Friday, November 4, 2022 / by Laura Larson
In this post, we'll go over all the essentials for selling a house quickly, such as:
- Assessing your readiness to sell your home.
- How to get ready to sell your house
- Developing a sales plan
- Promoting and displaying your house
- Errors to prevent
Choose whether you are prepared to sell your house.
A strong seller's market may tempt some people to take advantage of the opportunity to sell for top money. But the market shouldn't be the only factor considered when deciding to sell. The particulars of your needs and your financial status must also be taken into account. Here are some things to think about.
The price of selling your home may be beyond your means.
The cost of selling your property is substantially higher, despite the fact that most consumers focus on the 6 percent real estate agent commission. Selling a house costs about 10 percent of the selling price. Along with real estate commissions, you could also be responsible for:
- Renovation and repair
- Gardening and grass maintenance
- Services for cleaning, photography, and home staging
- Offers from the seller
- Overlap and transitional expenses
- A possible tax bill
- Moving expenses
It might not be financially advantageous to sell your property if you haven't accrued enough equity. By deducting your mortgage balance from the probable sales price, you may determine your equity. You may also use a home selling process calculator to estimate the price your house will sell for. Take a look at properties that are comparable to yours in terms of home size, lot size, and improvements by taking into account local real estate comps.
Are you able to afford a new home?
If you sell your home for top dollar, you'll most likely see a profit, and depending on how much, you may have to pay capital gains tax. Reinvesting in new real estate allows you to postpone payment, deferring the tax until you "realize" the gain. Before opting to sell, you should discuss this with your accountant because it is known as a 1039 Exchange.
Is listing your home the wisest course of action?
Sometimes it makes more sense to renovate your current home if what you’re looking for is specific interior features or expansion. This is particularly true if the value of your house is at the lower end of the market in your community. By doing your own renovations, you will achieve the living space you want and a higher return on your investment. Additionally, eligible renovation expenses are tax deductible.
Have you given any thought to the precise reasons behind your desire to sell your home? If not, this is the moment to decide whether you want to sell your house or whether you can accomplish the same results by renovating your house or through other methods.
How to prepare a home for a speedy sale
Making a few simple preparations will help your home sell fast and for the highest possible price.
Pre-listing advice for preparedness
You must get your home ready for buyers before your real estate agent lists it for sale. You need to promote your property for broad appeal, much like you would when showcasing products in a shop. Here are some of our top advice picks:
Decluttering: is the first thing you should do, and it can be difficult for non-minimalists. Removing all unused objects from shelves, tabletops, counters, and other surfaces is part of decluttering your home. You want your house to resemble a hotel as much as possible.
Depersonalize your home: As painful as it may be, it's preferable to take personal belongings like photos and collections out of your house. Your home should be a blank slate on which prospective purchasers can see it as their future home.
Temporary storage: Where do you keep your personal items and clutter in temporary storage? To ensure that your belongings are fully out of the way for showings and home inspections, using a local storage firm is a wonderful idea. Ideally, the facility will be temperature-controlled.
Cleaning: Everyone enjoys entering a home that is spotless and smells good. Your best friend is deep cleaning, which includes activities like bleaching grout work. You can engage a reputable cleaning service to get your house in the greatest condition possible if it's within your budget.
Painting: If your home is painted in vibrant hues, you might want to try repainting it in neutral tones. While DIY painting will just cost you the cost of paint, tools, and time, hiring professional painters will run you anywhere from $1,200 to $3,900.
Staging: is the process of furnishing a space to highlight its potential while minimizing its shortcomings. Whether you work with a pro or not, you can stage your house using your own possessions. Depending on where you live, a full professional staging runs about $2,500.
Curb appeal: When it comes to real estate, the outside always tells the story. Making an attractive first impression is easy with a well-kept lawn, neat landscaping, and clean paint
Renovations: If you can afford to pay for renovations and your property needs them, doing so can be quite beneficial. Smaller improvements can have a big impact, such as remodeling a bathroom or adding a half bath, replacing your appliances, and refinishing a deck
Photography: Real estate listings tend to sell for more money when they have stunning photography and, ideally, a 3D home tour. Buyers want to learn as much as they can about a home before they take the time to go see it.
Find a real estate agent who is ideal for you.
The simplest option to sell your house without selling to an iBuyer is to work with a real estate agent. Compared to alternative selling strategies, real estate brokers frequently secure greater sales prices for the sellers they represent. Furthermore, they are more knowledgeable about both the procedure and the market. They'll be knowledgeable about how to fairly value your home, how to promote it, and which improvements are worthwhile doing to draw in buyers.
Make a sales strategy.
Options for speedy home sales strategies
There are a few methods for accelerating the sale of a home.
If you don't want to sell through an agency, you can list the property yourself (FSBO). We don't advise using For Sale By Owner (FSBO) unless you are already knowledgeable about your local real estate market, the procedure for selling a home, and all the paperwork required. Knowledgeable home sellers can sell their properties quickly and without paying an agent commission.
Sell to an Ibuyer: Working with an iBuyer company is another quick and hassle-free approach to sell your property. These businesses buy houses in cash and set prices using their own data and algorithms. Although you might not obtain top dollar from an iBuyer, the process is unquestionably quick and easy.
Selling to a developer or real estate investor is an additional choice. With either choice, you'll be working with experts—people who regularly close deals like this. They frequently have the ability to move rapidly and offer cash. However, you shouldn't anticipate utilizing this strategy to receive the greatest deal possible.
Set the right selling price for your house.
Because buyers frequently look for properties inside a certain price range, your asking price affects the demographic of potential purchasers you're targeting. It could also indicate the state of your house, such as the necessity for renovations if a house is offered below market value.
Create the best listing description
A listing description accompanies your house’s photos and spec sheet on the MLS which then can be seen on real estate websites. Your listing agent should be able to write an excellent description of your house for the MLS. You can always review your agent’s other listings to see if they do a good job writing descriptions, or you can even write the description yourself.
Good listing descriptions include keywords that homebuyers are looking for, such as move-in-ready, for example. The listing should also include highlights of the home’s best features, such as:
It’s also a good idea to include the age of appliances like your HVAC so long as they’re newer.