By Luke Fitzpatrick. Originally published at ValueWalk.
Fewer Americans will be selling their homes in 2022. Listed homes are down by 25% year on year. Supply is low, and demand is high. Is there ever a better time to sell your home? This guide will teach you all you need to know about selling a home.
Selling a home in 2022
Many prospective homebuyers are rush to take advantage of the record low mortgage interest rates before they rise again. However, with fewer properties available, it’s a seller’s market. Furthermore, experts predict house prices will increase 10.3% this year; sellers are in a strong place.
You should get ready now if you’re thinking about selling your property. We’ll help you prepare to sell your home quickly while making the most of it.
Hire a home inspector
Generally speaking, it’s the buyer’s responsibility to hire a home inspector. However, it’s good to get an inspection yourself to resolve any issues before the buyer finds them. For example, if the buyer’s inspector discovers a plumbing issue that could take weeks to fix, you may lose the buyer. It’s sensible to know about all potential issues before listing your property.
Small repairs and upgrades
You don’t have to break the bank upgrading your house. However, general maintenance and basic repairs are a good idea. After your inspection, compile a list of recommended repairs. A few minor upgrades will do wonders.
A coat of paint or additional lighting will vastly improve the appearance of your home. It will improve the house’s overall value, and you’ll sell your property faster too. You could also consider coating the kitchen or garage floor with epoxy resin to give it a glossy fresh look.
Find a real estate agent
It would help if you found a real estate agent to help you get the most out of your property sale. Ensure your estate agent offers the services you require. Ask friends and family for referrals and read reviews to find an experienced agent. Once you have found the right real estate agent, you need to develop a plan of action to sell your house.
Price your house
Pricing your home is challenging. It’s hard to take the emotion out of it. But, just because you see the value in your property, it doesn’t mean it’s objectively worth that.
To determine a realistic house price:
- Look at what other properties in your area have sold for.
- Try to limit your comparisons to properties within a mile that have sold in the last six months.
- Make sure you only consider homes similar to yours — e.g., both are four-bedroom houses with a sizable garden. Comparing a four-bedroom house with a one-room studio won’t work.
Alternatively, you can hire a professional to conduct an appraisal, and they will consider your home and calculate its worth.
Stage your home
Home staging has grown in popularity over the years. Home staging means adding a few touches to make your property look more desirable to prospective buyers. You can either hire a professional company to stage your home or do it yourself. Professionals might be costly; they bring in their furniture and thoroughly redesign your house.
Doing it yourself is the cheaper alternative. Simply decluttering and depersonalizing your property will help improve its prospects on the market.
Another recent change in home selling and buying is the move to digital home inspections. While most homebuyers will want to see the property in person before making an offer, their first impression will usually be on their computer or phone screens.
Therefore, your professional photos of your house must highlight its best qualities to ensure the buyer takes the next step and arranges a property viewing.
List your home
Your real estate agent will list your property online and start attracting buyers. However, you can also start marketing your property to others by spreading the word through family and friends and posting the listing on social media.
Negotiate the sale price
It’s not usually as simple as receiving an offer and closing the deal. Buyers want the best price possible. You’ll probably face many negotiations. Ensure you know the lowest price you will concede to and hold your ground. Your real estate agent should be your most valuable team member during the negotiation process.
Sign and close
You’ll need a conveyancer to handle all the legal stuff. With an agreed price, appraisals, and inspections complete, all that is left is to sign and close. Before you know it, the deal will be done.
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