Time to Sell?
Here's some guidance to help you move forward
The following 8 questions will help you through this process
1. Why am I selling?
The process of selling a home can be time consuming and emotionally draining. You have most likely spent years and countless hours making this house your home, and selling can be an arduous process. Make sure you are clear on your reasons selling; is it purely financial? Time to "move up"? Time to "size down"? Understanding the why will help inform the rest of the process and help you make the right decisions along the line.
2. When should I sell?
Timing may not be everything, but it is definitely a major factor for selling a house! Understanding the state of your local real estate market — including whether you’re in a buyers or sellers market — can help you identify the best time to sell. If you have flexibility in your timing, you might consider waiting for a sellers market, which occurs when there are more buyers searching for homes than there are homes available. It gives sellers the negotiation power and can drive up prices.
Nationally, the best time of year to sell your home the fastest and for the highest price is the first half of May. Homes listed for sale in this window sold six days faster than average and for thousands more.
Your selling window will vary based on your local real estate market, so do your research and consult with the experts.
3. Do I need an agent?
One of the first things you’ll need to decide is if you’re going to sell your house on your own (which is called “for sale by owner” or “FSBO”) or if you’re going to use a real estate agent. Half of sellers who try to complete the process on their own wind up engaging an agent before the transaction is complete, loosing valuable time and energy in the process.
Consider the pros and cons of each option and the answers to these questions and make an informed decision.
If you plan to sell FSBO:
- Allocate enough time to prepare your home for listing and market it across multiple channels — this is why real estate agents work full time!
- Research recent comparable sales in your area.
- Keep flexible hours for showings or use a lock box.
- Listen to feedback from agents and buyers without taking it personally.
If you plan to hire an agent:
- Ask for referrals.
- Interview each potential agent.
- Don’t hesitate to negotiate your contract.
- Trust your agent’s home-selling advice.
4. What could be better about my house?
You may love your home, but remember the goal here is to get the buyers to fall in love. Whether you are a DIYer and pick up the hammer yourself or hire a professional, to get the best price you will want to spend the time and effort to make your house move-in-ready with a strong curb appeal. The repairs and upgrades you ultimately go with will be determined by the condition of your house, and your agent is a powerful resource in putting together the "To Do" list.
Whatever you decide to do, here are a few tips for home improvements.
Opt for a pre-inspection: While it’s likely that your buyer will do an inspection as part of the purchase process, sellers often opt to do their own pre-inspection. Among sellers who worked with an agent, 25 percent had an inspection done before contacting an agent. Why? A pre-inspection can help you avoid surprises down the road and gives you a chance to fix the items that an inspector would flag for a buyer.
Increase ROI with popular improvements: Consider adding some of the home features that today’s buyers love, like a steam shower, professional kitchen appliances, heated floors or radiant heating, or solar panels.
Don’t forget curb appeal: To make that all-important first impression, spend some time on your front yard. Powerwash driveways and sidewalks, add some seasonal plants to pots and garden beds, cut back overgrown plants and rake leaves.
Avoid improvements by selling as-is: While you will likely pocket less money in the end, selling a home as-is, without completing any major improvements, is a way to speed up your overall sale process and limit upfront out-of-pocket costs.
5. How much can I sell for?
How much you can sell your home for is as much art as it is science. You want to get the highest price possible, without pricing yourself out of the market. Go too high, and your home sits on the market and every week it doesn't sell drives the price lower. Price too low, and you miss out on the valuable equity you have fought so hard for.
To sell quickly, use all the tools at your disposal to help you price your home for sale.
Research comparables: Also known as “comps,” comparables are records of recent homes that have sold and their sale price. It’s important that the comps you use as reference are of a similar size and condition as yours, and in a very similar area — the closer to your home, the better.
Hire an appraiser: Having a professional appraisal done on your home can cost between $300 and $700, but it can be a small price to pay if it helps you sell your home quickly and for an appropriate price.
Lean on your agent: Your real estate agent should be an expert in home values in your area, so they’re a great resource for finding the right listing price. Plus, they can provide guidance on a pricing strategy that will spark the most interest and maybe even inspire a bidding war.
6. Will buyers like my dogs playing poker tapestry?
You probably don't actually have a dogs playing poker tapestry, but presenting your home (staging) helps potential buyers see the potential, and themselves, in your house. Common steps include arranging furniture, organizing, and decorating in a way that appeals to the widest range of potential buyers.
Staging your home can take many different forms and require varying levels of effort, but here are a few key tips:
Declutter, clean and depersonalize: Too much stuff in a room can make your home feel small, crowded and lacking in storage. And having too many personal items, like family photos, can make it hard for buyers to picture themselves living in the home.
Select a staging plan that fits your needs: There are multiple degrees of home staging to choose from, based on your budget, timeline and how valuable staging is in your local area. Some staging can be done in a DIY manner, while other larger staging projects are typically completed by a professional.
Pare down pets’ and kids’ belongings: While many buyers are pet owners or parents of young kids, they want to visualize their own families in the home, not yours. Take the time to repair pet damage, remove pets’ belongings, and clear away kids’ items like gates, highchairs and piles of toys.
7. How do I let buyers know I am selling?
Now that you have done all that hard work, how are you going to let the world know you are selling this house?
Multiple channels: Buyers today are searching in multiple ways. Whether it is online, through their agents, or for-sale signs, the more avenues you use to get the message out there, the more eyeballs you will capture and the faster you will sell your home.
Professional marketing photos: Everyone is online now, so your home's listing on the MLS or other popular listing sites is often the buyers first impression. Professional photos and professional video tours can make sure to impart the best first impression.
Craft an enticing listing description: Your listing description should highlight your home’s best features and the amenities that buyers in your area are looking for. If a rooftop deck, backyard pool, access to public transit or nearby green spaces are popular where you live, make sure to include them. Overall, though, keep your listing description short and avoid confusing real estate jargon.
Schedule showings: You’ve done all the work to get your home ready for buyers, so make sure you accommodate as many showings as possible, whether that’s private tours or open houses. And there’s more to a showing than just a clean house. Make sure there’s a way to let shoppers leave feedback. Keep records of who visits, and if you’re selling on your own, consider having a third-party representative host your tours so buyers feel comfortable speaking their mind.
8. I've accepted an offer, is it all smooth sailing from here?
Getting that great offer is probably the biggest hurdle to the home-selling process, but once your home goes under contract, that doesn’t necessarily mean the challenges have ended. Consider these potential issues that can come up between the time you accept an offer and closing day.
Bad home inspection report: You got the pre-inspection suggested above (didn't you?), so while you aren't overly concerned about big problems, the buyers inspection can raise concerns, so whether the inspection report reveals small fixes or big problems, be prepared to negotiate after the report is completed.
Home appraisal too low: If your buyer is financing the home, their lender will typically order an appraisal to make sure the home is worth the amount being financed. If the value of the home comes in below the loan amount, the buyer will have to come up with the difference in cash or walk away from the deal.
Financing failure: During the underwriting process, it’s possible that your buyer’s financing could fall through. This can be caused by many different things, such as new debt, missed credit card payments, or a change in employment that makes the bank feel like there’s too much risk in financing the home.