NOW may be the best time to sell your home! According to CNN Money report, mid-March thru Mid-July are some of the best times to “hang a sign out” on your front lawn. Nationally speaking, homes marketed during spring and early summer are selling 15% faster and for at least 2% more. Find out more from CNN here.
For those left on the fence, here are some things that you can know ahead of time.
- Know your local Real Estate Market – What’s moving the market? If you don’t know, make sure your Realtor knows. If your Realtor doesn’t know, find another Realtor who does know. Real Estate will always be local and to be able to sell your home, it’s critical to know what the local trends are for your neighborhood.
- A clean, uncluttered home sells – Notice the photo above? Which looks more appealing? A dirty home knocks thousands of dollars off of your profit. It’s true, a big chunk of money can be lost for not putting in a little elbow grease. Perhaps one of the greatest payoffs to home selling will be the time you spend cleaning and decluttering your home.
- Homes priced right sell – Price your home to sell. From the very first day that you list your home for sale, you will attract the most qualified and most interested Buyers. The first few weeks of a new home listing shines brightest. A fresh new listing draws the attention of Buyers waiting for a new home to hit the market and those Buyers who just started looking will see your home priced right, and will break down your front door to take a closer look. A listing that stagnates on the market for weeks and months on end becomes stale and often stigmatized as to why has the home hasn’t sold. They’ll either assume something is wrong with the home or that it’s priced too high. If Buyers think that something is wrong, they’ll want a discount and if it’s been on the market due to being priced too high, they’ll think you’re beginning to get desperate because your home hasn’t sold and that you’d likely start to consider taking a discount. Avoid the discounts, price it right, and increase your chances of having multiple interested Buyers.
- Selling a home is inconvenient – Knowing up front that you’re going to be inconvenienced once you’ve decided to sell your home, will make the home selling process a lot easier to handle. You’re going to have to get your home ready to sell, you’re going to have to do some packing and you’re normal everyday living schedules will likely be interrupted by visiting prospective Buyers. When you’re able to anticipate this, it can make the process a lot less painful. Anticipate to be inconvenienced.
- Repairs left undone will cost you more money than the repair itself – Repairs that you’ve been meaning to do will be a lot less expensive to complete if you do them BEFORE you sell your home. Once the needed repair is evident to a Buyer, they’re going to pad the actual cost to repair as they’re adding a layer of emotion to the cost. What do I mean by this? When they see a simple repair that could have been fixed they wonder what else is in need of repair and they’ll wonder did you really maintain the home properly. They’ll wonder what may be lurking beneath the surface, hidden and not visual to the naked eye. They get a bit frightened in the unknown and will want a little bit more of a reduction, just in case something else pops up once they were to buy your home.
- Overpricing your home helps to sell your neighbors home – It’s true! Picture this. Buyers are qualified to buy a certain price range so they’re looking at homes that they can afford; your competition, your neighbors. If your home is priced too high, they’ll never see it as it will not come up in the home search. Your home will be coming up in a higher price range; likely homes that are larger with nicer features and more appealing. This price range of home Buyers will look at your home but will skip over your home because they can buy a larger home with the same features for the same amount of money; why would anyone pay more for less space?
- Buyers love to negotiate the home sales price after the home inspection – Oh yes, the time to nickle and dime for all the needed repairs. I have a recent blog post about the inspection process in fact – click here to find out more. In an inspection there will always be a hundred of little things and hopefully, you aren’t blindsighted with an unknown major needed repair. If you have any needed major repairs, this should be known ahead of time and disclosed to any prospective Buyers prior to the presentation of their offer. This way you know the offer reflects the defect. As discussed above, fix your repairs so as not to give a Buyer a reason to want a discount. The inspection period will always welcome a skilled negotiator. Make sure the Realtor you hired, is an effective negotiator as they’ll be worth their weight in gold here.
- Buyers love to grill Sellers present at home showings – When a Buyer has schedule a visit to view your home, it’s important for you to leave for more reasons than one. First of all, you want the Buyers to be able to stroll through your home and feel comfortable without you breathing down their necks, as you want them to envision themselves living in your home. Picturing themselves in your kitchen around the dinner table, or relaxing in the family room listening to their favorite music or watching TV and also imagining your home to be the perfect spot to entertain friends and family. And, even more important is that you don’t want them to try and wiggle out any details from you regarding why you’re moving that could give them a reason to offer you less money for your home. A favorite tactic for Buyer’s Agents and Buyers is to try and find out valuable details that indicate you “need” to move.
- Smelly homes sell for less money – Nothing is worse than a smelly home from pets, smoking or even cooking. Sure we love our pets but they can leave behind those not so pleasant smells. If you’re a smoker, you need to plan well in advance to take your smokes outside to freshen up your home’s interior. Perhaps you adore foods with very pungent spices, these favorite dishes that you cook should be put on hold until after you sell your home and get moved out. A thorough cleaning of your home, along with the fabrics, rugs and carpets will go along way in removing pet, smoking and food odors. If you have carpeting where pets had accidents, replacing carpeting would be advisable.
- Well maintained homes sell for more money – A well maintain home provides a sense of well being to any prospective Buyer as they imagine that the home having been well cared for and likely will not provide them with too many worries down the road after they’ve bought the home. Red flags are virtually non-existent with a well maintained home as compared to a home that appears to not have been maintained. This peace of mind comes with a price tag that results in the Buyers willingness to pay more for a well maintained home.
Well hopefully you have enjoyed some more insight into the selling process! If we can be of any further assistance, or answer any questions you have please feel free to contact us!