Over the years, the housing market has grown at an astonishing rate, leading to an increase in pricing, bidding wars, and an exceptionally low level of inventory. However, because of rising interest rates (particularly those for mortgages) and recession concerns, the market is anticipated to cool off a little bit—and is, in fact, already doing so significantly in certain locations.
So if you’re prepared to sell your house, you should be ready for everything and take steps to manage any variables that can significantly affect your profits. Employing a top-notch real estate agent and enhancing your home’s web appeal might result in a smoother closing and more money in your bank account.
Picking The Right Listing Agent
Although there are certain things you can do to make it simpler, selling real estate could be incredibly intimidating and stressful. Once you’ve decided to sell, it’s crucial to be prepared, know what to expect, and seek the necessary help. With that in mind, the first step to selling your house is choosing the right listing agent for the job.
A listing agent acts as your representative and must look out for your interests. As you decide, talk to agents and arrange meetings with at least three of them and try to employ people with experience. You can ask questions such as how long the house will be on the market and how much you will be required to pay the agent in commission. Will you also be covering the commissions for the buyer’s agent?
Setting Up Your Sales Price
Some people might become a bit agitated while deciding how to set a sales price. It’s not all that awful, really. We advise, either seeking an evaluation or gathering information on the sales prices of nearby houses that are comparable to yours.
However, because they are based on the facts and have no hidden agendas, having an evaluation rather than an appraisal from a real estate agent is seen to be more accurate. Regardless, the good thing is that you can always modify your sales price if you set it incorrectly.
These days, buyers will tell you if your sales price is too high very quickly. Additionally, it may be clear if buyers are competing with one another to make the best offer since your pricing is too low.
Scheduling A Pre-Sale Home Inspection
It’s not required, but a pre-sale house inspection can be a smart upfront investment. Before you put your house on the market, a thorough inspection report might find any structural or electrical issues. Even while it may set you back a few hundred dollars, it will let you know about potential problems that purchasers are likely to discover when they conduct their inspection later on in the process.
Furthermore, sellers may be able to accelerate the sale of the home by doing repairs simultaneously with other house preparation work to be a step ahead of the buyer. This implies that when the house goes on the market, it should be prepared to sell, without issue, and fast.
Reviewing and Negotiating Offers
After your property is officially listed on the market and buyers have viewed it, the offers should start coming in. Your greatest ally and go-to advisor in this situation is a real estate agent (or lawyer). You could receive many offers as buyers are likely to make an offer at or over the asking price if the local market is competitive and favorable to sellers.
On the other hand, you might need to be open to bargaining if sales are sluggish in your location and you don’t receive many offers. You have three options after receiving an offer: accept it as-is, make a counteroffer, or decline it.