With the housing market experiencing unprecedented growth since the coronavirus pandemic, you may be wondering: What to Expect when selling your home? The housing market has exploded in recent years, resulting in unprecedented pricing, bidding wars, and extremely low inventory. While prices are expected to level off as mortgage rates increase and inventory levels remain low, there are still several things that you can control to increase your bottom line. Hiring a quality real estate agent and maximizing your home’s online appeal can mean a seamless closing and more money in your pocket.
Setting the right asking price for your home
There are many factors to consider when setting the right price for your home when selling. A high price will likely make buyers feel intimidated, and a low price will send the wrong message. For example, a low price may make buyers wonder about the condition of the home or assume that something is wrong with it. An underpriced house will result in you leaving money on the table, and will hurt your future buying power.
Preparing your home for sale
Whether you are planning to sell your home in the near future or not, it is crucial to keep your home in top shape for the selling process. Keep the house clean and clutter-free. De-clutter as much as possible, and get the entire family to help you with cleaning. Vacuuming and wiping down countertops are two tasks that can make your house look immaculate. Also, mow the lawn every week and maintain walkways.
Avoiding costly mistakes
A seller should always avoid making the same common mistakes in the marketing of his or her home, as this could prove to be expensive. Many sellers will underestimate their selling costs. These include commission fees, home inspections, repairs, staging, etc. To avoid this costly mistake, sellers should gather all the pricing data about their property and prepare an accurate pricing estimate before listing it. In addition, sellers should always keep in mind the current interest rate, property tax rates, and property inspection rates.
Getting an appraisal
Getting an appraisal when selling your home is not a mandatory procedure. While it’s true that your lender will order one, it can be a good idea to get one as well. This will give you a better idea of how much you should list your home for. Getting an appraisal can also save you money up front, but you risk paying too much. Consider your timeline and financial situation before you make a decision. Once you know the process, you won’t be afraid of it.
Getting a buyer’s agent
When selling a home, a buyer’s agent can be beneficial in many ways. This professional can refer other professionals, including movers and real estate attorneys. Buyer’s agents also know how to deal with a home inspection and may provide referrals for these professionals. It is a good idea to check references before signing an agreement. A good buyer’s agent will remain objective and refer you to third-party sources as needed.
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