Our Real Estate Blog
Want to sell your residence? As a home seller, you'll want to take a cautious approach to the real estate market. That way, you can improve your chances of getting the best price for your residence, regardless of the current housing market's conditions.
Ultimately, there are many reasons why home sellers should err on the side of caution as they prepare to add their houses to the real estate market, including:
1. The housing market constantly fluctuates.
For home sellers, it is important to differentiate between a seller's market and a buyer's market. By doing so, a home seller can assess the current housing market and proceed accordingly.
In a seller's market, there is usually a shortage of high-end houses and an abundance of interested homebuyers. This means home sellers who operate in a seller's market may be more likely to stir up plenty of interest in their houses as soon as these properties become available.
Conversely, a buyer's market typically favors homebuyers, as it features a limited number of homebuyers and a wide range of home sellers. If you're selling your home in a seller's market, you'll likely need to price it competitively to help your residence stand out from the competition.
Allocating the necessary time and resources to analyze the housing market is key. With housing market data in hand, a home seller can determine whether he or she is getting ready to list a house in a buyer's or seller's market.
2. What your home was worth yesterday is unlikely to match what it is worth today.
The price that a home seller initially paid for a residence is unlikely to match what the house is worth today. Thus, a home seller should perform a home appraisal to learn about the present value of his or her residence.
During a home appraisal, a property inspector will assess a house both inside and out. Then, the property inspector will identify any problem areas with a house that could negatively affect the residence's value.
A home appraisal is exceedingly valuable to home sellers. It enables them to understand a house's strengths and weaknesses as well as uncover ways to transform a home's weaknesses into strengths. As a result, a home seller can use a home appraisal as a learning opportunity and find innovative ways to enhance a residence before adding it to the real estate market.
3. Homebuyers are always on the lookout for bargains.
Although a home seller will do everything possible to learn about the housing market, there is always the danger that a homebuyer will submit a "lowball" offer on a house. Conversely, a home seller who errs on the side of caution will be able to differentiate between a legitimate offer and a lowball one time and time again.
Lastly, if you need extra help as you get ready to sell your house, don't hesitate to work with a local real estate agent.
Real estate agents are available in cities and towns nationwide. They can help you get your house ready for the real estate market and ensure you can reap the benefits of a quick, seamless home selling experience.
Become a cautious home seller, and you can move one step closer to maximizing the value of your house.
Receiving a low offer on a home can be frustrating for a seller. But, you’re likely to see at least one or two offers on your property that are lower than you would like.
Right now, the housing market is filled with young professionals burdened with student loans, rising costs of living, and stagnating wages. So, it’s no wonder that they’re trying to save money anywhere they can.
In today’s post, we’re going to talk about what to do when you get a low offer so you can set yourself up for a sale that you’re happy with.
Don’t refuse outright
The first thing to know about low offers is that they can sometimes turn into something that both you and the buyer are happy with. Many successful home sales started at a number that the seller considered too low, but--through negotiation--was brought to a higher price and better deal overall.
Many sellers are uncomfortable with the idea of negotiation. Most people seldom negotiate prices unless they are buying a car, and even then would prefer to avoid the hassle.
For others, negotiation is a normal part of everyday life. Flatout refusing an offer, especially if you aren’t receiving many other higher offers, could be a missed opportunity.
Compare your asking price with similar homes nearby
Odds are that you and your agent have already done your research and found an asking price that is comparable in your neighborhood. But home prices fluctuate. To reassure yourself that your asking price is fair, take another look at homes up for sale that are around the same age and size of your home.
Take time to craft a counteroffer
Once you’ve had time to talk the offer over with your family and real estate agent (and maybe vented a bit), it’s time to come up with a counteroffer.
There are a few options for making a counteroffer that don’t involve significantly lowering the amount you stand to gain from the home sale. First, you could offer to relieve the buyer of some of the closing costs, such as paying for the inspection. Or, if you planned on leaving new appliances in the home, you could lower your asking price but take the appliances when you move.
