In the last Quarter of 2017, the National Association of Realtors (NAR) reported that the inventory of homes for sale stands at a 4.3-month supply. This is considerably lower than the 6-month inventory necessary for a normal market. The low month supply figure signals that now is a great time to list a home due to high homebuyer demand. Many buyers are being challenged by a very competitive market in which they must compete with other buyers for their dream home. Listing your house for sale now will allow you to capitalize on the shortage of homes for sale in the market, which will translate into maximum dollars from your house. Thankfully, the selling process can be far less daunting if you know what’s ahead and take the steps to achieve a smooth transaction.
1. Work with a Real Estate Expert
Our homes are our most valuable and cherished assets. That’s why it’s important to partner with a professional real estate agent who has a deep understanding of the real estate market and can expertly price your property to find the highest possible offer in a timely manner. From marketing plans, negotiations, and ultimately closing the deal, all these things will be done easily and effectively with the experienced hand of a professional.
The best agents put their sellers first. They inform the seller of marketplace realities and can help market a home so that it attracts the greatest number of qualified buyers. A savvy agent maintains excellent relationships within the brokerage community and works well with all the members of the seller’s advisory team, including attorneys and accountants. They also know how to identify qualified buyers, streamlining the entire selling process from start to finish.
2. Prepare Your Home for the Market
Whether you own high-end property or cozy bungalow, buyers expect listed homes to be in the best possible shape at all times. No detail should be overlooked, no matter how minor. As you prepare your home for the market, focus your energy on making the property as marketable as possible. Walk through the property and identify areas that might need repairs or improvement. Get the services of a professional home stager who will know how to effectively showcase your property for the best return on investment.
Unless you’ve already moved out and the home is vacant, focus on minimizing clutter as much as possible. This will create an open and inviting feel for potential buyers while showcasing the space. Rather than showing off your used house, create a new home for potential buyers. Your agent may suggest painting and other cosmetic improvements that will lend to a “new house” feel, as well as some potentially big-ticket items that could help your resale and net proceeds.
3. Price your property correctly
Check the current market condition and use this as a benchmark to price your property correctly. But let’s be honest – you’ve been following the market through internet sites for the past year and already have a good idea of your home’s worth. Just remember, those sites aren’t 100 percent guaranteed to be accurate or completely up to date. An overpriced house does not sell as quickly and the longer your property sits in the market the harder it will be to sell as people will wonder what’s wrong with it, automatically assume it’s overpriced and will be less likely to give you a competitive offer.
Selling your home quickly should always be high on your priority list. Keep in mind, “quick” is a matter of perspective. Follow your local market and what has sold in the past six months to help gauge how fast your house should sell at any time of the year. A quick sale should not be an automatic assumption – it should be the result of hard work from you and your agent. It should be based on the plan you’ve created and executed to create a physically attractive listing representative of its price point, and your agent’s ability to market it to the largest audience possible.
4. Market Your Home
We will know how and where to market your property depending on your preferences. Whether you advertise in popular listings or other tools (such as luxury real estate magazines) always make sure to have excellent, well-composed photos. Hire professional real estate photographers who can create a good first impression of your home through great pictures.
Additionally, think about branding your home. Consider what makes it special and more appealing compared to similar properties. Is it a historical home with a good story behind it? Perhaps it was designed by a well-known architect? These details could add value to your property and attract buyers who are looking for something extra. Highlight all the great reasons that make living in the community a great choice.
Use all possible means to put out the word that you are selling your home. Use your own network of friends and families to spread the word around. Put social media to good use and make catchy and informative posts about your property being up on the market. And encourage everyone to share the news.
5. Receive and Review Offers and Close the Deal
Throughout the transaction, you will encounter many different negotiations and it is important to look at the big picture. Some offers may seem completely unacceptable, but instead of ignoring them, counter with your own offer. Take the time to consider all bids and carefully study the terms including buyer’s contingencies and financing. We can help you decide if it’s time to accept an offer or wait for more to come in. The highest amount you will net from your house sale is determined by the sale price. After that, you are looking at a series of deductions from the net, whether it is from seller’s closing cost contribution (negotiable) or property taxes.
It is important to keep in mind that the initial negotiation will set the tone for the entire transaction. Your ultimate goal is to sell your house for the highest net profit possible. If the buyer feels taken advantage of during the initial negotiations, they try to recoup during the home inspection phase.
Once you and the buyer come to an agreement, the paperwork required to close the purchase will start.
Countywide’s agents provide every seller with a program tailored specifically to their needs. This is only one of the advantages we offer as an independent, privately held firm. With an unequaled level of discretion and personalized attention, our clients enjoy the best of both worlds: a company that is small and nimble enough to meet a seller’s needs, with the essential infrastructure and resources of a large firm.
Countywide agents can position a home to move quickly and at the highest possible price. We are skillful negotiators who know how to interpret complicated financial statements, assess buyer qualifications, and weigh or anticipate other factors that can make or break a deal. Call today. We offer solutions to get your home SOLD!