A Timeline for Selling your Home: What to do?
Everyone wants to sell their home quickly, but many people don’t know what it takes to sell their house promptly. It is important to note that many things can happen and change the overall schedule when you plan to sell your home.
You may find that someone is interested in buying your home as-is. You may be selling in a buyer’s market, and it may take longer than expected to sell your home.
Regardless of the outliers, most home sellers follow a general timeline. So when planning to sell your home, don’t forget to use this handy guide to plan your next steps.
Two months before listing: Research
Before you can even think about listing your home, there is still a long way to go. First, you will want to learn about finance and the market.
Remember to do these essential tasks about two months before planning your home list when you are away.
Study the local market
You don’t need to dig too deep into the market data. However, when you are this early in the home buying process, you need to pay attention to the overall costs of housing in your area.
The easiest way is to look at real estate listings and see what houses in your neighbourhood have sold.
Don’t just focus on the price; also consider the number of bedrooms, bathrooms, and extras. For example, you may find that having an additional bathroom or new appliances can add more than a few thousand dollars to the sale price.
Get your documents in order.
Selling a home requires a lot of paperwork. Although some documents are easy to find, finding others can take time.
That is why now is an excellent time to start researching all the essential documents you will need to share in your home. But, first, ensure you have your title, mortgage, and homeowners insurance.
Contact your bank or insurance agency if you cannot find the necessary documents. Remember that photocopies are not enough for an official sale. You will need the originals or an authorised copy from the bank or insurance company.
Determine transaction costs and the remaining equity
When you focus on selling your home, you are probably more focused on getting paid than on what you have to pay. But remember, you will have bills to pay when you sell.
In most cases, sellers don’t have to cover all the closing costs associated with selling your home. Either way, you should always have a general idea of overhead costs before starting the territory of sale.
Consider property taxes, transfer, title insurance, and escrow fees to get started.
These costs tend to add up. So if your closing costs are very high, you may consider setting aside some extra money to cover some of them if that helps you sell the house.
Two months before listing: Repairs to be done
When researching the legal and financial needs of owning a home, you should also start making improvements to your home before selling it.
We know that you may not want to invest much money in a home you won’t be living in, but some relatively simple adjustments could earn you more money when you sell.
When the sale is two months away, remember these tips when making repairs and upgrades.
Focus on cosmetic issues
Appearances can make or break a home sale. That’s why focusing on making your home aesthetically appealing to buyers is essential.
The best thing about cosmetic patches is that they are generally simple and inexpensive. Some problems can be easily fixed with a deep cleaning or a new coat of paint.
Once your home is clean, consider minor repairs that you can make around your home. For example, take care of any frayed carpet by cutting it off with a utility knife. Repair holes in the screen door and fix crooked lamps.
Communicate to the buyer what you can’t fix
When you’re busy making home improvements, there are some things you should take some time to seriously think about that you can’t change before selling your home.
After investing a lot of time and money in your home, you may run into problems that cannot be prepared quickly or inexpensively. For example, basement infiltration or roof problems are serious problems that could affect the sale of your home.
If you discover serious problems, don’t hide them. You must legally disclose any significant issues before selling your home. If you choose not to, you could end up in legal trouble later.
Think about the essential things in the minds of buyers and what a person interested in buying might see as a deciding factor.
Think about updates
Don’t think you must add an entirely new edition to your home to increase its value. Instead, you can make many relatively more minor updates that will significantly impact people.
Take the time to assess the condition of the major appliances in your home. For example, replacing an old refrigerator or oven could add a lot of value to your home, mainly if you use “green” devices that do not harm the environment.
Once you’ve taken the time to focus on your appliances, move on to essential systems like heating, air conditioning, plumbing, and electrical.
Any problems with the structural systems, such as the walls or roof of the house, must be resolved quickly before moving in. Fixing these problems before a sale can make selling your home more accessible.
Keep in mind that it is possible to sell your house as-is, but it will be much more challenging. If the issues you face are significant, it may be worth absorbing the costs yourself to make your home more attractive to buyers.
One month before listing: Financial matters
Now that you are a month away from selling your home, it’s time to dive into the financial side of the purchase. You have covered financial matters in two months, but now that you are a month away, you will delve deeper into your question.
I hope you have done an excellent job tracking home prices in your area. Now is the time to look at them again, as they will help you price your home.
If you haven’t yet hired an advisor, now is the time to seek help.
They can give you a realistic idea of the value of your home. They will also thoroughly understand what other homes are selling for and can suggest improvements to add value to your home.
Now that you have a complete set of sales price estimates and a wealth of real estate market data, you can set a price for your home. Don’t be afraid to hire an experienced real estate agent to help you determine the best price.
One month before selling your home: Prepare your home
You will have potential buyers in your home very soon, so now is the time to get it ready for the business!
Take a minimalist approach to decorating when selling your home. For example, if you have a lot of things, it might be worth renting a temporary storage space for something you don’t need right away to clean your home.
You cannot typically invest in cleaning services, but this would be the best time to hire a professional cleaning crew. Get them to do heavy chores like cleaning dirt off your walls and moistening your carpets.
If you want to add a neutral colour to your walls, now is the time to do it. Don’t underestimate how a fresh coat of paint can help your home.
Learn staging techniques and think about how you can make your home cosy. Adding a rug, cushions, or artwork can accentuate some of the best features in your home.
Think of ways to make your home brighter and more spacious. A few quick lighting changes and the addition of a mirror or two can work wonders in any room.
If you have a garden, consider hiring a professional landscaping company to make it look its best. Applying fresh mulch to flower beds and pruning shrubs can add serious curb appeal to your home.
Once your home is ready to sell, it’s time to promote your ad.
Place your ad whenever possible, including online platforms and print ads. Don’t be afraid to be aggressive when setting up open houses or seeking professional real estate help to sell your home.
Negotiations and closing
It is unknown how long it will take for you and the new owner to negotiate a price. Sometimes you will be lucky enough to find someone who believes the cost is correct, or the process can take weeks.
The best advice we can give you during the negotiation is, to be honest with yourself and fair to the buyer.
Cooperate with the buyer’s home inspector and appraiser, so you can make time for them to come to the home. Also, contact the buyer’s agent, attorney, and anyone else to whom you need to serve legal documents.
Also, don’t wait too long to contact your lender and begin your mortgage settlement process. Putting everything in place can take a while, and the sooner you start, the better.
When closing day arrives, be sure to bring the necessary documents. If you forget something important, the official sale of the house may take longer. Here’s our handy checklist of what to make sure to bring:
• Property records
• Building permits and receipts
• Property records
• Insurance documents
• Mortgage, loan, and lien documents
• All legal documents necessary for financial and estate planning
Your partners in selling your home
Selling a home is not an easy or fast process. But when you have the proper knowledge and help on your side, you can sell your home for a price you can be satisfied with.
Do you want to know the best way to advertise your home? Looking for a trusted agent who can help you with the process?
Our team at Falaya is here to help interested buyers and sellers. Feel free to contact us today so we can discuss the next steps in your sales journey.