Sandy Lucchesi's Blog
For those who intend to list a house, it helps to establish realistic expectations. That way, you'll have a good idea about what to expect during the home selling journey.
Now, let's take a look at three tips to help you manage your expectations as you attempt to sell your house.
1. Understand the Housing Market
You may own a great home, but even a top-notch residence may be difficult to sell based on the current housing market's conditions. If you allocate time and resources to study the real estate market, however, you can differentiate a buyer's market from a seller's market. Then, you can map out your home selling journey accordingly.
In a buyer's market, there may be an abundance of houses and a shortage of buyers. Therefore, sellers may need to price their houses competitively to stir up interest from buyers.
Comparatively, in a seller's market, there likely is an abundance of buyers and a shortage of first-rate houses. This means a seller probably won't have to wait long to receive offers to purchase after he or she lists a high-quality residence.
To distinguish a buyer's market from a seller's one, you should look at the prices of recently sold houses in your area and find out how long these properties were listed before they sold. This information enables you to review the level of interest in properties in your city or town and can help you determine whether you're preparing to enter a buyer's or seller's market.
2. Know Your Home's Strengths and Weaknesses
You may believe your home is flawless, but buyers may quickly identify problems with your house. Fortunately, a seller who conducts a house inspection can address any potential issues before listing his or her residence. Home inspection results may help a seller establish realistic pricing expectations for his or her house too.
During a house inspection, a property expert will examine a residence both inside and out. This property expert next will provide a homeowner with an inspection report that details his or her findings. With an inspection report in hand, a homeowner can correct underlying house issues before he or she adds a residence to the real estate market.
3. Collaborate with a Real Estate Agent
A real estate agent understands the opportunities and challenges of the home selling journey. As such, he or she will help you set expectations for this journey, as well as help you make the most of available home selling opportunities and resolve property selling challenges.
Typically, a real estate agent will meet with you and find out what you want to accomplish by selling your home. He or she next will craft a personalized home selling strategy for you, promote your residence to potential buyers and do everything possible to help you maximize your home sale earnings.
Manage your expectations as you proceed along the home selling journey. By doing so, you can limit the risk of encountering home selling problems and boost the likelihood of a successful property selling experience.
Selling a home takes patience. Especially when you’re balancing your time between settling into your new home, and keeping up with your work and family life. So, when you’ve finally gotten to the point of accepting an offer on your home, you’ll probably breathe a sigh of relief--and you should! However, there are still a few more things that will need to happen and a couple of things to consider before closing the deal on your home sale.
Contingencies on the purchase contract
A purchase contract typically includes contingency clauses that are designed to protect the interests of both the buyer and the seller. These clauses mean that the contract is contingent upon the actions being completed before it can be legally valid.
There are three main contingencies that will likely be included in the purchase contract before closing--inspection, financing, and appraisal.
The inspection contingency allows the buyer to have the home inspected by a professional before closing (the time should be specified within the contract, but the inspection should usually occur no more than two weeks after you accept the offer). A home inspection lets the buyer know what to expect in terms of repairs that the home needs now or will need in the near future.
Since the vast majority of buyers will be purchasing their home through a loan, a financing contingency is included to allow the buyer time to secure their mortgage. Getting pre-qualified and pre-approved makes this process easier, but the buyer will still have to finalize and close on their mortgage before their financing is official.
This clause exists to protect the buyer in the event that their mortgage application is denied, ensuring that they aren’t penalized.
The third contingency most often found in purchase contracts is a home appraisal. The buyer will order an appraisal and then the appraiser will reach out to you to find a day to come and value your home.
If the home is then appraised at the amount agreed upon in your contract, this contingency is met. However, if the appraisal comes up lower than the purchase amount, the buyer can renegotiate the price.
Walkthrough and closing
Once the appraisal and inspection have been met and financing secured, the buyer will have a chance to do a final walkthrough of your home. The walkthrough usually occurs no more than two days prior to closing on the sale. A walkthrough allows the buyer view the home one last time to ensure that the condition of the home hasn’t drastically changed since the home was inspected or appraised. So, make sure the buyer is aware of any changes you planned to make to the home before closing.
Now you’re ready to close on your home sale. You’ll receive a disclosure form to review (read it carefully!) and sign. Once closing is complete, ownership of the home is officially transferred to the buyer.
While the closing process does include several steps, it’s important to be available and cooperative along the way to ensure a smooth sale and transition into your new home.
For those who want to enjoy a successful home selling experience, identifying your target buyer is key. Because if you understand why buyers may choose your residence over other available houses, you can promote your home to the right groups of buyers. And as a result, you may be better equipped than ever before to streamline the house selling journey.
Now, let's take a look at three tips to help you identify your target buyer so you can promote your house effectively and speed up the home selling process.
1. Consider the Buyer's Perspective
Think about why a buyer should choose your residence. Then, you can find ways to promote your house's features to the right groups of buyers.
Ultimately, a home listing can make a world of difference, particularly for those who want to engage and inform prospective buyers about a residence. If you analyze the buyer's perspective, you can craft your house listing accordingly.
For example, if your residence is located just minutes from top beaches, you may want to include this information in your home listing. On the other hand, if your home offers multiple bedrooms, you may want to include high-resolution photographs of these bedrooms in your listing to show off the size and beauty of your house.
