In an ideal world, the moment you stick a for-sale sign in your front yard is the moment buyers line up with offers. Unfortunately, selling a home is not that easy. The home selling process can take some time. To properly plan around this process, it’s crucial that you understand the timeline of selling a home. The following is a general breakdown of the typical home-selling timeline:
Researching the local market – To understand the value of your house and how much negotiating power you’ll have, you’ll need to research your local market. Look at recently sold comps to get a good idea of the demand in your area. Begin research at least two months before you plan to list.
Hiring an agent – A real estate agent can help you prepare your home for sale, pinpoint the right asking price, and line up buyers. Begin working with an agent six weeks before listing.
Preparing your home – At the same time you hire an agent, you should begin prepping your house by making repairs and investing in home improvements that will boost the home’s value.
Moving out – Although you don’t have to be moved out before you begin showing your home, it’s a good idea to be. If you can, begin moving out around a month before you list.
Marketing your property – Start advertising your property online a week before you officially list it on the market to begin generating interest.
Selling your property – Once listed, it can take anywhere from a few weeks to a few months to sell. The average home stayed on the market for 24 days in 2020. However, keep in mind that closing can take an average of 46 days, which means from the day you list to the day you close can last roughly two months.
All in all, expect to spend between three and four months preparing and selling your home. For more home selling advice, contact us at Randy Lindsay today.
Believe it or not, but there has actually been a surge in demand among homebuyers despite the pandemic. This is in part due to the low interest rates on mortgages and the desire for stability from a lot of renters turned first-time homebuyers. Unfortunately, many would-be sellers are less likely to sell during the pandemic due to the desire for stability. As such, there’s a limited supply available and a lot of competition, creating a seller’s market. With that in mind, the following are four tips for buying a home in 2021:
Secure a mortgage pre-approval – Getting a mortgage pre-approval will give you a much clearer idea of what you can afford, thereby ensuring you don’t waste time looking at homes you can’t afford. A pre-approval letter can go a long way towards getting your offer accepted as well, especially if you’re competing against buyers without one.
Calculate your budget and stick to it – Sit down and determine what your budget is. The size of the loan you can secure may not be what you can actually afford to pay, so keep monthly payments in mind. If you get caught in a bidding war with other buyers, do not go over your budget.
Understand all of the costs of homeownership – First-time homebuyers often make the mistake of thinking they can afford a property they actually can’t, simply because they didn’t understand the total costs. Keep in mind things like utility costs, property taxes, and homeowner’s insurance.
Work with a real estate agent – A real estate agent will not only provide helpful advice, but they can also help you find the types of houses you’re looking for and negotiate on your behalf.
Buying a home in 2021 can be challenging due to the limited supply and growing competition. These tips can help you on your homebuying journey. For more professional home buying advice, be sure to contact us at Randy Lindsay today.
Here are 3 home-selling predictions for 2021 worth taking into account:
Demand for homes will rise – Due to the unpredictable nature of the pandemic, demand slowed substantially in April 2020. Now that we have a better understanding of COVID-19 and ways to be safe, demand has risen again even though the inventory has remained somewhat low.
House values will continue to rise – Based on current trends, home prices are continuing to rise. Perhaps renters who can afford to be homeowners are taking the plunge now because of the stability homeownership provides when compared to renting. You probably won’t have to worry about the value of your property dropping anytime soon.
Inventory will continue to be low – One thing we can credit the pandemic for is that people have a newfound desire for stability. Fewer people are willing to take risks. And homeowners, for the most part, are staying put unless they absolutely have to move. This means fewer homeowners are looking to “trade up,” and that limits the housing inventory. If you do decide to sell, you’ll have much less competition than in previous years.
These are three home selling predictions that we think are likely to be accurate for 2021. If you are planning to sell your home, take these predictions into consideration when you list your property. For more professional home selling advice, be sure to contact us at Randy Lindsay today.
One of the most important steps of the home buying process is the professional home inspection. As a buyer, you’ll want to make sure that you’re not purchasing “damaged goods.” A home inspection will reveal any issues that the seller maybe wasn’t aware of (or that only recently occurred). If you’re buying a home and the inspection reveals some issues, then you have three options: you can back out of the deal, you can request repairs, or you can ask for a seller credit.
Asking For Repairs
If there are problems that require repair or replacement (for instance, there’s a leak in the roof), then you can simply ask the seller to take care of it before the purchase goes through. Many sellers are willing to pay for repairs, especially ones that aren’t too costly, to help the sale go through.
Asking for a Seller Credit
Another option is to request a credit. Instead of doing the repairs, the seller would provide a credit that is equal to how much the repair would cost. The credit can go towards the buyer’s closing costs, but it can also be combined with a higher sale price so that it becomes a part of the mortgage. If the buyer receives a credit, then they will be responsible for taking care of the repairs after buying the house.
If your inspection has revealed issues with the house you want to buy, then you’ll want to carefully consider your options. Also, keep in mind that the seller does not have to agree to do repairs or to provide a credit — although, if this is the case, then you’re legally entitled to back out of the sale. For more information about home inspections or about buying a home in general, be sure to contact us at Randy Lindsay.
A buyer’s market is when there are lots of properties for sale in the area but only a few buyers. As a result, buyers are less likely to compete against each other. They have more room to negotiate. Selling a home in a buyer’s market can be challenging.
Here are three tips to help you sell a home in a buyer’s market:
1. ‘Fix Up’ Your Home
Invest in all necessary repairs. This includes even the smallest issues, such as loose doorknobs. Buyers can afford to be picky in a buyer’s market, which means you’ll want your house to be in perfect condition when it’s showing.
2. Price Your Home Competitively
If your home is priced too high, you won’t find any interested buyers. They can easily compare your properties with others for sale in your area to learn you’re asking too much. In a buyer’s market, you may even want to list your house slightly below the market value to give yourself a competitive advantage over other sellers.
3. Use a Real Estate Agent
Real estate agents can take advantage of their local network to find motivated buyers. They’ll be able to connect with other agents they’ve worked with before to recommend your property to their clients. Without an agent’s help, your house could get lost in a buyer’s market.
Trying to sell your house in a buyer’s market can be quite a challenge. For more tips on selling a home in a buyer’s a seller’s market, be sure to contact us at Randy Lindsay today.
Randy has enjoyed over 27 wonderful years in the Real Estate industry making dreams come true for homeowners.
Superior customer service is #1 to Randy and he provides this to all of his clients using knowledge, professionalism, integrity and persistence.
Randy is a successful and experienced real estate agent who expertly represents both buyers and sellers. Scores of Charlotte area residents have trusted Randy in the process of listing their homes to sell.