Nearly 40% of Americans cry during the process of selling their home. Sure, it can be a stressful time, and possibly a mental crisis waiting to happen, but there are some guidelines to help make it smoother.
Here are some top home selling tips:
Find Your Agent
Should you use an iBuyer or perhaps an agent? Do your research. Using an iBuyer is still not as good of a deal for the seller as using an agent. They take higher commissions than the local market (‘experience charge’, admin fees, etc.) and they are incentivized to pay you a lot less than market rates. For right now, a traditional agent makes more sense.
Prep
The seller should pay for their own inspection and address any major issues. This is an important step, as the contracts that do fall apart, do so because of conflicts during the inspection. By addressing major issues ahead of time, like the roof, sewer or HVAC, you can limit the undue stress and lost time that can frequently accompany a sale.
In addition, professional photos are inexpensive and very critical. In some places you can get 10 for $100. It’s a numbers game, and you will get the most volume with the best photos.
Price Is Right
It’s not just a game show, but you do have to set the right price. If a property is overpriced, it sits and the seller is likely unhappy with the listing agent. If underpriced, it moves quickly and the seller is likely to be happy with their agent. Market demand still dictates price, but it’s based on expectations.
Qualify Your Buyer
The first step here is the standard lender letter and phone call, disclosing what they qualify for and under what terms. This phone call should give the peace of mind that the lender is local and available. Second, proof of funds. Get a screenshot of a bank balance that shows they have the funds for the down payment, and if appraisal gap coverage is part of the contract, they have that money as well.
Buying or selling a house is a big deal. It’s likely the biggest financial decisions you’ll make. It’s normal for it to be stressful, but you can limit the stress by knowing what to expect.