6 tips to sell your house before the end of the year
The real estate market is now starting to settle down after at least two years of rising. Throughout most of 2022, mortgage interest rates increased, which tempered some people's enthusiasm for home ownership. Sales have slowed as a result of this fact, worries about a potential recession, and still-high property prices.
What does it all mean for people who want to sell a house soon and are impatiently awaiting the spring sales boom? You must move rapidly. It could be necessary to modify your expectations and strategy in order to take advantage of the current market dynamics and reach the closing table sooner rather than later. The following six steps can help you sell your house before this year ends.
1. Establish a fair asking price
Priorities come first. According to experts, you should enter the housing market with a reasonable asking price that has a chance of sticking. It's critical to base your home's pricing on comparable sales, not feelings. Since many sellers want to "test the market" with a higher sale price in the hopes that they may lower it later, this portion can be challenging for them to understand. However, according to Chicago real estate agent David Cahill, this strategy is a mistake. Even if you eventually lower the price, "if your home is priced too high, it might be very tough to overcome," he warns.
You should generally let your agent take the lead in this particular situation. The price of your property will be determined by recent comparable transactions in your neighborhood, not simply aspirations and desires, thanks to a comparative market analysis that a professional real estate agent will perform for you. According to Cahill, the finest agents will even go above and beyond to learn the costs of comparable homes that have just sold or have a sale pending.
You are paying your agent for their knowledge and professional advise, therefore you should pay attention when they recommend a sale price based on a ton of research.
2. Ask your agent for "first look" feedback
Homeowners who want to sell their homes by the end of the year must compete aggressively on the market. This entails keeping your home free of obvious issues to make it simple to sell.
Your agent will be able to point out flaws that you may have forgotten about or grown accustomed to, such as abandoned windows with damaged seals or your teen's wall-to-wall heavy metal posters. They can also point out that most individuals prefer to keep their cars in their garages rather than store boxes there. To avoid perhaps losing a sale over a little issue, thoroughly consider agent input and adopt their suggested improvements.
Additionally, it's a smart idea to ask your realtor to get buyer feedback from those who view your home so you may learn what they like (and don't like) about it.
3. Declutter, organize, and clean
It's possible that your agent will suggest you to remove family portraits and immediately clean up your closets, but you should still prepare for a significant cleansing.
Cahill advises "doing everything within your means to ensure your property makes an excellent first impression." For instance, maintain a well-kept grass, paint your front door, and cut back any overgrown shrubs.
The interior of your house should always be spotless and prepared for a last-minute showing while it is on the market. According to Cahill, clear away any clutter, take down any busy decorations, and get rid of any big furniture. If you must, rent a storage facility, he advises.
Maintain cleanliness by taking the time to clean bathrooms, floors, and counters each day. No one wants to purchase a filthy home.
4. Think about hiring a professional stager
You might also think about working with a professional stager if you have the cleaning portion down but need assistance making your home more aesthetically pleasing. Home stagers set up (and occasionally supply) furniture, artwork, and décor to give your house a contemporary vibe and improve your chances of receiving an offer quickly. This is crucial for a house that feels dated.
Is staging effective? Most experts concur that it does. In fact, according to a recent National Association of Realtors research, 82% of buyer's agents stated staging helped their clients see themselves living in a certain home. In addition, 41% of buyers were more eager to see a staged property that they had seen online. Additionally, 31% of seller's agents stated they staged all of their clients' houses before listing them, while only 13% said they did so if the homes were otherwise difficult to sell.
5. Invest on quality photography and videography
The majority of home marketing is now done online, as opposed to years ago when prospective buyers would browse the local newspaper for new home listings. Multiple listing services (MLS), real estate websites, email marketing, or a mix of all of these channels are used to accomplish this.
Hire a professional photographer to take images, and think about having your real estate agent's office make a marketing film. Drone photography may also be crucial to selling a large house with plenty of land or outdoor amenities, the expert says.
6. Get a house inspection before the sale
Never take it for granted that your house is in top physical shape; always take the time to check. Although it's not required, paying for a home inspection in advance is usually a good idea. If you are aware of problems in advance, such as missing roof shingles or flawed electrical wiring, you can address them before they worsen.
Before you put your house on the market, having a comprehensive examination performed by a professional inspector might even "inspire greater confidence in your home's condition among potential purchasers," according to Cahill. This is true even though the majority of informed buyers will probably also hire their own inspector. Cahill adds that the negotiation process might be "short and sweet" if significant issues found during an inspection are fixed before a transaction is initiated.
If you take the necessary precautions to eliminate typical issues that put off potential buyers, a quick house sale may be in your future. This involves not only keeping your home neat and clean but also identifying significant flaws or repair requirements before others do.
Before the year ends, there is still plenty of time to reach a settlement. The key to the puzzle is working with a professional real estate agent who is familiar with the neighborhood market trends and who can assist you in setting a reasonable asking price.