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 a lengthily and complicated, where in many cases multiple contingencies must be satisfied in order to complete the transaction. These include:
- Home Inspection: During the inspection, a qualified inspector will evaluate the conditions of the house roof, foundations, heating, and air conditioning systems, electrical installation, water and sewer system, fire protection system, among others. Additionally, the inspector will look for evidence of insects, water, fire, or any other problem that could affect the value of the property. Finally, the inspector will provide as a result of the inspection a complete report of what was found.
- Appraisal Contingency: this stage is crucial in the process since mortgage lenders require the appraisal of the property because it will be the asset that serves as collateral for the loan. There are two possible outcomes of the appraisal process, the appraised value is equal to or greater than the sale value and the transaction continues, or the appraised value is less than the sale price. In this case, the contingency clause included in the contract offers the alternatives to resolve it: the buyers can withdraw the offer, contribute cash for the difference between the appraisal value and the sale price, or finally negotiate with the seller a decrease in the price selling.
- Financing Contingency: It is required to receive from the lender a commitment letter which ensures the loan will be provided to the buyers for the amount required.