Sellers Guide / Selling a Home in Pennsylvania
Selling your home? Before you jump into the real estate market, here are some things you’ll probably want to know about the home-selling process.
- Study the current trends of the local real estate market. Before you dive in headfirst to the world of real estate, it pays to acquaint yourself with the market the trends that currently dominate it. You can do it on your own, but the better option is to contact a reputable local real estate agent for apre-market consultation. Market analyses and comparables, which you can request from your agent, can also help you determine your property’s true value. Oh, and don’t forget: ask questions and don’t hesitate to have things clarified if you don’t understand them.
- Set the right asking price. With the right tools at your disposal, determining the right asking price for your home won’t be so hard. This is crucial in the home-selling process; you wouldn’t want to set the price too low (it will affect your returns) or too high (potential homebuyers might be put off). If comps and market reports aren’t enough help, you’ll also get insights from a professional appraiser who will evaluate your home. Remember: aside from your home’s size, features, etc., quite a few other factors, such as the location and the current economic situation, can affect your property’s asking price.
- Present your home. Now, you don’t want to just leave your home the way it is for open houses – not unless it’s already a showcase property. Have it staged! A staged home, whether done by yourself or by a professional, can dramatically increase your home’s attractiveness. The key is to highlight your home’s best features and to get rid of personal effects and clutter. That way, a potential homebuyer can picture what it’s like to live in the property. Also, flaws shouldn’t be forgotten; make important repairs and upgrade what needs to be upgraded. Contact reputable inspectors to have your property examined thoroughly for any issues – an early diagnosis means you get toaddress the problems as early as possible and avoid delays in the transaction. You’ll thank us later.
- Let your agent do their work. During an open house, leave the hosting to your real estate agent. Buyers might feel uncomfortable if they know that the current owner is present. Trust us when we say your agent is a professional and knows what he/she’s doing.
- Don’t immediately settle for the highest offer. Don’t be blinded by the dollar signs and the zeroes; pick the offer that works best for you and your buyer. Consider somebody who’d be easy to negotiate with, who already has a loan preapproval, and who’s willing to make adjustments based on your timeline.
The home-selling process can entail a lot of discussions, meetings, and additional costs, so do keep a record to keep tabs on things. Don’t forget to settle a reasonable closing date with your buyer; you’ll want to give each other enough time to meet the necessary contingencies.
- Go through escrow. This is a process that starts after you and the buyer sign the purchase contract. Have patience and be aware of the deadlines – you’ll also want to be prepared for renegotiations, just in case.
After all the contingencies have been met, it’s time to part ways with the property you once called home and wish its new owner the best of luck. Congratulations!