No matter what strategy you use to sell your house, planning and preparation are always necessary. When getting ready to sell your home, which is often your biggest financial asset, vigilance and careful planning are essential.
The Zillow Group Consumers Housing Trends Report 2020 states that it takes homeowners an average of six months to decide whether to sell their houses. No matter how far in advance you plan, use this checklist to get ready.
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Pick the most suitable listing date
The greatest time of year to sell your property to maximize profit and reduce the amount of time it spends on the market is the first half of May, according to sales statistics from 2019. Saturday is the most popular day of the week to list your house for sale. However, this could differ a little depending on where you live (further information can be found in the section below titled “Research the market”), as well as your unique circumstances, such as the local environment, labor market, and general housing market trends.
Although preparation makes it easier to pace the market correctly, flexibility is also necessary because there is no guarantee that your home will sell as fast as the average one.
How long does it typically take to sell a house?
The real estate market in 2020 moved extremely quickly, with homes going pending (having an offer accepted but not yet officially closed) after just a couple of weeks on average or days in certain exceptionally quick areas. If you account for the additional 45–60 days between the pending or the actual closure dates, your home may sell as soon as two months after you put it on the market. Individual houses will sell more swiftly or more slowly depending on the regional real estate market & your price point since these are only averages. To be cautious, allow yourself time, and unwind, give yourself three months.
study the market
To obtain a better understanding of the value of your house, find out how much similar homes are selling for. Running the comps early doesn’t hurt, even if you’ll undoubtedly make some adjustments as your listing date approaches.
If you’re currently comparing homes, take into account the potential for large seasonal swings in property prices. The optimum time of year to sell a home is typically mid-late spring to reduce the amount of time it is on the market and increase profits. However, depending on where you reside, the perfect window can vary greatly. In Los Angeles, for example, the second half of May has historically been the ideal time to sell because homes there frequently sell for several thousand dollars more and many days faster than homes listed at other periods.
Consider the state of the property
You can evaluate your house to nearby comparable homes if you are aware of its condition. Additionally, it provides you with the chance to correct errors before listing. Here’s one illustration. Depending on the disclosure requirements in your state, you might need to tell potential buyers that your basement has previously flooded at some time during the selling process. To keep it a secret, it may be advantageous to manage it right soon.
Have a pre-listing home inspection performed if you are unclear about the repairs that need to be made to your house. It provides you the chance to identify any problems before the buyer does and allows them the right to cancel the agreement.
Take into account working with a representative
Many sellers spend several months getting to know their agents. It’s time to start looking if you don’t already have a reliable neighborhood agent in mind. This person must be able to walk you through the selling process in addition to managing the majority of the pre-listing, marketing, showing, & negotiation responsibilities.
If you decide to sell for sale by owner (FSBO), consider the extra work you’ll need to do before listing; we’ll go into more detail on this later.