It’s been several years since you originally bought your home, and you’ve been considering putting it on the market for awhile. Recently interest rates have reached all time lows, and buyers are grabbing homes as fast as they are being put up for sale. But is the time right for you?
You’ll want to find yourself a good real estate agent that will help you get your home sold. It’s best to ask friends and family for recommendations, as you will quickly find people probably loved or hated their agent! They will play a very important part in getting your home sold, so make sure you have found the right person before singing any contacts with them.
Your agent should help you determine what price to list your home at. To do this they are going to look at homes that sold in your area that are similar in size. This includes bedrooms, living areas, a garage, finished basements, and even the type of material the home is made out of! This will give you the best idea of what a home like yours is actually selling for, and usually determine if you want to sell or hold onto it for awhile longer.
Before you officially put the home up for sale you are going to want to do some necessary improvements that might turn off a buyer from wanting your home. Do you have horrible looking carpet that should be replaced? How about a bathroom with cracked tiles on the floor? When a buyer comes into a home the first thing they notice are those superficial details, so the less they have to critique the more likely they will love the house.
If you decide to do an open house make sure the home is as clean as possible. You want it to look lived in, not like you are out growing your home. You should try to de-clutter wherever you can. This might mean taking some things off the kitchen counter, moving some extra pieces of furniture to the basement, and making your home look as warm and friendly as possible.
During an open house you definitely do not want to stay during it, let the realtor do their job. Having the home owners at the home during an open house can feel unease to potential buyers. They’ll feel rushed or uncomfortable, and afraid to comment about the home while you are there. It’s best to go out for awhile and get the report later once you come back home.
And once an offer comes in be prepared for negotiations! If there are things that are in dire need of repair chances are the buyer is going to ask for some sort of concessions. If you have multiple offers you might have more negotiating power because you could hold your ground. But if not then you have to weigh the amount of money you’d lose by waiting for another seller vs giving the seller some concessions now.
It will be tough to sell the home that you’ve lived in for so long. But if the time is right you should definitely consider selling before interest rates go back up and inventory increases. Just make sure it is what’s best for you and your family.