sellers only contact one real estate agent before making a decision. Selling a home is likely the most important financial transaction of your life, so if you choose to sell with an agent, you should fully evaluate your options to find the best one for you. Before signing with an agent, you should understand what their plans are for prepping your home for sale, marketing your home to buyers, and managing offers and closing. Good agents will have a comprehensive home selling plan and be a reliable partner throughout the transaction, while bad agents may be less responsive and drop the ball on important forms and dates.
There may be more than meets the eye with offers.
Offers can vary in contingencies, terms, and closing timelines. Make sure you carefully evaluate all parts of an offer when deciding what to do. Missing a contingency when reviewing offers can lead to a miserable home sale. Using an offer platform that displays offers in a clear comparison table like the one from Haus can help present how the price and terms compare so you can be informed when evaluating which offer to accept.
Only you know what you want to get out of your home sale.
At the end of the day, it’s your home sale and you should be aware of what you want to get out of it. You may place higher value on different factors such as speed of sale, final selling price, or likelihood of closing. Not everyone will have your best interests in mind, so you should be sure the decisions you make are aligned with what you want. Knowing the market, the climate, and what your needs are when selling your home can help you have a smooth home sale.
