The real estate market was on fire in 2021. The median home sales price hit $346,900 in 2021, which is a 16.9% increase from 2020 and one of the highest since 1999. Real estate agents across the U.S sold around 6.9 million homes and this figure is expected to rise to seven million by 2023.
Though the market is promising, selling your home successfully requires more than just putting it on the market. If you are planning to sell your home, it may be best to learn some home selling tips to ensure you get the right buyer fast.
Here are some tips to help you sell your home.
Find the Right Real Estate Market
Did you know that only 5% of buyers choose to purchase a home directly from the homeowner? Finding buyers and selling your home yourself is very challenging. Though this may save you from paying a real estate agent, you might take longer to sell the house and may miss some important details.
One of the best ways of selling is finding an agent or broker who is familiar with your target market and knows your area. Agents know who is where your target customer is and also how to entice them.
They will use their resources and data to market your home and get the best buyer. Also, since buyers can easily trust agents, who have been in the business for a long time, you will not have to take a lot of time to win over your customers.
When looking for a real estate agent, ensure you consider their reputation, experience, and the number of properties they have sold. Experienced real estate agents can also offer you more options for selling, including buying the house directly from you.
Regardless of the option you choose, do not forget to negotiate the commission, go over all the details, and any other applicable expenses.
Set a Timeline
It is essential to know how long you want your home to be on the market. Selling a home is a huge undertaking that can take several months to close. The time it may take to find a buyer also depends on the home, location, inventory available and the local market conditions.
It is ideal to find a real estate agent at least two to three months before you are ready to list. Since agents know what buyers are looking for or what appeals to them, they will advise you on what to expect and how to prepare for the sale.
Some agents will give you an average timeline until the unit is sold. Several factors will determine how long it may take to sell your home. In some cases, you may get an immediate cash offer from an agent, who can then sell the house to another buyer.
Gather All the Necessary Paperwork
Having proper documents is vital. It is impossible to close a home sale successfully if the documents are not in order. Some of the paperwork you need to have include:
- The original purchase contract
- An appraisal from home purchase
- Certificate of occupancy
- Property survey
- Certificate of compliance with local codes
- Tax records
- Mortgage documents
- Homeowners insurance
- Home inspection report
Consult your real estate agent to know the documents you need and ensure you are ready for your buyer.
Consider Home Repairs
Though some homeowners choose to sell their property as is, this may not be the ideal option. Selling your house without doing some basic repairs also means selling at the current market price.
To determine the repair, you need to make and if you can afford it, it may be best to schedule a pre-sale inspection. An inspector will identify any mechanical and structural problems in your home before listing it.
It is crucial to note that buyers also work with home inspectors before making the final decision. Therefore, it may be best to be one step ahead and account for all repairs before you set the price.
Whether you choose to repair your home or sell it as is, knowing the repair needed will help speed up the selling process.
Do Not Invest On Needless Upgrades
While repairing your home is essential, don’t waste money on needless upgrades. Any repair or upgrades you make in your home should offer a high return on investment. It may not make sense to install a solar heating system or new granite countertops if you can lose money on them or break even.
Your real estate agent can help you decide on the upgrades to make, especially if you have the money. Since agents know what home buyers in your area are looking for, making necessary upgrades will give you a higher ROI and help your home sell fast.
Set a Price
One of the vital parts of the selling process is pricing your home. No buyer wants to pay more than they need to. Therefore, it is crucial to get the pricing right. Setting the price too high can discourage potential buyers and setting the price too low will cause you to lose money.
When setting a price, consider the current market rate and also the condition of your home. If you are selling your home as-is, you must factor in the cost of the repairs. Also, a very low price can give the impression that there’s something wrong with your home.
Note that identical homes in the same neighborhood can have different market prices. To price your home correctly, consult a real estate agent, and do not overlook any details about your home.
Anticipate the Closing Costs
Home sellers and buyers have several closing costs that they have to deal with. Apart from the real estate agent’s commission, which can be around five to six percent of the selling price, you have to anticipate other costs such as:
- Outstanding liens
- Government transfer or real estate transfer tax
- Attorney fees
- Recording fees
Suppose a buyer negotiates any credits to pay at closing for closing costs or repairs. In that case, you will need to pay those costs too. Know all the costs you are responsible for, especially before setting a price.
