Selling one’s home can be a complex, time-consuming, and sometimes emotional process. Despite the challenges, it can still be a very rewarding journey, especially when employing the expertise of a trusted local real estate agent. With that in mind, let’s take a look at a few important topics to acquaint yourself with first before listing your home.
1. Get ready to get emotional
It’s easy to get emotional about selling your home, especially if it’s your first one. Putting the for sale sign on your front lawn is a significant moment in your relationship with the property, yet you can simultaneously be preparing yourself for the selling process.
Keep in mind putting your house on the market opens it up to scrutiny, as buyers and realtors will be quick to provide feedback after showings and express concern about any flaws. It’s important in these moments to remember this is just a business transaction. Think of yourself as a salesperson rather than just a homeowner. By viewing the transaction from this perspective, you’ll create a healthy emotional distance from the process, allowing it go smoother for you.
2. It’s a seller’s market
Once you’ve decided it’s time to move, start researching the local market. It’s best to list your home when it’s a seller’s market, which is exactly what’s happening right now. Investopedia defines a seller’s market as a “market condition characterized by a shortage of goods available for sale, resulting in greater pricing power for the seller.” There are various factors that can help create a seller’s market, such as a growing number of buyers in the area, low inventory, or low-interest rates, all of which work in the homeowner’s favor.
3. Sell by the seasons
The real estate market tends to cool down with the weather, making the winter months some of the least active in the market. Alternatively, spring and summer are traditionally the busiest times of the year in the housing market. During these seasons, buyers are generally eager to make a purchase and get their families settled before a new school year begins. More specifically, the first two weeks of May is the ideal window as homes tend to sell an average of six days faster and above the listing price.
If you’re not able to sell during the warmer months, don’t worry. Over the past couple of years, the real estate market has been red-hot so, regardless of the time of year, there’s a good chance your home will sell quickly and for a pretty penny.
4. Housing inventory is low
From rural communities to metropolitan cities, the United States is facing a nationwide housing crisis. In fact, there are fewer houses on the market than ever before. Data from the National Association of Realtors revealed the housing inventory declined 39.6% at the national level in 2020.
When inventory is low, buyers are more likely to make offers quickly and submit at or above the listing price. It’s not uncommon for bidding wars to occur as a result of the low inventory which is when two or more interested buyers compete for ownership through increasingly-higher offers. As a seller, this can only work to your advantage.
5. Have necessary repairs done
Although not glamorous, it’s time to tackle your home’s pesky repairs before you list your home. You want to do your best to eliminate anything which could potentially turn buyers away. Start by conducting a thorough walk-through of the interior and exterior of your home. Make note of anything which needs to be fixed, ranging from big-ticket items such as roof repairs to easy-to-miss defects such as holes in the wall.
Selling your home isn’t the right time for a full-scale renovation. Instead, the goal is to invest in strategic improvements to maximize your property’s value. A home that needs repairs will typically deliver a lower sale price – even during a seller’s market. It’s worth your time and investment to address any damaged pipes, cracked front walks, and cracked windows now so you can walk away from the final transaction with a higher return on your investment.
6. Set a competitive price
As noted above, realtors play an instrumental role in helping you price your home competitively. This is one of the most important components to consider as a poorly priced property can turn away buyers or make the homeowners lose out on the benefits of a better deal.
How exactly does a realtor assess your home’s resale value? This is accomplished by conducting a comparative market analysis (CMA) – a process involving finding similar nearby properties which were sold within the past 90 days. The CMA looks at a number of factors including location, size, construction, condition, and housing style to help determine your home’s value. Agents will also consider the competition currently on the market. By thoroughly investigating all of these key factors, your real estate agent will be able to provide you with a highly detailed picture of how much your home is worth.
7. Staging your home pays off
Whether your house is currently occupied or vacant, it deserves to have its best features shown in the best light. Staging is perfect for this. Simply put, this project prepares a home for a potential buyer and often involves redecorating, cleaning, and rearranging furniture. Not only does this elevate the presentation of the home, but research has shown staged homes will sell for 17% more on average than a non-staged home and lead to a quicker closing.
8. Consider curb appeal
First impressions matter - and your home only has one time to make a good one with potential buyers. That’s why you’ll want to start considering your home’s curb appeal - a term used to describe the general attractiveness of a house from the sidewalk.
Research has shown that a home with landscaping and effort put into curb appeal can increase perceived home value by up to 7% of a home’s sale price, demonstrating it’s outsized influence on the transaction's final outcome. If you’re unsure how to approach this project, consider the following. Curb appeal can be simple tasks such as cleaning the windows, giving the front door a fresh coat of paint, or pressure washing the driveway. If you’re wanting to kick things up a notch, look at installing outdoor lighting or adding a backyard water feature.
9. Hire an experienced real estate agent
Navigating the home selling process can be difficult, but it’s even more challenging when you attempt to do it by yourself. Working with a local real estate agent you trust will help make this process significantly easier, and there are a plethora of reasons why hiring one pays off in the long run.
For starters, your real estate agent will help you set a fair and competitive selling price for your home, increasing the chance for a quick sale. They’re also trained to know the variables behind the local economy and how to leverage this knowledge for your benefit. Additionally, real estate agents handle the complexities of contracts and legal paperwork so they’re equipped in helping you make the best decisions throughout the sales process. Realtors are also experts in marketing and have a variety of tools and techniques at their disposal. Considering that 52% of buyers find their homes online, realtors are well-versed in the latest real estate marketing trends which is crucial to the transaction’s success.
If you’re ready to work with a reputable and experienced Parker real estate agent, contact Derek Thomas today. With a deep knowledge of Parker, CO, real estate, Derek and his team will employ their knowledge and expertise to guide you every step of the way.