Our Real Estate Blog
Selling a home takes patience. Especially when you’re balancing your time between settling into your new home, and keeping up with your work and family life. So, when you’ve finally gotten to the point of accepting an offer on your home, you’ll probably breathe a sigh of relief--and you should! However, there are still a few more things that will need to happen and a couple of things to consider before closing the deal on your home sale.
Contingencies on the purchase contract
A purchase contract typically includes contingency clauses that are designed to protect the interests of both the buyer and the seller. These clauses mean that the contract is contingent upon the actions being completed before it can be legally valid.
There are three main contingencies that will likely be included in the purchase contract before closing--inspection, financing, and appraisal.
The inspection contingency allows the buyer to have the home inspected by a professional before closing (the time should be specified within the contract, but the inspection should usually occur no more than two weeks after you accept the offer). A home inspection lets the buyer know what to expect in terms of repairs that the home needs now or will need in the near future.
Since the vast majority of buyers will be purchasing their home through a loan, a financing contingency is included to allow the buyer time to secure their mortgage. Getting pre-qualified and pre-approved makes this process easier, but the buyer will still have to finalize and close on their mortgage before their financing is official.
This clause exists to protect the buyer in the event that their mortgage application is denied, ensuring that they aren’t penalized.
The third contingency most often found in purchase contracts is a home appraisal. The buyer will order an appraisal and then the appraiser will reach out to you to find a day to come and value your home.
If the home is then appraised at the amount agreed upon in your contract, this contingency is met. However, if the appraisal comes up lower than the purchase amount, the buyer can renegotiate the price.
Walkthrough and closing
Once the appraisal and inspection have been met and financing secured, the buyer will have a chance to do a final walkthrough of your home. The walkthrough usually occurs no more than two days prior to closing on the sale. A walkthrough allows the buyer view the home one last time to ensure that the condition of the home hasn’t drastically changed since the home was inspected or appraised. So, make sure the buyer is aware of any changes you planned to make to the home before closing.
Now you’re ready to close on your home sale. You’ll receive a disclosure form to review (read it carefully!) and sign. Once closing is complete, ownership of the home is officially transferred to the buyer.
While the closing process does include several steps, it’s important to be available and cooperative along the way to ensure a smooth sale and transition into your new home.
Every homeowner seems to come to a point where they wonder if it’s time to sell their home or renovate the one that they currently have. Whether or not you decide to sell immediately, you can start with some renovations to your home that will offer you a big return on your investments and more comfort. Certain renovation projects are more beneficial than others. We’ll go over some of the best projects that you can take on in your home to add value and comfort to your home.
Curb Appeal Pays
While you may turn to the inside of your home to make improvements first, it’s actually more beneficial to update the outside of your home before you even begin to tackle the inside. Curb appeal can boost the value of your home significantly.
Check Your Insulation
You can improve the overall energy efficiency of your home by sealing unattended places in the home. Add insulation and sealing right in your attic. This helps to save on energy costs the whole year through. New insulation brings quite a return on value in your home.
Make Your Spaces Peaceful And Open
If you have plenty of space available in the house, you’ll get a big return on your investment. Add a bedroom to the home if you are able. Expand on the master bedroom to include large closets along with a master bathroom. Some of these renovations can become a bit of an expense, but you’ll be happy you did them when you get a large return on your investment.
Add A Deck
Adding an outdoor space to enjoy will not only give you financial returns, it will give you an increased sense of happiness as well. You’ll have a new outdoor space that you’ll be able to enjoy for a good portion of the year.
Sometimes even small improvements can add returns and more appeal to your home. Does your kitchen need new tile? Could your dishwasher use an upgrade? Maybe the bathroom counter can be replaced. Anything small around your home that’s upgraded can add up. The kitchen and the bathroom are the two rooms of the home that people most desire to have updated. Doing any and all projects in these rooms can have a really big impact on the value of your property.
After The Renovations
After you complete the desired renovations in your home, live in it for awhile. If you’re still itching to move on from your property, make an appointment with your realtor. There is nothing wasted in doing renovations to your home whether you decide to stay on the property or move on.
Adding a residence to the real estate market can be stressful, particularly for a first-time home seller. Fortunately, we're here to help you maintain a positive outlook as you await offers on your house.
Now, let's take a look at three tips to help a first-time home seller remain calm, cool and collected after he or she lists a residence.
1. Set Realistic Expectations
Although a first-time home seller might expect dozens of offers in the days following a house's addition to the real estate market, it may take some time to stir up interest in a residence. However, a home seller who establishes realistic expectations from the get-go will know how to stay the course throughout the property selling journey.
A first-time home seller should understand both the best- and worst-case scenarios. That way, a home seller will know how to respond to any potential pitfalls that may arise.
Furthermore, a first-time home seller should have a plan in place for what will happen after a home offer is accepted. This will ensure a home seller is fully prepared to vacate a house as quickly as possible.
2. Learn About the Housing Market
The housing market is exceedingly complex, especially for those who are selling homes for the first time. Conversely, a first-time home seller who takes a diligent approach can gain the real estate market insights to make confident decisions.
For example, a first-time home seller should analyze the competition closely. By looking at the prices of similar houses that are available, this home seller can establish a competitive price for a house and increase his or her chances of a quick home sale.