The buyer usually makes a bulk payment, including closing costs, which can be two or four percent of the sale price.
Consider Your Curb Appeal
Though home buyers aren’t only impressed by the look of a house, making a good first impression will get them through the door. A beautiful exterior inspires potential buyers to schedule a tour or stop by the open house.
Therefore, consider some easy fixes like repainting your front door or planting colorful flowers. Such minor adjustments are very inviting. Your agent can advise you on how to improve your home’s exterior and get it market-ready.
Repaint the Interior
Apart from improving the appearance of the exterior parts of your home, it would be best if you also worked on its interior. While your bright orange, red or yellow walls may look good, they can be a turn-off for some colors.
Not everyone shares the same taste or favorite colors. Therefore, to make your home more appealing, it may be best to repaint your interior walls with a neutral color. This will give your buyers a chance to envision what the walls will look like with colors of their choice.
Your aim is to help buyers picture themselves in the house. If they don’t think they can fit there, they can quickly consider other options.
Declutter and Depersonalize Your Home
Less is always more when selling a home. To ensure buyers get to feel the space and envision their furniture in the home, you need to remove excess stuff from the house. You can either donate what you don’t need or rent a storage space for the excess furniture off-site.
When preparing your home for sale, do not forget to remove personal items such as family portraits, heirlooms, bold artwork, or other personal items. The goal is to give your potential buyers a blank canvas from where they can project their own tastes and visions.
If your home is overflowing with excess furniture and personal items, buyers can feel as though they are invading your privacy or the space is not enough for them. Keep your jewelry and any other treasures you have out of sight.
This also ensures that you do not lose anything valuable during an open house.
Once you get rid of excess items cleaning your home will be much easier. Do a deep clean of tables, doors, windowsills, counters, closets, cupboards, drawers, bathrooms, and every area in your home. Remember, nothing is off-limits. Some buyers may choose to check the attic, garage, or other storage space in the home.
Your property should look spotless. If your home is big, it may be best to hire a cleaning company and ensure that your home is tidy and market-ready.
Conduct a Smell Test
Everyone’s home smells differently. Some homes smell like candles and perfume, while others can smell like cats. Also, people tend to get used to the smell of their homes and might not know whether or not it’s inviting.
Though the scent of candles and perfume may be inviting, even the slight foul order can be a deal-breaker. To ensure your home smells right, invite a third party to your home and have them conduct a smell test.
This will help detect a lingering odor from your kitchen or pets. If you detect any foul smell, do some deeper cleaning and make use of masking techniques such as plug-in room deodorizers or candles when staging an open house.
Add Some Plants
Adding some green indoor plants, a bowl of fruit on the dining table or the kitchen counter and some flowers can create a brighter and more welcoming environment. Plants and flowers will bring some color and life to your décor, which will impress buyers.
If possible, only use real flowers and plants instead of plastic ones.
Now that you are ready to put your home on the market, the next step is staging. To get this right, it may be best to have your home staged by a professional, especially if you aren’t working with a real estate agent.
Professionals know how to stage homes and can use their items or rent the best items to make the home more inviting. Your agent will advise you on what to remove from your home and how to arrange it to ensure it stands out.
Get Professional Photos
It is crucial that you capture high-quality photos of your home. This means hiring a professional to do it. While you can take clear pictures using your smartphone, your pictures will not capture the real feel of your home.
Professional photographers have the right equipment to capture the true colors of your home, angles, space, size and more. They will help create a nice portfolio and make your home look more attractive.
Low-quality and dimply lit photos can turn off buyers before they even read about the home and all the amazing features it has.
Work With a Real Estate Attorney
Hiring a real estate attorney will cost you money but can be worth it, especially if you are selling your home without the help of a real estate agent. Also, some states require home sellers to use an attorney when selling their homes.
An attorney will help you draw a contract, gather all necessary documents, fill our paperwork and identify any potential issues such as:
- Trust issues
- Tax issues
- Mortgage balances
- Outstanding liens or judgments
They will also spot any title issues that can delay the sale or torpedo the deal and ensure the sale goes smoothly.
Use These Tips When Selling Your Home
Though selling your home may not be easy, these tips can help you get your home ready for the real estate market and find the right buyer. At Fast Cash Home Buyers, we will help you sell your home fast for top dollar.
Contact us and learn more about our options.