The remainder of 2022 is promising to be a tricky time to sell a home. For the fifth straight month running, house sales have dropped. Sales of homes in June fell 5.4%. This led to the lowest amount of existing home sales in two years reported Reuters.
It is predicted that the year will continue in a similar fashion with interest rates rising and demand falling. Therefore, anyone wishing to sell a home should be aware of everything they need to do to help the sale along.
What are the 4 things you must do before trying to sell a home?
There are plenty of jobs to carry out when trying to market a house, but some are more important than others. Carrying out renovations may be an unnecessary expense, but improving your curb appeal may be very beneficial.
Understanding when the right time to sell is can speed the whole process up, and see a bigger return on your investment. But there are 4 essential things you should do to help your sale go smoothly, and hopefully quicker.
Table of Contents
1. Understand your motivation to sell and the path to take
There are going to be many decisions to make during the sales process. Which attorney to hire, what asking price to set, and which selling method to use, being just three.
Think carefully about what you need from your house sale. Are you looking to make the highest return you can on your initial investment, or do you just want a quick sale? Should you sell your home or rent it instead perhaps? After all, 44 million people are renting in the states now so there is a big market.
Assuming you are determined to sell, you have two main options depending on your needs. If you want a quick sale you should look for a cash buyer. If you want to see the asking price for your home, you should look at a realtor.
The differences between realtors and a cash buyer
Realtors are still the most common method used for selling a home. About 90% of all homes sold in the US are done through a realtor. Convenience is often the main reason for this. Realtors will handle most aspects of the sale for the seller.
Selling a home through a realtor takes time, but they will often get the highest sale price possible.
If you are looking for a fast sale and you are willing to take a lower offer, you could look for a cash buyer. These home investors specialize in buying up property quickly and for cash. A search for Cash House Buyers USA will show a number of investors who are ready to buy your home now.
2. Have your home inspected
Once you have accepted an offer from your buyer, they will carry out an inspection of the home. The inspector will look at various aspects of the property and will list any concerns they have. If any problems are found during this inspection you will likely have to attend to them before the sale can continue.
Carrying out an inspection yourself means you can address any issues with your home before you market it. This will speed up the whole sales process, and ensure you have no potentially expensive surprises to come.
3. Understand the costs involved and budget
One area that gets overlooked or underestimated when selling a home is the costs. While budgeting for this won’t speed up the sale of your home, it will prevent you from having any nasty shocks during the sales process.
The legal publisher, Nolo, has an extensive list of house selling costs, and this takes into account everything from window cleaning to moving. Some experts put the total selling costs at between 10% and 15% of the sales proceeds. However, the largest costs will come directly from the proceeds of your house sale, so you won’t have to find the money for this upfront.
4. Declutter and create space
Every house selling checklist will have decluttering as a task to do, and for good reason. Decluttering makes homes look bigger, and that is reflected in the valuation. It is estimated that the value of a home can be raised by up to 11% simply by creating more space.
When a buyer views a home they need to see its potential themselves, so some depersonalization is also required. However, you are selling a home not a hotel so there should be some of your personality left, but it shouldn’t dominate. Let the buyer be able to imagine themselves living there.
Selling can be a long and demanding process. Being prepared and carrying out certain tasks can help to make this period smoother, and if not enjoyable, at least less stressful.
You almost certainly know why you want to sell, but what do you hope to achieve? If it is the highest return possible then choose a realtor, but if you wish to close the sale quickly, find a cash buyer.
Carrying out an inspection so repairs can be made, and decluttering, can also help push up the price, and speed up a sale. And, understanding all the costs involved will remove some unwanted headaches later on too.