Weigh your options
If the buyer still won’t raise their offer close to your asking price, it’s probably a good time to move on and rethink your sale strategy.
Take some time to consider the sale as a whole. If you aren’t receiving many other offers, it might be time to consider lowering to price or rethinking your marketing plan. You might consider repainting and taking new photos, or changing up your listing to highlight some other features of the house.
A first-time home seller likely faces an uphill climb if he or she wants to stir up plenty of interest in a house. However, a home seller who plans ahead should have no trouble overcoming any potential hurdles along the home selling journey.
When it comes to selling a house, it is important to remember that a residence's interior can make a world of difference in the eyes of homebuyers as well. If a home seller fails to allocate the necessary time and resources to improve a house's interior, he or she risks missing out on opportunities to stir up interest in a residence.
Lucky for you, we're here to help first-time home sellers find the best ways to transform an ordinary home interior into a stellar one.
Let's take a look at three tips to help first-time home sellers upgrade a house's interior.
1. Remove Clutter
Home clutter adds up over the course of many months or years. But a first-time home seller who understands the impact of clutter can take the necessary steps to remove it.
Ultimately, clutter is an eyesore that may make your home actually appear smaller. Clutter also may make it more expensive and time-consuming than ever before to relocate from one home to the next.
A first-time home seller who hosts a yard sale can sell unnecessary items. Or, a home seller may be able to donate excess items to charity. And if there is lots of junk that fills a house, a home seller should dispose of it as soon as possible.
2. Conduct Extensive Cleaning
A first-time home seller should clean a residence from top to bottom. That way, a home seller can give his or her house a fresh, pristine appearance that homebuyers are sure to appreciate.
Be sure to wipe down kitchen counters, mop the floors and vacuum rugs in each room of your house.
In addition, if you need extra help, don't hesitate to reach out to a professional cleaning company. With professional cleaners at your side, you can speed up the process of upgrading your house's interior.
3. Meet with a Real Estate Agent
A real estate agent understands what it takes to enhance a house's interior quickly and effortlessly. As such, he or she can help a first-time home seller get a house ready to add to the real estate market.
The right real estate agent will evaluate your home's interior and offer honest, unbiased home interior improvement recommendations. Also, he or she may be able to offer tips to help you differentiate your house from others that are currently available in your city or town.
Of course, a real estate agent is an expert resource who can guide you along the home selling journey too. And if you ever have home selling concerns or questions, this housing market professional will be happy to address them immediately.
Ready to improve your house's interior? Use the aforementioned tips, and a first-time home seller can boost a home's interior and increase the likelihood of a quick, profitable home sale.
If you're selling your home mostly as is, with carpet that's a few years old, you'll need to give it a complete and thorough cleaning before you show the home. Even if you recently installed new carpet, you may have had to continue living in the house with your pets before you put your home on the market.
Don't skimp on the carpet cleaning. A basic vacuum job is not going to be enough to remove any pet hair or dander tracked around by your dogs or cats. Hiring a carpet cleaning service will save you time but will require more of a monetary investment. If you want to clean the carpet yourself be very thorough and detail oriented.
First, make sure your vacuum is emptied and cleaned to remove any hair or dander inside. Vacuum all the large areas of the carpet before moving on to the edges around your baseboard. Move slowly around the baseboard with a narrow hose attachment and look closely to make sure you're removing all debris (especially stray kitty litter!). If you have multiple pets or full-time indoor pets, you will likely need to go over your carpets 2-3 times to completely remove hair from all the fibers. Don't take a shortcut, take the time to prepare the carpet for cleaning thoroughly.
Second, rent a carpet cleaner from your local hardware store or grocery store. In most cities carpet cleaners are readily available at large grocery and hardware chains for a daily rental fee. Rental companies typically provide the cleaning chemicals for purchase along with the rental. Consider purchasing a spot-treatment compound as well. When you start moving furniture you might find some unknown stains you'll need to remove. Spend the few extra dollars to rent the machine the night before you want to clean so you can start on your carpet early the next day.
