Given the unprecedented growth in the real estate market since COVID-19, there’s been a surge in pricing and bidding wars and extremely low inventory levels. But as the mortgage rates start to increase and prices begin to stabilize, the housing market is expected to settle down. As such, you should be prepared as a seller and in control of aspects that could impact your bottom line.
Here’s what you should know when selling a home:
A Real Estate Agent is Indispensable
A real estate agent has the skills and experience in negotiating home sales, is familiar with the timely filing of paperwork, and knows ways around the common pitfalls in real estate transactions. According to NAR stats, a real estate agent will also help you sell for more – FSBO sellers will sell for $217,900 on average compared to agent-assisted sellers who’ll sell for $295,000.
A Pre-Listing Inspection is a Great Idea
Typically, a buyer will likely make their offer contingent on an acceptable home inspection. As such, it’s ideal to already have a professional home inspector inspect your home (ensure the professional is a member of the American Society of Home Inspectors or National Institute of Building Inspectors). By completing a pre-listing inspection, you can address any issues even before you list your home. Also, keep in mind that 86% of home inspections done by buyers will reveal at least one problem that could derail or terminate the contract.
Your Pricing Strategy Matters
When selling your house, you don’t want to set the price too high and scare potential buyers away or too low and leave money on the table. To set an appropriate price, you should use a comparative market analysis of your neighborhood. Your local real estate agent can help you round up recently sold homes in your area and compare them to your property to calculate its fair market value.
What You Should Know When Selling a Home
Whether you’re selling a house for the first time or have done it many times before, there are things you will always be unaware of each time as the market evolves and buyer behavior changes. That’s why it’s important to get all the help you can. For more information on what you should know when selling a home, our real estate experts are more than happy to help. Call us today and we’ll get you started on your home transaction!
