Tips For Selling Your Home in Gig Harbor
Select an Agent
Choose a Realtor Familiar with Your Area
You will want to work with a full time, professional RealtorŪ who can provide superior market knowledge and expertise in the home selling process. An effective agent helps you prepare your home for selling to increase its marketability – all while guiding you through the entire selling process from listing your home to closing.
Obtain a Market Analysis – Understand What Your Home is Worth
Properties priced appropriately generate optimal exposure and sell in the shortest period of time. It’s critical to price your home competitively in relationship to the conditions in your local marketplace. To get the most accurate estimate of how much you should list your property for, ask for a Competitive Market Analysis. A Competitive Market Analysis takes into account many aspects of your home, including size, features, and overall condition.
Setting the Property Price
Setting the listing price of your home is an important step in the sales process. Your realtor will help you determine the optimal price for your home, considering variables in pricing and market value such as general market conditions, buyer activity, market analysis, and time of year. Incorrect pricing could deprive you of the money and equity your home has earned as an investment. Overpricing can result in your home staying on the market longer than it should and selling at a lower sale price than if it had been properly priced from the beginning. It’s essential to price your home appropriately.
Market Your Home
Prepare the Home for Sale
There is no need to spend a great deal of money remodeling your home before selling. However, a few key improvements to ensure your home shows well in relation to your competitors may result in a quicker home sale, and a potentially higher price. Prospective buyers warm to homes they can visualize themselves living in.
The exterior of your home makes the first impression and should always be well-kept so interested buyers passing by will call your agent for a showing.
Prior to realtor previews, buyer showings, and open houses, pay close attention to interior details as well.
Walk into Something Wonderful
What is Negotiable?
There are a wide variety of ways that you and your agent can negotiate in a real estate transaction. By working closely together, you’ll be able to generate the best contract possible. The purchase agreement must clearly outline the seller’s responsibilities, including passing a clear title, maintaining the property in its present condition until closing, and making any agreed-upon repairs to the property.
Contract and Warranty
Contract preparation – Crossing the T’s, Dotting the I’s
The Contract of Sale, or Purchase and Sale Agreement, is a legally binding document whereby the homeowner and buyer agree to terms under which the buyer will acquire the seller’s property.
Who is paying the various expenses of the
sale, including closing costs?
What is the actual closing date?
What is the date of occupancy?
Home Warranty – Why You Should Offer a Warranty
To enhance the success of selling your home and reduce the chances its new buyer will encounter problems after the sale, it’s a prudent idea to invest in a home warranty, which is paid out of escrow at the closing of your real estate transaction. The home warranty will cover the cost of many repairs or replacement systems to your home. From water heaters to septic systems, to central air and heating, the Home Protection Plan covers repairs to a home while it’s on the market and for a specified time after the close of the sale.
A home warranty will lessen the stress of selling a home, and give you additional peace of mind.
Inspection and Appraisal
The Importance of Home Inspections
Typically, the buyer will require a home inspection. A professional home inspector will thoroughly search the home for visual defects such as water damage, cracks in the walls, floors or foundation, plumbing leaks, or pest damage. They will also search for hidden flaws such as asbestos insulation, electrical problems, or building, health/environmental or safety code violations. If the inspection uncovers areas that need repair, you and the buyer will negotiate how these discoveries may affect the terms of the agreement.
Appraisal—Verifying the Value of the Home
An appraisal is an estimate of your property’s value on the open market, generally prepared by a lender for their benefit. Appraisers consider a number of factors, including square footage, floor plan, amenities, and energy efficiency. Other issues appraisers may take into account are neighborhood quality, a property’s proximity to transportation, shopping, and schools as well as lot size, topography, view, and landscaping.
Title and Escrow
The final stage of the transaction process occurs with the transfer of title from seller to buyer. After closing has occurred, the policy is sent to you by your title and escrow professional, the third party who transfers the money and documents (including title and deed) from the buying and selling parties. The escrow company prepares documents, draws up the closing statements, obtains necessary signatures, records documents, and receives and disburses funds. The proceeds from the sale are released directly to you, the seller, via wire, automatic deposit, or check. Funds can also be deposited into an escrow account opening for the purchase of your next home.
The Exchange of Property and Funds
Once you’ve sold your home, make sure to keep your closing and settlement papers organized in a file. Be sure to include receipts for any home improvements you made while you owned the house in the event that you have to pay capital gains tax. Also, know your rights as a home seller, including one of the benefits of buying a home – the tax breaks you receive from the government. Contact the Internal Revenue Service directly at 800-TAX-FORM and ask for the following free publications, which are designed to assist you in the sale of your home:
521 Moving Expenses
Releasing the Property to the New Owners
Once the closing papers have been completed and the deed recorded with the county, the buyer can take legal ownership of the home. The possession date for the new owner is determined by the term of the sales contract. Prior to possession, you should start contacting the phone, electric, natural gas, garbage, and other utility companies to close any accounts relating to the home under your name.
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