Third, starting top down (if you have a multi-story home or unit) clear out furniture as much as possible from the initial rooms you want to clean. Be aware that the carpet will need time to dry so this project will take multiple days, depending on your home size. When working in bedrooms start early in the day to allow ample drying time so you can replace beds in each room and get a good night's sleep for the second day of cleaning. Before you start in with the machine check the carpet thoroughly for stains and apply the stain treatment before you clean the entire carpet, this will allow the chemicals time to penetrate the fibers and lift the stain for the best possible results. Once you treat the stains (following the directions on the chemical you purchased), begin carefully going over the carpet one row at a time. Make sure you overlap your rows and always move the machine in the same direction.
It will be difficult to see results before the carpet dries, but you should be able to gauge stain removal when the carpets are about 50% dry. Check the stains you treated and see if you need to apply a second treatment to minimize them further. If you expect your buyer to replace the carpet, it may not seem worth it to spend additional time on one stain. Even if they plan to renovate, many buyers have a difficult time imagining changes to their space without imagining themselves in it. A clean canvas can make the difference to whether or not someone sees themselves in your home.
Lastly, check your carpets for any areas that your pet (cat) has scratched up. If needed, trim a handful of fibers from an area of carpet that is unlikely to be seen such as the back of a bedroom closet. Trim the knap carefully, so you're only taking the top of the fiber and not creating a bald spot in a new place. Then take the trimmed strands and attached them to the damaged area with a hot-melt glue until you've covered all the scratches.
With fresh flooring, beautiful carpet and a clean canvas of walls and doors your home is ready for show. One last tip! If at all possible remove your pets from the house before you have prospective buyers over. While an animal in the yard is okay, the presence of animals inside may cause your buyers to worry about damage even if you have made the necessary repairs. Ask a friend or neighbor to house your cats and indoor pets during the open house, so you have the opportunity to best show off your home.
The home selling journey may seem endless at times. Fortunately, once you accept a buyer's offer to purchase your home, the finish line of this journey may be in sight.
There are many things that a house seller can do to streamline the process of reaching a home closing date, and these include:
1. Establish Realistic Expectations
Although accepting an offer to purchase is a big step forward in the house selling journey, it is important to remember that many steps still need to be completed before you finalize your house sale. However, if you establish realistic expectations for the home selling journey, you can plan ahead for the steps you'll need to complete after you approve a buyer's offer to purchase your house.
Typically, a buyer will request a home inspection after you accept his or her offer to purchase your residence. If the inspection reveals there are no major problems with your house, you may be able to finalize a home sale in a matter of weeks.
On the other hand, if a home inspection raises concerns about your residence, you can always try to negotiate with a buyer. If you complete home repairs or offer a reduced price for your residence, you may be able to speed up the house selling process following an inspection.
2. Keep in Touch with a Buyer
It is important to maintain open lines of communication with a buyer as you work toward the conclusion of the house selling journey. If you work with a buyer to finalize a home transaction, you can minimize the risk of encountering time-consuming problems along the way.
If you have concerns or questions as you work toward the finish line of a home sale, don't hesitate to contact a buyer or his or her real estate agent. That way, you can address any concerns or questions and resolve potential problems before they escalate.
3. Work with a Real Estate Agent
Collaborating with a real estate agent can make a world of difference for any house seller, at any time. In fact, if you have a real estate agent at your side, you should have no trouble achieving your desired home selling results.
A real estate agent is happy to work with you throughout the home selling journey. He or she will promote your residence to potential buyers and help you analyze offers to purchase your house. Then, when you are ready to accept an offer to purchase, a real estate agent will help you finalize a house sale.
The days and weeks leading up to a home closing can be stressful, but a real estate agent can help put your mind at ease. He or she will offer expert tips and recommendations as you navigate the home selling journey. As a result, a real estate agent will make it simple for you to quickly and effortlessly sell your house.
Enjoy a successful home selling journey – use the aforementioned tips, and you can limit risk as you conclude the home selling process.