Sellers
What to Expect when selling your home
It’s always best to have a savvy realtor on your side to guide you through the process.
With that in mind, it’s truly an exciting time to be a seller in the Seacoast real estate market. This guide will help you understand the housing market as it is today; furthermore, it will help you navigate the entire home selling journey.
It is time to dive into the home selling process.
Here you will see a simply condensed, 5-Stage Process.
Let’s get started!
01. Stage one
Before you place a “for sale” sign on the lawn and upload the listing online, take time to prepare your home for the sale.
04. STAGE FOUR
Deeper into the home selling process, you’ll start receiving offers. How do you sift through these to find the best deal? Read more.
02. Stage Two
One of the most important aspects of selling in a seller’s market is to get the right price for your property.
05. CLOSING DAY
Congratulations on accepting an offer. We now move on to the closing process. It officially begins when a purchase and sales agreement have been signed by you and your buyer.
03. STAGE THREE
With your home prepared and the listing price already determined, it’s time to list your property for sale. Be sure to stand out amongst the crowd!
06. Interested in More?
Timing your Sale
The timing of your sale can depend on a variety of factors. These include seasonality, current market conditions, and interest rates. But since the Seacoast real estate is currently a seller’s market, you will find the conditions optimal for your venture.
The truth is there is no such thing as the “perfect” time to list your property. Although the aforementioned factors are important things to consider, they do not trump your readiness to sell a home. The time and place to list your home is always going to be when, in fact, you are ready.
To gauge this, consider your main motivation for selling. Has your property gained enough equity to give you substantial returns on your investment? Did a major lifestyle change occur? Or do you simply feel like you’ve outgrown your home? All reasons are valid, as long as you feel ready to move on.
If you are planning on selling your home and buying a new one at the same time, this article might help.
Having a ballpark price helps in determining your final listing price. You can get this by doing the following:
- Have your home appraised – Getting your home appraised informs you of your home’s fair market value based on its condition, location, and similar properties in the neighborhood.
A home appraisal usually occurs when a buyer’s lender sends an appraiser to your property. You can, however, invite a licensed appraiser to your home before the sale starts.
- Ask your agent for a comparative market analysis.
A comparative market analysis (CMA) takes a look at comps (similar properties in the area that were recently sold) to give you a ballpark listing price. This is a service generally offered for free by real estate agents.
To request for a CMA from me today, click here.
Pricing your Home
The Secret to a Great Online Listing
The majority of home buyers nowadays start their search by scanning real estate listings online. Popular go-to websites include Realtor, Trulia, and Zillow. But with these sites saturated with listings, making yours standout is key.
- Hire a professional to take photos of your property – Listing photos help grab the attention of home buyers. Consider hiring a professional photographer to take outstanding pictures of the property. If you don’t want the additional expense, take the photos yourself using a real camera and a tripod. Here’s how you can take beautiful pictures worth more than a thousand words.
- Include a compelling and informative write-up – Complement gorgeous pictures with an equally captivating property description. Tell a story, all while adding important bits of information about the home, such as the size, location, and other key features.
- Add a virtual walkthrough – Short video walkthroughs are another way to generate buyer interest. It also helps to entice long-distance buyers. You can do it on your own using apps or hire a professional.
Filtering the Offers
The first offer, as you will come to know, is not always the best. Assuming you’ve received a couple of offers for your property, watch out for these elements:
- Earnest money deposit – The most serious home buyers often include an earnest money check, which then becomes part of the down payment come escrow.
- Pre-approval letter – A pre-approval letter gives you an idea of how much the buyer can afford. Having one can also speed up the buyer’s whole application process. Should you receive an all-cash offer, kindly request for documentation that proves the cash is indeed available for the purchase.
- A personal letter – Some buyers include a personal note in hopes of appealing to the seller’s emotions. It will help you get to know the buyer and get an idea of what their plans are for the home.
But what happens if you have multiple offers, which then sparks a bidding war? Here’s some advice to help you pick the most favorable offer.
“This offer is great, but…”
While going through offers, you might come across one or two that holds great potential but aren’t quite there. In such cases, don’t hesitate to make a counteroffer. Your real estate agent will step in to negotiate a deal that works for both parties. Here are a couple of strategies you might want to try.
If the buyer doesn’t accept your terms and no agreement was reached, move on to the next best offer that you think warrants a counteroffer. You can, however, avoid such a fate with an offer you really want to push through by following these tips.
Time to Close
Before closing day, you are expected to fulfill the following tasks:
- Make and finish repairs that were agreed upon during the negotiations
- Keep the house in proper condition
- Notify friends, family, business contacts, and utilities about your impending change of address
- Inform service providers of a final service date
- Start packing and moving
- Prepare all items to be handed over, including documents, keys, warranties of appliances, and manuals
Also, the day before closing, be prepared for the buyer to perform a final walkthrough of the property with his/her agent.
Disclosures in NH:
This article comprehensively discusses what you need and don’t need to disclose. You will also find federal disclosure requirements there. To avoid any legal mishaps in the future, it’s highly recommended to abide by state and federal disclosure responsibilities.
Closing day marks the end of the home selling journey. On this day, you will meet with all parties involved, including the escrow agent, to finalize the transaction.
Aside from going over the contract one last time to make sure everything is according to plan, you will also be made to sign some paperwork. These include the following documents:
- HUD-1 settlement statement
- Certificate of title
- Bill of sale
- The deed of the property
- Statement of closing costs
Afterwards, payments will be made. Home buyers usually shoulder the bulk of the closing costs, including the appraisal fee, notary fee, and origination fee. Meanwhile, sellers pay the real estate commission.
Once everything is signed and paid, hand all the property documents (as well as the house keys) to the new homeowner. You can even include a housewarming gift as a nice gesture.
Congratulations on the successful sale!
