With today's hot real estate market, many are thinking about selling their home.
Supply is low and demand is high, which can mean quick sales and hefty profits. Still, it's wise to ask yourself a few questions before making the jump. Selling a home isn’t easy and if you want the experience to go as seamlessly as possible, you should prepare early and enlist help.
Here's five ways to prep for a fast and profitable sale:
First impressions matter:
Curb appeal can make or break a sale, so spend time outdoors first. Clean and paint any faded woodwork, power-wash your paths and driveway and tidy up the landscaping. Consider adding a few pots with colorful annuals to make sure your home catches buyers’ eyes.
Declutter. Then declutter again.
Be brutal. Pare down your belongings and find storage for anything you can't let go of. Organize and declutter your cabinets, closets and common areas. Buyers can't picture themselves in your home if it's filled with things that remind them of you. If it's been a while since you did a deep cleaning, now's the time. And while it's not a good idea to fill your home with candles and air fresheners (buyers wonder what you're trying to hide), it's a good idea to take a sniff and rectify any odors by cleaning and using a sanitizing spray.
Bugging out.
Open houses are a weekly ordeal and showings can come at any moment. Be ready. If you have kids or pets, you'll want to be especially sure you have somewhere to go while potential buyers view your home. You'll want to keep your home looking it's very best, but sometimes that's not going to be possible. It's not a bad idea to invest in a chest or storage solution to throw everything into before you rush out of the way. See if you can have a friend or family member on standby to take care of kids and pets while you prepare for a last minute showing.
So... where to next?
With today's hot market, a backup plan is a must. In the best case scenario, you'll close on your old and new home on the same day and moving will be seamless. These days, that's not a guarantee. Make sure you have somewhere to go should your home sell faster than you were expecting. Be it a rental, or a friend or family members spare bedroom, be prepared. You don't want to end up paying for both a hotel and storage for your belongings while you find your next home.
Prep for the costs.
You’ll need to factor into your budget things like repairs, staging costs, commissions and more. Remember, the seller pays both buyers and sellers agent commissions, usually at a rate of 5-6%. A good cushion to cover most expenses is somewhere around 10% of the sale price. If you’re buying a new home, you’ll have additional costs as well, such as moving, repairs, and closing costs on your new home.
Don't let these factors scare you. It's still a great time to sell.
If you need help with your sale or want to find out how much your home is worth, call Michelle today!