Top 10 Things You Must Know About Selling Your Home This Summer
08.09.2021 | Category: Homebuying
There’s no question; Summer 2021 is one like no other. The pandemic has dramatically changed the way we live, work and play. It has reshaped our priorities and has many contemplating if home is really where their heart is.
With inventory still hovering at historic lows across the nation, it’s a red-hot sellers market but that doesn’t mean sellers should take the market for granted. While it might be tempting to jump on the homeselling trend, here are the top 10 things to know before listing your home.
Research the market you’re selling in.
The COVID-19 pandemic has changed the home-selling environment. Lockdown has made many realize their current living situation could use improvement. However, in most markets, inventory is low and home prices are high, even in smaller towns or rural areas. Research factors like median home price, average time spent on market and home builder activity to help avoid any surprises like your home selling faster than you can find a new place to land.
Know where you're going to go.
If you currently live in a highly competitive market, and you’re hoping to stay in the area, know that when selling your home, you may soon be the homebuyer. You may find it necessary to list your home before you have offers on your next potential abode, but if you have no backup plan on your next residence, you may soon find yourself competing for your next home with time ticking on the clock. Before listing, have a solid plan in place to best navigate any unforeseen challenges along the way.
Create a timeline you’re comfortable with.
Understand that once your home is officially on the market, it may sell faster than you expected and you may need to work quicker than you planned for. The competitive sellers market has changed the typical timeline a homeowner sells their home. The typical time a home spends on the market has tightened and some buyers, in an attempt to lure sellers, are offering shorter escrow periods when they can. Be sure to know the average time to close a house in your area and be ready to negotiate if you need more time.
Be realistic about your home selling expectations
While sellers might be tempted to list their home at a high sales price, setting a price that aligns with comparable properties and home market conditions will likely help sellers avoid headaches. Do your best to take an accurate look at your home and determine the price based on any maintenance needed, condition, layout and square footage. Being as objective as possible will help you and your potential buyers move forward in the appraisal, inspection and loan approval process with ease.
Work with a reputable real estate agent.
While it might be enticing to sell your home without a real estate agent, especially in an area with homes flying off the market, it’s likely not worth the risk. Since many housing markets have more buyers than sellers, properties are selling within only a few days of going on the market. Bidding wars are pushing offers over asking price and offers are coming in with some interesting incentives like waiving the right to an inspection or an appraisal. These factors might be intriguing but a real estate agent can help determine if these offers will meet typical lending requirements or if there are any red flags you should avoid.
Make any needed repairs.
While you might not think that a wobbly door handle is a big deal, buyers may still feel like the devil is in the details and if you’re not willing to tighten a door handle, there may be larger issues hidden in the walls. Any major repairs needed will show up in a home inspection report, and even if by chance a buyer is willing to waive an inspection, you could be in for delays in the lending process, turning away potential buyers and risking top market value for your home.
Still stage your home to sell.
If you’re selling, you’re likely to be packing and storing your personal items for your next home anyway. Get a head start on the process by packing away the personal items before listing your home to help stage it for the best possible price.
While homes are typically selling with ease, you could be leaving money on the table if you’re not willing to put in the work to help it attract top dollar. You can choose to hire a professional staging company or you can simply remove clutter and stage the home using your own decor.
Invest in professional photos and video tours.
Marketing your home with professional photos and video is more important than ever. A professional photographer or videographer can help your home stand out in a tough market. The pandemic has minimized the desire for open houses and in-person home tours. Even if the economy is reopening, buyers are leaning on the convenience of virtual home tours before making an appointment to see a home. Sellers understand that showcasing their home online allows their home to sell faster and without as many time-consuming walkthroughs.
Don’t forget about curb appeal.
The pandemic has homeowners appreciating the ambiance of an outdoor living space. We’ve spent more than a year mostly at home and outdoor living has given us a literal breath of fresh air when the walls felt like they were caving in. Depending on your budget, opt for an affordable patio set or a cozy firepit to create an inviting place to attract your next buyer. Even minor landscaping changes can create curb appeal that will help you fetch top dollar for your listing.
Be sure to spotlight highly desirable features.
With many employers allowing for permanent remote work, buyers are looking for dedicated home office space at a higher than usual rate. The once popular open-floor concept is now taking a bit of a backseat for families looking to separate bickering kids and working partners. Health enthusiasts may have found they prefer a personal gym over commuting to their local one. If your home has a unique feature, be sure to make it a prominent part of your listing description to sell against the competition.
While COVID-19 has certainly changed many aspects of life, one thing remains the same: buying and selling a home is one of the most life-changing decisions you will make in your lifetime.
While it may be a sellers market across most of the nation, be sure to understand if now really is the right time for you to sell your home and potentially purchase your next one. If you’re uncertain, perhaps consider a refeinance instead. A cash-out refinance is a great option for those looking to make major home improvements like building that pool you’ve always wanted to adding another room for some private home office space. You can also refinance to lower your payment or adjust your rate.
Whatever the reason you’re contemplating selling your home, when you’re ready, Mutual of Omaha Mortgage is here to help ensure the loan process isn’t the part of owning a home that’s a challenge.