A first-time home seller also should check out the prices of recently sold houses in his or her city or town. By doing so, this home seller can find out whether he or she is entering a buyer's or seller's market and plan accordingly.
3. Collaborate with a Real Estate Agent
Selling a home may seem like a simple process on paper, but challenges can quickly arise that prevent a first-time property seller from achieving his or her desired results. But with support from a real estate agent, a first-time home seller can get the assistance that he or she needs to remain confident at each stage of the property selling journey.
A real estate agent understands the challenges associated with selling a house and will help a property seller avoid such problems. In fact, a real estate agent is happy to provide expert guidance to help a first-time home seller operate like a home selling professional.
Perhaps best of all, a real estate agent will respond to a first-time home seller's concerns and queries. This guarantees a home seller can obtain unparalleled insights into how to set a competitive price for a residence, how to bolster a house's interior and exterior and much more.
Want to keep things positive as you proceed along the home selling journey for the first time? Use the aforementioned tips, and you can maintain a positive outlook as you navigate the home selling cycle.
As a home seller, you'll likely want to do whatever you can to promote your house to the right groups of homebuyers. Thus, hosting an open house is a must, particularly for a seller who wants to enjoy a fast, profitable home selling experience.
Ultimately, there are many reasons to conduct an open house, and these include:
1. You can stir up interest in your house.
An open house enables you to provide homebuyers with an up-close look at your residence. It allows these buyers to look beyond a home listing, and as such, may lead to many potential offers on your home.
Of course, an open house empowers you to show off the true size and beauty of your home as well. If you allocate the necessary time and resources to clean your home prior to an open house, you may increase the likelihood of securing offers at the event's conclusion.
2. You can respond to homebuyers' questions.
Although a home listing may include details about your house's age and condition, it fails to provide homebuyers with a "feel" of what it's like to walk around inside and outside your residence. Fortunately, an open house allows buyers to get a first-hand look at your residence and determine whether your house matches or exceeds their expectations.
Furthermore, an open house provides homebuyers with the opportunity to ask questions about your house. And if you provide buyers with the information they request, you can make it easy for them to decide whether to submit an offer on your home.
3. You can analyze homebuyers' interest in your residence.
Believe it or not, an open house can help you gauge the effectiveness of your marketing efforts.
For instance, an open house that features dozens of potential buyers likely can be considered a resounding success. On the other hand, if no buyers attend your open house, you may need to reevaluate your home's initial asking price and other home selling factors.
When it comes to hosting an open house, there is a lot to consider. Luckily, you can work with a real estate agent to streamline the process of putting together a successful open house.
A real estate agent is a home selling guide who can offer expert tips and insights at each stage of the home selling journey. He or she will learn about your residence and help you map out a successful home selling plan. Perhaps best of all, a real estate agent will set up open houses, help you assess offers on your residence and ensure you can make the best-possible decisions throughout the home selling process.
If you're worried about hosting an open house, there is no need to stress. Hire a real estate agent today, and you'll be able to receive comprehensive home selling support. In fact, with a real estate agent at your disposal, you can seamlessly navigate the home selling cycle.
Selling a home can be a major hassle. Lucky for you, family members and friends may be able to lend a helping hand as you prep your house for the real estate market.
There are many reasons why you should include loved ones in the home selling journey, including:
1. Loved ones can help you promote your house to potential property buyers.
Family members and friends can share details about your home with large groups of potential homebuyers. That way, you can boost your chances of stirring up interest in your home as soon as your residence hits the real estate market.
Encourage family members and friends to promote your home via social media and word of mouth. If loved ones allocate plenty of time and resources to share information about your home with others, they may be able to help you get the optimal results during the home selling journey.
2. Loved ones can help you complete assorted home improvement projects.
Although your home may look great both inside and out, there may be minor property improvement tasks that you need to complete before you add your house to the real estate market. Fortunately, loved ones may be able to help you finish assorted home improvement tasks.
Family members and friends may be able to assist you as you clean your house. They might even be able to take excess items off your hands so you can declutter your residence quickly and effectively.
Furthermore, loved ones may be able to offer expert recommendations for various home repair projects. And if you need major home repairs like roof maintenance or a complete backyard overhaul, family members and friends may be able to help you get in touch with the right home repair professionals.
3. Loved ones can help you minimize stress at each stage of the homebuying journey.
The process of selling a home can be long and arduous, especially for those who choose to embark on the home selling journey alone. However, loved ones can help you stay calm, cool and collected throughout this journey, regardless of what happens.
Family members and friends are happy to support you in any way possible. As such, they will listen to your home selling concerns and queries and ensure you can minimize stress time and time again.
Also, loved ones may be able to provide home selling insights that you might struggle to receive elsewhere. If family members or friends have sold homes in the past, they can offer guidance to help you streamline the home selling journey.
If you need extra help with selling your home, don't hesitate to reach out to a real estate agent, either. This housing market professional understands the ins and outs of the real estate sector and will help you generate substantial interest in your property.
Ready to add your house to the real estate market? Get your loved ones involved in the home selling process, and you can move one step closer to optimizing the value of your residence.