2. Conduct an Inspection
A home inspection generally is completed after a seller accepts a buyer's offer to purchase his or her house. But when it comes to identifying your target buyer, you may want to conduct an inspection prior to listing your residence.
During a home inspection, a property expert will examine your residence and offer insights into any underlying issues. You then can prioritize home upgrades, and as such, make your home more appealing to potential buyers.
With a home inspection, you may be able to gain insights into your residence that could be difficult to obtain elsewhere. Thus, if you perform an inspection, you can find ways to improve your residence so you can make your house an attractive option to dozens of prospective buyers.
3. Consult with a Real Estate Agent
If you are unsure about how to target buyers, you may want to collaborate with a real estate agent. In fact, if you have a real estate agent at your side, you can receive expert home selling advice any time you need it.
A real estate agent understands the challenges commonly associated with selling a house and can help you address such issues. First, he or she will develop a personalized home selling strategy and help you showcase your residence to the right groups of buyers. He or she next will host home showings and open house events. And if you receive an offer to purchase your home, a real estate agent can recommend whether to accept, reject or counter this proposal.
Devote time and resources to learn about your target buyer – you will be glad you did. If you use the aforementioned tips, you can identify your target buyer and map out a successful house selling journey.
Although a slow, gradual approach to selling a house often proves to be ideal, there may be instances when you need to work quickly to list your home. In fact, some of the primary reasons why an individual may try to accelerate the home selling process include:
1. You are planning to move to a new house right away.
If you recently submitted an offer on a house that is contingent on selling your current residence, you may need to act fast to sell your present home. Otherwise, you may miss out on the opportunity to finalize the purchase of your dream residence.
For home sellers who face a time crunch, there is no need to worry. If you collaborate with a real estate agent, you can get the help that you need to enjoy a quick, seamless home selling experience.
Typically, a real estate agent will learn about your home selling goals. This housing market professional then will craft a strategy to help you sell your house within your designated time frame. That way, you can boost the likelihood of getting the best-possible price for your residence, regardless of how much time is at your disposal.
2. You know exactly what your house is worth.
A diligent home seller likely knows all about the condition of his or her residence. Thus, this seller should have no trouble setting a competitive price for his or her house, increasing the possibility of a fast home sale.
To determine a "fair" value for a home, it generally helps to conduct a house appraisal. During an appraisal, a property expert will examine a residence and provide a valuation. Next, you can use this valuation to establish a competitive price for your house.
Also, it may be beneficial to complete a home inspection prior to listing a residence. An inspection will help you identify any "hidden" home problems and ensure you can address these issues before they escalate.
3. You understand the local housing market.
The real estate market can be complex, particularly for home sellers who face pressure to sell their residences as quickly as possible. Luckily, a home seller who knows the ins and outs of the housing market can improve his or her chances of achieving the best-possible results.
To learn about the housing market, you may want to consult with a real estate agent. In addition to guiding you along the home selling process, a real estate agent can teach you about the local housing market. By doing so, a real estate agent can help you make informed decisions at each stage of the home selling journey.
Furthermore, a real estate agent is available to respond to your home selling concerns and questions. And if you're ever uncertain about whether to accept an offer on your house, a real estate agent is happy to provide expert recommendations.
Want to list your house? Plan ahead as much as you can, and you can quickly navigate the home selling cycle.
If you plan to sell your house, there may be certain items that you want to bring to your new residence. However, various items may prove to be too big, too heavy or too expensive to transport to your new address. But if you leave these items behind, you may be able to make your house more attractive to dozens of potential buyers.
Ultimately, there are many high-quality items that home sellers may choose to leave behind for buyers, such as:
Although your refrigerator has served you well for many years, transporting this kitchen appliance to your new house could prove to be difficult. Fortunately, a buyer may appreciate the fact that you're willing to provide him or her with a top-notch refrigerator as part of a home sale.
For a home seller who intends to leave his or her refrigerator behind, it is important to take some time to clean the appliance. That way, a homebuyer will be able to use the refrigerator as soon as he or she finalizes a home acquisition.
Also, scrub down the refrigerator's shelves, wipe down the appliance's exterior and remove any foods and beverages from the refrigerator prior to moving day.
2. Washer and Dryer
A washer and dryer may cost a homeowner hundreds or thousands of dollars to purchase and install. Luckily, a home seller who includes a washer and dryer in a home sale can make it easy for a buyer to avoid the hassle of finding, buying and installing these appliances.
Ensure that your washer and dryer are working properly before moving day arrives. Remove any dust and debris from the dryer's lint trap, and wipe down the exterior of both the washer and dryer.
If you own stunning outdoor patio chairs, a deluxe dining room table and chairs or other first-rate home furniture, you may want to include these items in your home sale. By doing so, you can help a buyer furnish his or her home in no time at all.
Selling a home can be challenging, even if you intend to leave behind assorted high-end items for a buyer. Thankfully, real estate agents are available to help simplify the process of selling a residence in any housing market, at any time.
A real estate agent understands that you want to enjoy a quick, profitable home selling experience. To accomplish this goal, a real estate agent will learn about your residence and explore ways to promote it to the right groups of buyers.
Furthermore, a real estate agent will offer expert guidance at each stage of the home selling journey. He or she will set up home showings and open house events, keep you up to date about offers on your residence and help you get ready for a home closing. And if you ever have home selling concerns, a real estate agent will immediately respond to them.
Consult with a real estate agent today, and you can move one step closer to selling your house.