Selling your home can be both an exciting and daunting time. While looking ahead to the future and a new home is often met with joy over a new beginning and a chance to find a new home that’s more suited to your tastes, selling your beloved property can feel like a looming stressor and an emotional rollercoaster. Often, being able to buy a new home is dependent on selling the old one. Most sellers are looking to sell quickly and move forward to a new chapter. Luckily, understanding the selling process and preparing the property ahead of time can help selling a home in Portland go smoothly.
Preparing Your House to Sell
Determining Your Home’s Value
The first step in preparing your home to sell is getting an estimate on the approximate value of the home. An online valuation tool, appraiser, or real estate agent can help you determine the value of your home. Having an accurate number in mind can help the home sell quickly and for the most money.
Interviewing Real Estate Agents
As a seller, your real estate agent will stand by your side throughout the selling process. When choosing the right agent to work with, it is best to choose a local realtor that has an in-depth knowledge of the area and market trends.
Upgrades to Improve Your Home
Most buyers are looking to move into a house that is all ready for move-in day. The thought of having to perform minor repairs after moving in, like touching up the paint or fixing a leaky faucet, can turn some buyers away, especially in a buyers’ market. To give your home the best chance of selling quickly and for higher offers, be sure to make any repairs as needed. You may also want to consider a few upgrades. Upgrading kitchen appliances can increase your home's value and entice buyers.
Get the Timing Right
The time of year can significantly impact how long your property will sit on the market and how much you might get for it. For instance, in general, May, June, and July are usually the best months to sell. With children out of school and summer weather making everything look its best, many buyers get serious in early summer. In contrast, December is often the worst time to try to sell, as many buyers push off their plans until the holidays pass. Working with an agent can help you determine the best time to list, as they will have vast experience in the local market.
Staging Your Home and Taking Photos
The last step before your home is ready to list is staging. A professional stager will go through your home and make sure every room looks its best for potential buyers. They will depersonalize the space and set it up just right to highlight the home's strongest selling points. Staging will also help get your home ready for professional photography. These photos will be used in the property’s listing and promotional materials to help generate interest.
Selling Your Home
Listing on the MLS
Before a property can be sold, it must reach interested buyers. Today, 97% of buyers will use the internet to help them search for property. Therefore, a compelling listing is the best way to get your home seen by a vast number of people. Your agent will list your property on a Multiple Listing Service (MLS), a private database that agents use to share properties with other agents in the area. This allows your listing to reach more potential buyers and sell faster.
Open Houses and Virtual Tours
Open houses will help drum up interest in your property. Your real estate agent will host open houses for other agents and potential buyers who want to take a closer look. An open house gives interested parties a chance to see the home in person and get a sense of how well it aligns with their needs. In the age of the internet, virtual tours have also become popular, as they allow buyers to get a sense of the property’s layout without having to make the drive.
Cash vs. Traditional Offers
When selling a home, you may encounter both cash and traditional offers. Many buyers will need to take out a mortgage to cover the cost of the property. However, sellers can also choose to try to find a cash buyer for their home. Cash offers can help speed up the closing process, which is appealing to those hoping to sell fast.
For buyers looking to secure a mortgage, appraising the home is often a necessary step to ensure lenders are not overspending. During an appraisal, a qualified third party will inspect the home and provide an estimated value of the property. They may take into account their in-person home inspection, recent sales in the neighborhood, and market trends when assigning a value.
Once a buyer’s offer has been accepted on the home, an escrow account will need to be opened. This serves as a third party to ensure that the money transfer associated with buying a home goes smoothly. The buyer pays a deposit that will sit in the escrow and be paid to the seller in case the buyer backs out. Otherwise, the deposit goes toward the down payment.
After the transaction is complete, both the buyer and the seller will have to pay closing costs. Sellers usually cover the commission of both agents in their costs. For sellers, closing costs are typically one to three percent of the sales price.
If you are hoping to sell your home on the Portland real estate market, contact Town and Shore Real Estate for top-notch guidance every step of the way. These expert agents are ready to walk you through the whole process and ensure you receive the highest offers possible.