Your home is much more than bricks and drywall. Your home is where you can relax, unwind and make memories. From the bathroom tiles you installed yourself to the scratch marks left by your pet on the doorframe, you’ve done a lot to your home. That tree in your backyard, that crayon mark that never came off the wall. It’s possible to feel many emotions when you sell your house. There may be sadness about what you are leaving behind, along with the excitement of moving forward. All emotions and thoughts are valid when you sell a house. There are many factors to consider when selling your home. Let’s go through the entire process, from start to finish so you know what to expect.
What is the time frame to sell a house?
There are many factors that can influence the time it takes to sell your house, such as which market you live in. A home seller will spend between eight and 12 days preparing their home for sale, 45 to 70 days waiting (and sifting through), and 14 to 60 days closing the deal. It could take just 30 days or several months for the entire process to be completed. It’s hard to predict the time it will take to sell your house. Here’s an estimate of the timeline and average timeframe for each step.
Five to seven days for finding a real estate agent
If you don’t already have a realtor, it is worth spending some time researching the local agents and getting recommendations from family and friends. You can also meet agents in person. To ensure you are able to trust your agent, take the time to interview them. Ask about their market knowledge and the number of homes they have sold. You want an agent who is open to your ideas. To ensure that the agent is licensed in your region, visit the agent’s site and check the website of your state’s realty commission. These are questions you can ask potential real estate agents in Myrtle Beach:
- Are you a full-time agent? You can choose to be a full-time or part-time agent. However, it is possible that part-time agents may prove more difficult due to time constraints.
- What is your experience as an agent? You might prefer an experienced agent with many contacts and knowledge. Or maybe you’re looking for someone who is just starting out but still learning.
- Do you prefer that I work with you directly or have you put together a team of agents? Some agents handle only a small portion of the sale while others handle it all.
- Are you able to work with both buyers and sellers? Agents can represent buyers and sellers. However, there may be conflicts of interest if the agent represents both you and the buyer.
- What is your marketing strategy for my house? Your area should have a marketing strategy for agents.
- What are the nearby comparables? This will allow you to have a discussion with the agent about prices.
- What number of clients are you currently serving? It’s up to you. Are you looking for someone who has lots of time or is busy but highly sought-after?
- How much is your commission? Although six percent is the norm, it will be split equally between you and the buyer’s agents. However, some agents charge different rates.
After you have found the right agent, you will sign a contract or listing agreement. The agreement allows the agent to market your property. This agreement includes information such as a description of your property, asking price, and expiration date.
Three to five days for listing your home
It all depends on how fast your real estate agent is able to gather information about the property, such as tax records, and how quickly it can be staged and photographed. If they feel it will impact the sale, your agent might suggest ways to increase curb appeal. An agent might also request a sign for your yard and a lockbox for your door.
Get an offer in as little as 70 days
Because it is so variable depending on where you live, this timeframe can be the most difficult to establish. A seller’s market could offer you a deal within days of your listing. It could take several months to get an offer in a buyer’s marketplace. You could lose offers if you list your house at a higher price than the market. Keep in touch with your agent to ensure that your home is priced fairly.
Clear to close in 14-60 days
You’ve found a buyer. Although it’s exciting, don’t rush to accept the offer. Discuss the offer with your agent to ensure you fully understand it. The buyer might have contingencies that are not included in the price. You should be comfortable with the terms and not only the price. The agent will be able to explain all contingencies and their impact on the final sale. Voicive some common contingencies:
- Conditon sale (meaning that the buyer must sell their home before they can buy yours).
- Appraisal contingency (if the house fails to appraise at the agreed price, the seller could back out).
- Inspection contingency: When the home inspector discovers problems, it can impact the sale
- Funding contingency: When the homebuyer can’t obtain a mortgage loan, the contingency lets them get out of the contract.
Depending on your location, the buyer may get the keys the same day or shortly after closing. Make sure you have a plan for moving out before closing. It is possible to negotiate with buyers to rent the property for a few days if you are unable to leave the property due to any reason. You will need to negotiate the terms of a post occupancy agreement.
Important Steps to Take in Your Home Selling Journey
Your home-selling experience may look very different depending on where you live. There are some steps that every home seller should follow. These steps will be covered in detail in future How-To articles. Here’s a general overview.
