Sell my home
Selling a home can be a daunting task.
Your home is one of your biggest financial investments and assets in most cases. Right now you have many cherished memories in your home, you’ve spent a lot of time and money in your home.
Now that you want to sell, it’s a pretty big deal, so it’s okay to have reservations surrounded by lots of emotions.
Selling your home is so worth it, are a few tips to determine if it’s right for you and your family.
Whether you’re a few months or years away from putting the “For Sale” sign in your front yard, being prepared can help you position yourself for a seamless process.
Find a Realtor
Realtors are everywhere, we’re a dime a dozen no matter what city or state. What you want is someone who is going to offer you and your family a high quality of customer excellence; someone who will serve your entire family well. Someone who understands how to negotiate the best deal for you, someone who is motivated to sell your home fast and someone who will listen to you, your needs and explain the hard things in a simple way in which you best understand, someone who will place your home in the Multiple Listing Service (MLS) for exposure to millions of potential buyers; and lastly, someone who will provide a targeted strategy to sell your home fast.
Remember you’re hiring a Realtor, they will get compensated at the end of the transaction. Just like you would interview and obtain references to hire someone to remodel your home or any other service you’re paying for, you want to do the same for a Realtor. The last thing you want to do is regret having to pay them at the end of the transaction because they didn’t serve you well.
If you’re in the DC metro area, I’m happy to serve you or refer you to a trusted professional who I know will serve you well.
Price your home to sell
It may be hard to believe, but your home is only worth what buyers are willing to pay. I know, I know, but you’ve put a lot of money in your home and people in the neighborhood are getting top dollars for their home. And if you’ve lived in your home a long time, your memories and love for you home can often cloud your judgment.
Here is where you’ll want to listen to the professional realtor you just hired. If you’re home needs renovations or upgrades to sell fast, here is where you want to listen to the person in which you’ve hired. They understand the market and understand what the consumers want.
The best way to determine your value is having your Realtor provide you with a comparative market analysis (CMA). This is a free report that compares your home to other homes with the same or comparable size and features that are on the market currently or that have recently sold. This report allows you and your realtor to more accurately predict the going rate in your area to determine the best sale price.
And remember the mortgage adjuster who is hired by the buyer’s agent has the final say in the final price of your home, not your Realtor.
Set a timeline
Consider everything you have to handle and set a timeline for when you want to sell and move/close.
- Seasonal weather
- School starting or ending
- Starting a new job
- How soon can you clean and declutter?
- Will you stage your home? If so, how soon can you get your home staged?
- How soon can you take care of all the repaires/upgrades?
- Will you hire a home inspector?
- How do you want to handle the showings for you home? Will it still be occupied or empty?
How long should the process take?
This really depends on many factors and it’s really hard to say. The average length of homes on the market in the DC metro area is 45-60 days from the time the home is listed to settlement. Some factors to consider:
- The nature of the market. The hotter the market, the faster the homes sell. You can check out my market trends for more details.
- The season in which you’re listing. The market is typically hot from late spring to mid-summer. While you can list your home during the year at any time, most homes sell within the Spring and Summer to accommodate the kid’s schooling.
- School zone in which your home is located, the neighborhood in which your home is located and close proximity to public transportation all play a factor.
- Sale If you want too much for your home, it will stay on the market longer.
- Home sell-ready. Consider the length of time it will take for your home to be ready for the market with any repairs ~ this process will typically dictate who soon you will place your home on the market.
- The closing process. From the time your home receives its first offer, it could take 30-45 days to close (the financing method/process can dictate a shorter or longer timeframe). You don’t necessarily have to be present at the closing table; however, if you want to be present, this process typically takes about 2 hours at most.
How much does it cost to sell my home?
Unlike the buying process, there are some fees associated with selling your home. How much you’ll pay depends on the sales price of your home and what needs to take place. If you have equity in your home, this can all come from the proceeds of your profit.
Here are some of the costs:
- Realtor commission. As the seller, you’re responsible for paying the real estate commission, which is a split between the buyer’s agent and your listing agent. Usually between 5-6% of the sales price of your home.
- Staging your home. You can pay a professional or stage your home yourself. This is where ensuring you hire the right realtor comes in handy.
- Repairs and maintenance. If you maintain your home well throughout the years, this will be a minimal cost; however, if you’ve neglected your home over the years, this can be pretty expensive.
- Home inspection. While this isn’t required, it’s definitely recommended to prevent hiccups during the post-offer process.
- Fees negotiated in the contract. As part of your purchase and sale agreement, the buyer may ask for you to cover a portion of the closing costs or a home warranty or other fees. Again having the right professional with you can help you save money during this part of the process.