Selling a house can be a difficult process and can cause you stress. There can be uncertainty about how to buy or sell a house in a given time frame to avoid having to pay two mortgage payments each month. You will also have to make your home available for viewings while packing your belongings.
A house that was on the market in 2020 took an average of 25 days to sell. There are many factors which can affect the sale of your home and the time it remains on the market. These factors include the demand from buyers, the season, interest rates, as well as the condition, age, and location of the property. We have some strategies to help you sell your house successfully.
Know the Market
To maximize your chances of a successful sale, it is important to know the difference between a seller’s and a buyer’s housing market before listing your property.
During a buyer’s market, the supply of homes for sale will exceed the level of demand from buyers resulting in properties staying on the market for longer periods. The price of houses will drop if there is more supply than demand. This market favors buyers, as they are able to choose their vendors with less competition and greater negotiating leverage.
A greater number of sellers are trying to attract the attention of fewer buyers means that homeowners will need to lower their asking prices or offer other incentives, such as covering closing costs or repairs, in order to sell their home.
It is important to make sure your property stands out in these market conditions and to be open for negotiations with buyers in order to avoid them walking away.
In a seller’s market demand from buyers is greater than the supply of available homes for sale, resulting in higher house prices. Sellers will win this battle and will often receive multiple offers, which can lead to a bidding fight between multiple buyers, driving up the original asking price.
You will have more leverage as a seller in this marketplace to negotiate your terms. You can also reject offers below your asking price or with conditions attached.
Understanding the real estate market will help you price your property accurately and negotiate with potential buyers to get a better deal.
Timing your sale
Understanding the housing market is key to selling a house. However, there are certain months that are more advantageous than others. According to the National Association of Realtors(NAR), spring is generally the best month to sell a house. It’s because the weather is ideal for viewings and properties can be photographed for listing. Because the house-buying process can take several months, many families prefer to start their search in spring. The transaction will likely close in the summer after the school year has ended. This allows them to move into their new home before the start of the school year.
However, selling a house during winter is the worst. Many people prefer to stay in their homes as the nights get longer and the temperatures drop to avoid going out to see houses. People are also often busy with holiday festivities and social engagements. These factors make house hunting likely to be a secondary priority over other priorities.
To maximize your chances of selling your house quickly and to maximize your sales proceeds, it is wise that you take advantage of these cycles throughout the year.
Make Your House Ready for Viewings
You only get one chance to make an impression. It is vital to show your home in the best light possible. A thorough clean in every room and a complete decluttering will make your rooms appear larger and brighter. You should fix any minor problems in your home that buyers might notice, such as leaking faucets, broken door handles, or faulty light bulbs.
Your agent can offer impartial advice and valuable suggestions on areas that require attention or can be accentuated in order to make your home stand apart. To add a neutral feel to your home, you can paint the walls a lighter color or remove family photos and personal artifacts. You might consider hiring a staging company to furnish and curate your home if you are short on time.
The outside appearance of your home will influence the impression that potential buyers have about it. It is important to make it look inviting and presentable so that you don’t get a lot of viewings.
There are many things you can do to improve your property’s curb appeal and exterior appearance. A front yard is a place where you want to make your property more appealing. Keep it well-manicured, mowed, nourished, and free of weeds. Plant flowers along the garden’s edges or on your porch or window ledges to add some color. Prunel should be kept neatly trimmed.
Make sure your patios and decks are well-maintained. Also, make sure all exterior light fixtures and bulbs work properly. You can clean your driveway, gutters, and siding with a jet washer. To improve the appearance of your home and make it easier to find potential buyers, you can paint your front door or apply a fresh coat of paint.
Follow the three tips in this article to gain an advantage when selling your home, helping you to secure a fast and successful sale.