When it comes to selling a house, we all want to make the most money possible. There are some things that can be done to maximize profit at a minimal cost and with minimal effort. The Weichert Sales Associate you work with can help you strategize ways to get the most from your home and keep you from making small mistakes that could cost you hundreds, if not thousands, selling on your own. Use our Home Condition Checklist to look for potential repairs before you put your home on the market.
How can I Increase the Value of My House?
Speak to your Sales Associate: Weichert Sales Associates understand the local trends and can give you the best tips for getting the best return on your investment.
Get inspected: Presenting a home inspection to potential buyers makes your bargaining position stronger by bringing any issues with your home into the open.
Create space: The current trend is toward open floor plans and great rooms. De-clutter as much as possible and use light colored drapes or blinds to create the illusion of space.
Keep your landscaping tidy: The appearance of your home will be the first impression and having a neat appearance promises that the interior of the house is well-kept too.
Clean up: Neatness and tidiness give the home a more spacious, open feel. When things are clean, they look newer and more valuable.
Upgrade the bathroom: Some bathroom upgrades can be expensive, but smaller items like replacing faucets and cabinet hardware can give the room a new look.
Paint the walls: Neutral colors make it easier for potential buyers to picture themselves in your home. High traffic areas and bright colored rooms should be repainted.
Update the kitchen: Kitchens are often the center of the home and small changes, like changing the faucet or a single appliance, can yield big results.
Remove or replace any red flags: If you walk by something in your home and think, “We should probably fix that,” now is the time to do so.
Do I have any Contingencies and will They Affect the Selling Price or the Timeline?
Contingencies are terms in the contract that must be met before the transfer of ownership of the home can take place. They can make the sale conditional on inspections, insurance, financing, the sale of another home, and more. Both sellers and buyers can place contingencies in the purchase contract.
Seller’s contingencies that change closing or move-in dates are often enough to scare off buyers. Some people are patient and are willing to rent the property back to you. To facilitate the sale, both parties should try to require as few contingencies as possible.
To facilitate the sale, both parties should try to require as few contingencies as possible.
What is the Process of Working with a Weichert Sales Associate?
1 | Meet with your Sales Associate
He or she will come to your home to assess it and answer your questions about the current real estate market. Together, you’ll decide which improvements will increase the value of your house. Your Sales Associate will measure your home, take pictures and write the copy to publish when you are ready to list it.
2 | Determine your selling price
Setting the list price is very important when selling a house. A Weichert Sales Associate will perform a Price Trend Analysis*, a unique pricing tool which incorporates market trends to help you determine a fair price.
3 | List your home
Once you have made all of the improvements, your Sales Associate will prepare the profile sheet to list your home in the Multiple Listing Service (MLS) so that all real estate agents will have access to the information about your home.
4 | Showing your home
Like your Sales Associate, agents from different companies will want to show your home to their clients. Your Sales Associate will coordinate these visits and host open houses.
5 | Receive offers
Your Weichert Sales Associate will be the facilitator of all offers from all potential buyers. He or she will help you understand the strengths and weaknesses of each offer, as well as any contingencies, and then deliver the signed offer to the buyer's agent.
6 | Go under contract
Your Sales Associate will help you through all of the small steps that need to be completed for a successful sale. You’ll need to review the inspection. You’ll have to gather the correct disclosure paperwork, as required by law so the closing won’t be delayed.
7 | Get to closing
Your Weichert Sales Associate will be present at closing to walk you through the process and explain the steps as necessary.
* A Price Trend Analysis is not an appraisal and should not be considered to be the equivalent of an appraisal.
What is the Average Time for Selling a House in the Current Market? Is There Anything that can be Done to Change that Time?
The average selling time depends on market conditions. Your Weichert Sales Associate will be able to tell you the average Days On Market (DOM) for homes in your area. The pricing and the condition of your home will make a big difference in how quickly it sells. If you are selling a house that is similar to most of the homes in your neighborhood, priced fairly and presented neatly with an inspection to show that there are no hidden issues, it should sell within the average number of days on market in the area.
Does Days on Market (DOM) Affect the Price?
Although the number of days that a home has been on the market is just a number, it can affect how the buyer negotiates. If the home has been up for sale for a long time, they might feel that they can make a lower offer because the owner will be more eager to sell. Most MLS services list the cumulative Days on Market (CDOM), so it’s no longer possible to hide the number of days by de-listing and re-listing a home. Newly listed homes receive the most traffic in the first 30 days. It’s best to put your best foot forward by not listing your home for sale until you are ready. It also underscores the need to price your house fairly at the start if you want to sell it quickly and for the most money.
What are the Costs Associated with Selling a Home?
Prorated property taxes
Title insurance premium
Federal and local taxes and fees
Homeowner’s association fees
Any buyer’s incentives
What Does it Mean to Sell a Home "As-Is?"
Selling a house “as-is” means that the seller is not going to make any changes to improve the home. It also gives potential buyers the signal that there might be significant underlying problems and therefore should come at a discount. Most buyers will include a home inspection contingency, so having the inspection done in advance can work in your favor. “As-is” homes are not required to meet codes or to have an inspection unless the buyer has an FHA (Federal Housing Administration) loan, but the seller must still disclose all of the known problems.
Seller must still disclose all of the known problems.
What to Consider When Selling a House
When selling a house, your Sales Associate can help you assess which improvements will increase the value the most.
If you are selling a house that is similar to most of the homes in your neighborhood, priced fairly and presented neatly with an inspection to show that there are no hidden issues, it should sell within the average Days On Market (DOM) in your area.
There are several costs associated with selling a home, including the balance on your mortgage, prorated property taxes, federal and local taxes and fees, commission, homeowners association fees and any buyers’ incentives promised during the negotiation.
Selling a house "as is" can save the seller money by not needing to make any repairs, but also sends a signal to the buyer that there might be serious underlying problems.