Research the market to determine your home’s worth. This will help you when you meet with agents. Your agent will give you an estimate of the price based on market conditions and comparables, but it is you who will decide the asking price.
At least three agents are needed to find a good real estate agent. It is important to choose someone who is familiar with your area and can be reached by you. You will need to partner with your agent throughout the entire home-selling process. Find someone who can communicate well and is knowledgeable about your market.
Prepare your home for sale. Make any necessary repairs and improve the curb appeal. Your personal belongings such as family photos and knickknacks should be moved if possible. to a storage unit. Avoid storing items in your garage, as buyers may want to view them when they tour the house.
Listing your home: This step involves working with an agent to create a listing. Talk about how you can bring out the character of your home and don’t hesitate to use new technology to improve your home’s visibility.
Open houses: This is a big change from the open houses of years past where curious seekers came to view the inside of the house. Nowadays, most people first look online at houses. Virtual tours, drone footage, AR, and AR can help buyers decide if they want to buy a home. The majority of buyers who attend open houses today are serious buyers who want to see the home in person.
Receive offers: You’ll need to make important decisions when you receive offers for your home. Are you surprised by the low offers? What happens if there are multiple offers? What if you have multiple offers?
The closing: Your agent will most likely work with the buyer’s representative to finalize the contract. This could include home repairs or the transfer of utilities. It is important that all documentation from your real estate attorney be signed, notarized, and initialized. After the contract has been signed, initialized and notarized, you can begin planning your move.
Advice for Home Sellers
You love your house and want it to sell quickly. Many home sellers, especially first-time sellers, make common mistakes when trying to sell their property. We have compiled some advice from other home sellers to help you avoid these common mistakes. Here are their comments:
Look for a professional agent. Selling a home in Myrtle Beach can be complicated. Some sellers choose to sell through ibuyer companies, while others go the “for-sale-by-owner” route. A good agent can make your home-selling experience a breeze. The agent will negotiate the best price for your house while also guiding you through the tax records, legal documentation, and marketing aspects. This is a big sale so be sure to have an agent who understands the market and the industry.
Marketing your home can make all the difference. A home sale is like selling a business. Every business requires good marketing. Your house should shine. Clean up your house, get rid of clutter, clean up your lawn, and give it a new coat of paint. To make your home shine online, hire a professional photographer. Hire a professional stager for your home to make it look great in photos and in person.
Set a fair price. It is your home and it is worth everything. Real estate agents will tell homeowners that they often overprice their homes, regardless of whether they are first-time buyers or not. Be realistic about the price from the beginning. You can take the emotion out of the equation and base your price on comparables (homes that are in the same area with the same features) A home that is too expensive might remain on the market for quite some time. You may have to lower the price than if the price was moderate. The home that sells first is usually the most expensive in the area. You can get a buyer who is willing to pay what you ask. However, if the appraiser is lower than the agreed-upon price, the deal may fall apart.
Checklist for Home Selling
This checklist will help you navigate the selling process.
- Do your homework
- Make sure you review your finances before making a budget for repairs or closing costs.
- Ask for advice from professionals in real estate, including tax and legal specialists.
- To help you decide the right price for your property, research your local real estate market
- Locate an agent
You should ensure that the following items are in good order and make any repairs.
- Doors and windows
- Heating and cooling
Important Points To Remember:
- The house should be priced
- Get your home appraised
- Have a look at the market again
- Set a similar price
- Get ready for the open house
- Get rid of clutter and clean up
- Plan for your children and pets
- Hiring a professional stager
- Hiring a professional photographer
- Negotiate the offer
- Discuss the purchase contract with your agent.
- Identify contingencies that you are willing to accept
- Your agent can help you negotiate with the buyer
- If necessary, make additional home repairs
- Make a move-out schedule and share possession with the buyer
- Sign the purchase agreement
- Closing the contract via escrow
- Satisfy final inspection requests/contingencies
- Arrange for the transfer of utilities
- Send the title and any other documents to your local government/buyer
- The buyer will send you the letter of commitment to lend money
- Close fees to be paid
Let’s now look at each step of the home-selling journey. Call now if you need expert help in selling your home.
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