Selling your home can be a stressful process, full of emotions and worry. Especially in today’s circumstances, many sellers have decided to postpone the sale of the home in order to prevent being exposed to the COVID-19 virus. Moreover, first time home sellers, also feel lost as to what the process installs, the time frames, and costs of preparation.
When selling your home is it important to educate yourself on all aspects throughout the process and surround yourself with experts who will help you and guide you to ensure the property is sold with ease and for maximum value!
Price Your Home Right
Pricing is all about price and demand, therefore it is important to first study the market thoroughly and look for the expertise of a real estate agent in your area. In a hot market, pricing your home too low, could potentially attract more buyers and initiate a bidding war, however, if you are located in a buyer’s market, pricing your home at fair market value will maximize your chances at getting some extra equity from the home. Either way, it is always best to listen to the advice of an expert in the subject, a good real estate agents will prepare a comparative market analysis where they will study similar properties in the area based on their location, size, and condition (among other variables) to better assess the current value of the home, but remember, ultimately the decision will be yours.
Get Your Home Ready for the Market
Ensure to inspect your home, and look around for cosmetic repairs that could be easy to fix. A full paint coat around the house is always recommended as it will provide a clean look, ensure the colors used are bright and airy. Moreover, discuss with your agent the possibility of home staging, depending on the size of the home the price of such service could vary immensely, however, this could help maximize space, attract more buyers and ultimately help your home sell faster. For more information about the advantages of stating, visit: https://amaliamoraleshomes.com/2020/04/27/advantages-of-home-staging/
It is highly important to discuss with your agent when the best time to list your property will be and do everything possible to ensure the property gets the most visits. Vacant properties are the easiest to show as it avoids the issue of having to schedule appointments based on the seller’s availability. However, it is understandable that not all sellers can simply move out of there home that quickly, and nowadays with the impact of COVID, many sellers worry about having strangers over. Personally, on all our listings, we provide masks, shoe covers, gloves, and hand sanitizer, also, we only allow one visit every 45min and are flexible with the times the seller feels comfortable with the showings. Remember, this situation is temporary and the sacrifices made will pay off, the more available your home is available for showing, the higher the chances of it selling.
The most important aspect of all industry’s selling process is the marketing strategy. Personally, we like to provide our clients with a variety of selling techniques, that being, listing the property in the Bright MLS site which connects to over 80 websites nationwide, Facebook & Instagram ads, print flyers, and most importantly we share the property in the Top Network Agent site, where multiple agents in the DMV, this guarantees that it to be promoted among agents that sell the most properties per year in the area.
Under Contract –
Congratulations! Now your property is under contract, meaning you are now counting the days to get to the settlement table. This is still lengthily and complicated, where in many cases multiple contingencies must be satisfied in order to complete the transaction. More often buyers may include the following contingencies:
- Home Inspection: the buyers hire a licensed inspector to accompany the property and evaluate the important aspects of the property to verify everything is in working conditions. The inspector provides a full report with recommendations for repairs, maintenance needs, or replacements to be made in the house. Depending on the agreement, the buyer may request a credit and/or for these repairs to be completed by the seller.
- Appraisal Contingency: often required by the lending bank, the purpose of an appraisal is to estimate and define the value of the property, as this will function as collateral for the loan of the buyers.
- Financing Contingency: his contingency protects the buyers if they are unable to secure the necessary financing for the purchase.
Moreover some contingencies that can be included by the sellers are:
- Contingency of Seller Purchasing another Home: This contingency allows the seller to find a home. Before the deadline, Sellers must provide the Buyers with Signed Delivers Notice removing this contingency or declaring the contract void, in case they are unable to find another home.
- Seller’s Post Settlement Occupancy Agreement: allows a seller to continue to live in his home after settlement, under an arrangement where the seller is essentially renting the home back from the new purchaser.
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