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The Smart Way to Sell Your House

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The Smart Way to Sell Your House The Smart Way to Sell Your House By Jeanne Lee, as posted on Bankrate.com, edited & updated for 2020 by John Adams ​ ​ Most home sellers dream of a stress-free sale where they simply list their house, quickly find a qualified buyer, collect the cash and hand over the keys. 1 The reality is that selling a home includes many moving parts — some which you can control and some that are out of your hands. For example, geography might influence how long your house lingers on the market and how much mark-up you can get away with. Where inventory is low, odds are you’ll sell faster and command a higher price. Conversely, in places where home ​ sales have cooled, homeowners will likely have to work harder to attract the right ​ buyer. Then there are the factors within your control that have a big impact on the bottom line. Things like hiring a really good real estate agent and maximizing your home’s online appeal can convert effort into dollars — and a more seamless closing. Here are 12 steps experts advise homeowners take to quickly sell their homes in the latter half of 2020 and headed into 2021: ​ 1. Hire an agent who knows the market. 2. Set a timeline for selling your home. 3. Get a pre-sale home inspection. 4. Don’t waste money on needless upgrades. 5. Get professional photos. 6. Put your house on the market. 7. Set a realistic price. 8. Review and negotiate offers. 9. Anticipate seller closing costs. 10. Weigh the tax implications. 11. Gather necessary paperwork to close. 12. Consider hiring a real estate attorney. 2 1. Hire an agent who knows the market The internet makes it simple to delve into real estate agents’ sales history and ​ ​ ​ ​ professional designations, so you can choose the right person to work with. Look up real estate agents’ online profiles to learn how long they’ve been in the industry, how many sales they’ve done, and what designations they may have earned. Pay attention to how and where they market their listings, and if they use professional photos or not. Homeowners might be tempted to avoid hiring a real estate agent to save on paying the real estate commission and instead sell their home themselves. This is known as “for sale by owner,” or FSBO. The amount they stand to save on those fees can ​ ​ be thousands of dollars, usually 5 percent or 6 percent of the total sale price. But an experienced agent earns the fee by exposing your house to the broadest possible audience to garner the best offers possible, and negotiating on your behalf. If you go it alone, you’ll have to personally manage prepping your home, marketing it, reviewing buyers’ offers, all of the negotiations and closing details. 2. Set a timeline for selling your home Selling a house is a major undertaking that can take two to four months from start to finish — or much longer depending on local market conditions. As soon as you decide to sell your house, jump right into researching real estate agents you might work with, to find someone with the right experience for your situation. At least two or three months before you plan to list it, consider getting a pre-sale home inspection and identifying any problem areas, especially structural or 3 mechanical issues that may need addressing to facilitate a sale. Leave enough time to schedule necessary repairs. About a month before listing your house, start working on staging and deep-cleaning in preparation for taking photos. Here’s a checklist of things to do before listing your home: ● Interview real estate agents and check their sales history. ● Declutter, perhaps moving excess furniture to a storage unit. ● Get an optional home inspection to identify any issues. ● Schedule repairs if needed. ● Deep clean. ● Stage the house. ● Take professional photos. 4 3. Get a pre-sale home inspection A pre-sale home inspection can be a wise upfront investment, but it’s optional. A ​ ​ detailed inspection report can identify any structural or mechanical problems before you list your home for sale. It may cost a few hundred dollars, but an inspection will alert you in advance of issues that buyers will likely flag when they do their own inspection later in the process. By being a few steps ahead of the buyer, sellers might be able to speed up the selling process by doing repairs in tandem with other home prep work. This means, by the time the house hits the market, it should be ready to sell relatively drama-free and quickly. 5 4. Don’t waste money on needless upgrades If you’re going to invest money into costly upgrades, make sure that the additions or updates you make have a high return on investment. It doesn’t make sense to install ​ ​ new granite countertops if you stand to break even or even lose money on the sale. Here’s where a good real estate agent can help guide you. They often know what people expect in your neighborhood and can help you plan upgrades accordingly. If local shoppers aren’t looking for super skylights or a steam shower, then it doesn’t make sense to add them. A fresh coat of neutral paint, new carpet and a spruced-up landscape are low-cost ways to make a great first impression. Generally, updates to kitchens and bathrooms provide the highest return on investment. So if you have old cabinetry, you might be able to simply replace the doors and hardware for an updated look. For example, you can swap out those standard-issue kitchen cabinet doors for modern, Shaker-style doors in a weekend, without breaking the bank. 6 5. Get professional photos Now that your house sparkles and shines, work with your real estate agent to schedule a photo shoot to capture your home in all of its glory. High-quality photos are critical, since maximizing your home’s web appeal can make all the difference between a quick sale or a listing that languishes . Some real estate agents build professional photography and virtual online tours into their suite of services. If they don’t, though, you might want to seek a photographer out on your own. The fee for professional photography will vary based on the size of your home, its location and how long it takes to shoot it. A professional photographer, with a strong portfolio, knows how to make rooms appear bigger, brighter and more attractive. The same goes for your lawn and outdoor area. Dimly lit online photos can turn off home buyers before they even have a chance to read about the lovely bike path nearby or the new roof you just installed. 6. Put your house on the market If a speedy sale is your goal, here are tips to get it market-ready and attract buyers: ​ ​ Focus on the house’s web appeal You’ve heard of curb appeal, but professionals say web appeal is now even more important. 7 “Your home’s first showing is online,” Guerra says. “The quality of your web presentation will determine whether someone calls and makes an appointment, or clicks on the next listing.” Stage it and keep it clean for showings Real estate agents will often suggest that sellers “stage” their homes. That simply ​ ​ means you remove excess furniture, personal belongings and unsightly items from the home while it’s on the market, and arrange rooms for optimal flow and purpose. If you’re in a slower market or you’re selling a luxury home, investing in a professional stager could help you stand out. Nationally, professional home staging costs an average of $922, according to HomeAdvisor. Homeowners pay between $325 on the low end up to $1,518 on average. Let someone else show the house Make yourself scarce when potential buyers come to view your home. Let them imagine themselves in the space, free from the distraction of meeting and talking to you. Generally, buyers are accompanied by their own real estate agent to view your home, or you can ask your own agent to be present at showings. “Seeing the current homeowner lurking can cause buyers to be hesitant to express their opinions and keep them from really considering your home as an option,” says Grant Lopez, a Realtor in San Antonio. 8 7. Set a realistic price Even in competitive markets, buyers don’t want to pay more than what the comparables, or “comps.” show, so it’s crucial to get it right the first time. Pricing too ​ ​ high can backfire, while underestimating the house’s value might cause you to leave money on the table. To price your home right from the start, rely on your neighborhood’s comps. These ​ ​ are data sheets about recently sold properties in a specific area. At a glance, you can get an idea of what houses are going for around you. “A frequent mistake sellers make is pricing a home too high and then lowering it periodically,” Lopez says. “Some sellers might think this practice will yield the highest return but, in reality, the opposite is often true. Homes that are priced too 9 high will turn off potential buyers who may not even consider looking at the property.” If you’re not using an agent, consider paying for a full blown appraisal from a licensed appraiser. Check online listing websites to see how similar houses in the area are priced. Tracking actual sales prices may give you a better picture than asking prices.
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