In Colorado right now it’s a seller’s market. However even if you list the home there is still plenty a seller must do if they want to get the best price for their for their home. Selling quickly and for the best price relies on several factors. Here are several tips for selling your home.
- Learn the market
If you want to generate interest in your home you have to know the local market. What areas of town are seeing the most growth. How many home in your area are for sale. What prices are comparable homes selling for. These are all things you need to consider.
- Avoid over-pricing
If you ask the right price you will generate many qualified leads. If you miss the mark and have to change the price it will affect buyers opinions about your home. Gradual price drops signal to house hunters that more decreases are to come so buyers may hold off on making an offer. And if your home sits on the market long enough, prospective buyers will wonder what’s wrong with it.
- Hire a real estate agent
Yes, you’ll have to pay them a commission. (Side note: You’ll be expected to cover the buyer’s agent, too.) Still, a good agent can be instrumental when it comes to the whole “learn-the-market, price-it-right” aspects. Plus, there is no substitute for having someone to help you when showing the house and negotiating offers.
- Get a home estimate
There are plenty of sites online that can help you get an idea of your home’s current value. Even Zillow will give “Zestimates” of your home and the surrounding homes.
- An even better idea is to get an appraisal
An independent appraisal performed prior to listing can determine the value that a lender would assign your home. This gives more credibility to your listing price when presenting it to buyers.
- Determine how much the sale will cost you
A lot of sellers are not aware of what their costs are, including attorney, commission to broker and any other closing costs, including potential repairs before putting the home on the market. Fortunately, your broker or listing agent can help you determine a rough estimate of what you might have to pay to get your home sold.
- Hire an attorney
This may not be necessary for everyone but they can be instrumental when it comes time to negotiate the purchase contract with your chosen buyer. Make sure to research anyone you plan to hire especially when it comes to legal requirements.
- Ask for a mortgage pay off quote
The lender’s website and even your monthly statements may not give you an accurate amount required to pay of your current loan. Always inquire to make sure you know exactly what you will have to pay in order to avoid surprises later on.
- Have money set aside
Selling your home can be very costly. Be sure you’ve got an adequate emergency fund on hand to cover the costs, moving expenses and mortgage or rent associated with your next home.
- Check state tax records
Make sure that you are up to date with property taxes. The last thing that you want is the sale being held up because of a tax issue.
- Consult an accountant
It’s good to understand how the sale and perhaps the purchase of a new home are going to affect your income taxes. There may be tax credits or other benefits that you can take advantage of as well.
- Pull your credit reports
If you are like most people, you don’t check your credit report often. When ever you are conducting major financial decisions you should check to make sure there are no collections or judgements that can affect such decisions. Dispute any errors that you find. Pay down any high credit card balances. You want to get ahead of it before it is discovered by the Title company.
- Set realistic deadlines
In a fast paced market like Denver, your home may be listed and sold in a matter of days or weeks. However there is a lot of preparation time leading up to that listing. Make sure that you are going to have the time to spend preparing your home so that you can get the best offer and attract more qualified buyers.
- Map out your move
If you are selling and buying at the same time, it’s best to add a contingency to the contract so that you don’t end up on the line for paying two mortgages at once.
- Get a pre-home inspection home inspection
Getting a home inspection can help you get a better idea of what repairs need to be made, and more importantly, what your net proceeds will be from the sale of your home.
- Take care of any major repairs
Buyers tend to shy from expensive repairs. Appliances, HVAC, and structural repairs are expensive, time consuming, and delay the enjoyment of a home. Complete as many of these repairs as your budget allows and you will attract more buyers.
- Paint
If the house needs it, you should paint. Using light neutral colors on the interior will make the home seem more spacious. Avoid using too many colors or eccentric designs unless that is what would be expected in your neighborhood.
- Carefully consider major home improvement projects
Only focus on improvements that will add value to your home. Your real estate agent will have a better idea on what projects will help you better sell your home.
- Get your disclosures ready
Failing to disclose is a serious breach of real estate law that can undermine the sale of your home. Be sure to be ready to disclose any detail that may affect the value of your home.
- Less is more
Furniture reduces the space in a room. You want each room to look as spacious as possible so if you have not moved out already consider selling or storing excess furniture.
- Get a professional photographer
Buying a home is a visual experience. The better your home looks in the listing the more leads you will receive. Your real estate agent will have suggested photographers to use when selling your home.
- Keep it clean
This includes everything from cleaning the windows so the proper light gets in to making sure that everything is dusted. If there are spots on the carpet get them cleaned. Scratches on the hardwood floors, buff them out. Make sure closets and drawers are as empty as possible. Storage is a huge part of owning a home and you want everything to look spacious. Anything that you can do to make the home look newer and well cared for will help you from offer to negotiation.
- Set the stage
Staging is just as important as cleanliness when selling your home. You want the home to be inviting an uncluttered. Lighting is important too. Make sure to change light bulbs throughout the house to make for better showings. Your real estate agent can help you with ways to best use the space.
- Don’t forget curb appeal
Even before you snap the exterior photos it’s a good idea to make sure the house, the yard and even the driveway look well kept. A little work can make a huge difference when selling your home.
- Find a place for Fido
Dogs, cats or any other pets should be placed somewhere else during a showing. You should also make sure to clean up any pet hairs and deodorize the house as much as possible.
- De-personalize
Pack away those personal pictures and mementos. You want the buyer to imagine themselves in the home and not feel as though they are just a guest in someone else’s home.
- Start packing and storing
Even if you haven’t closed on a new home, you may consider packing up a majority of your stuff and temporarily renting a storage space to get it out of the home that you are selling.
- Talk to your neighbors
Let them know that you will be showing the home so that they will be prepared.
- Advertise amply
This should be handled mostly by your agent, but if for some reason you have decided to sell on your own, post the house online. If a potential buyer doesn’t know about your house it won’t sell itself. List with the local MLS and possibly other services as well.
- Host an open house
Open houses are a great way to attract several buyers at once and to get multiple offers.
- Be available
This is another area where having an agent really helps. Some people want to see a home with very little notice and it can be difficult for the seller to accommodate that type of schedule.
- Be flexible
Adjust pricing if you need to stay competitive or if you need to sell the home quicker in order to facilitate the purchase of your next home. Purchases can fall apart over very small amounts of money, over a single appliance and over attitudes. Getting the deal closed is often the best financial and emotional choice, even if you have to give up a little more than you wanted.
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