Time your sale right with a top agent
Working with a top agent who knows the area can help you implement a timing strategy that will meet your needs. An agent can also help you understand the quirks of your town, city, or county, and help you achieve your goals, whether you’re hoping to sell fast or maximize price.
Agents can also help sellers understand what goes into preparing for a home sale, so they’re ready to hit the market at the right time with the house putting its best foot forward.
But before your agent helps you decide when to sell, you have to decide when to contact a real estate agent. Most agents have the same answer: as soon as possible. The more time they have to work with you, the more time they’ll have to prepare your house and meet your goals.
“Anytime that we have a four week window before you’re looking to actually have the house hit the market, that’s how we can make sure that you’re most poised to sell in the least amount of time for the most amount of money,” advises Huerkamp.
Plan your target sell date
Knowing how much time to budget to get your home ready to list is vital. It can help inform the rest of your timeline, whether that includes moving, buying another property, or renting. Preparations include completing any necessary repairs, staging the house, photographing the house, and actually listing it.
Then, you’ll have time between listing your house, getting offers, and accepting an offer. To find how quickly your house “should” sell, ask your agent about your area’s average days on market. This statistic measures how long houses sit on the market before going under contract, and can change year-to-year and even month-to-month.
In a seller’s market, homes can move shockingly fast. With a more balanced market, homes receive fewer offers and tend to sit on the market for longer. That’s why it’s important to consider local market conditions as you map out your plan to sell.
The average days on market can also help determine if your home is priced correctly.
“What we typically tell consumers is anytime at your specific price point, if you’re on the market longer than the average days on market for your price point, then you need to do a price reduction of five percent,” Huerkamp says.
Update your home before listing
You’ll want to leave some time in your sale timeline to make any necessary updates to your home. Both Huerkamp and Lanham share that updates aren’t as important in a seller’s market, where buyers are more willing to fix problems on their own if it means a shot at limited inventory.
When buyers gain more leverage, however, they are less willing to buy houses that will require repair work on their part.
Regardless of the state of the market, recommended updates to boost your curb appeal and add value include a fresh coat of paint and fixing any glaring errors. Keep in mind that contractors are typically busiest in the spring and summer, so you’ll have to account for that when planning your home sale.
Most common repairs
Some faults in your house can come up in an appraisal or inspection and potentially impact your sale. Your real estate agent can help you decide what repairs need to be made before listing. Common repairs include foundation repair, electrical repair, plumbing repair, roof repair, and HVAC replacement.
While many buyers might overlook necessary repairs in a seller’s market, you’ll have to stay on top of minimum loan requirements mandated by the FHA and VA. Buyers with these loan types need an appraisal to meet safety requirements in order to get financing.
Updates for sellers to consider
The most common updates that Huerkamp suggests are a fresh coat of paint, carpet cleaning, and a deep clean of the entire home.
“So, those three things are probably the most popular things that we recommend to sellers,” he says. “Two of them they can do themselves if they really have a good skill set of making sure everything’s totally clean with the deep clean and the painting.”
If you want to go for bigger updates, consider replacing outdated fixtures in your kitchen, such as appliances, countertops, or flooring. But make sure to talk to your real estate agent about what updates will get you the best return on investment.
Factors to consider
Ultimately, the timing of your sale has to be right for your individual circumstances. For example, if you have to move for a job relocation or new military placement, the timeline will be out of your control. In these instances, it’s best to sell your house as quickly as possible. HomeLight can connect you with an experienced agent who can help make the most of your sale, regardless of your timeline
Header Image Source: (Roman Bozhko / Unsplash)
