A lot of helpful tips are given out to buyers as they start the homebuying process, but sellers don't get as much attention and guidance. With low inventory over the past several years, many people who chose to sell proved their decisions to be wise, and although those market conditions are the same today, there is still strategic planning that must be put in place before listing your home.
Here are 8 things every seller should do before listing a home:
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Make sure the timing is right: Although there are still a few more weeks of winter left, the spring market is in full swing—usually, after the Super Bowl marks its unofficial start. Now is the time to strategize!
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Work with a listing agent you trust: Only 7% of homes on the market get sold directly by owners, and at significantly lower prices than those listed by agents, according to the 2023 Profile of Home Buyers and Sellers by the National Association of Realtors (NAR). The exposure an agent, powered by their brokerage, can get you is worth its weight in gold. Your home is the largest financial investment you can make, and should be the last place you cut corners!
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Determine your net proceeds after expenses: There are many expenses associated with preparing to sell a home, plus the mortgage you've been working on paying off while you've owned it. Make sure you know what to expect from your net proceeds, especially if you plan to put them into another home.
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Prepare for an appraisal gap: As the market has become more aggressive over the years and prices have reflected it, this could be an issue during the appraisal stage. If the buyer will not bridge the gap, the seller may have to in order to ensure the deal comes to completion. This can affect your bottom line, and is definitely a stage of the process you will want a trusted professional for.
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Anticipate the costs associated with moving: The pricing for movers varies depending on the time of year you move. Be prepared!
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If your home is in the name of a trust, make sure you have a bank account also in its name: This will ensure the smooth transfer of funds.
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Expect the unexpected: Even though there are certain steps that must be taken from offer to closing, and your agent will be able to smoothly navigate all of them, there are still things that could come up that weren't anticipated. This is where you will want to make sure you have the right team of professionals, from your agent to your inspector to your attorney and more, working on behalf of your best interests.
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Prepare to become a buyer: You may find yourself on the other side of your next purchase. Make sure your finances are in order and you have the right agent guiding you.
