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Like most homeowners, you might think selling your home is straightforward. Contrary to what you’d expect, selling a home isn’t all about finding a potential buyer, getting paid, and handing over your house keys. The entire process has many moving parts, some beyond your control.
For instance, your property’s location directly affects the price and how long your home stays on the market. Locations with high competition and low property inventories mean your property will sell faster and at a better price. On the other hand, you might have to work hard to attract potential buyers in regions with low demand.
The real estate market has changed, especially after the pandemic. Bidding wars have reduced, and house prices and mortgage rates remain high. Fortunately, you can still sell house fast Philadelphia with the following tips.
1. Price Your Home Competitively
Accurate pricing is crucial to determining how long your listed property remains on the market. Unfortunately, not all homeowners know what goes into pricing their properties for sale. Generally, you should price your home around other comparable properties. You should find out about recent sales of similar homes in your location.
While you should analyze active and recently sold properties, ensure these properties have similar characteristics to your listed property. Similar characteristics should include age, amenities, size, and condition.
You should also consider the general market conditions. The real estate market is either a buyer or seller’s market. A buyer’s market simply means there are more housing inventories than demand. Pricing your house accurately in a buyer’s market attracts more buyers. On the other hand, demand for homes outpaces supply in a seller’s market. This means you can price your home flexibly.
Property sellers should also consider upgrades and the property’s condition. Adjust the value of your home based on installed upgrades. Well-maintained properties can justify a higher price tag. However, you should avoid testing the market. Don’t price your home highly initially with the intent of lowering it later.
2. Enhance Curb Appeal
Improving your home’s curb appeal also boosts its selling point. Ensuring potential buyers get a good first impression of your property can help it sell quickly. That said, you should consider the following to improve your home’s curb appeal:
- Landscaping and greenery: Well-maintained landscapes instantly boost curb appeal. Adding colorful flowers, lawn mowing, and weeding your garden beds improve your home’s visual interest.
- Fresh exterior paint: Painting the outdoors changes your home’s general appearance. For this, choose colors that complement the surroundings.
- Window treatment: Cleaning your windows improves your home’s exterior and allows maximum natural light indoors.
- Upgrade outdoor lighting: Upgrading your outdoor lights improves safety and aesthetics. You should illuminate the pathway, porch, and other key landscape features.
- Construct outdoor living space: Modern buyers prefer outdoor living spaces. Homes with patios or small seating areas sell better.
- Fencing and gates: You should repair the fence and gates. This improves privacy and security, which is attractive to potential buyers.
Note that you don’t have to conduct major renovations, especially if you are selling your home to cash buyers. Minor repairs and touch-ups are enough to sell your home.
3. Time Your Home Sale
Unknown to most homeowners, market timing is important when listing your home for sale. As mentioned, you should know if the current real estate market is a buyer’s or a seller’s market. Beyond this, you should know how seasonal patterns affect the home-selling process. The real estate market typically changes according to seasonal trends.
For instance, summer and spring are popular for buying and selling properties. This is probably because of the favorable weather conditions and the end of the academic year. However, because everyone is in the market, the market turns competitive. Seasons often go along with supply and demand for homes for sale.
Economic indicators, especially mortgage interest rates, and employment rates, are other vital considerations. You should time your property sale to a period where these factors are stable. Other important factors that affect market timing include local events, market sentiments, and major life events.
4. Offer Incentives
Offering incentives also sweetens the deal and makes it attractive to potential buyers. Sweetening your deal can differentiate your property from others in the market. Fortunately, you don’t have to struggle much to incentivize potential buyers. Simple deals, such as offering to cover a percentage of the closing costs, can make your home appealing. Buyers appreciate the slightest financial relief.
You can also include the value of furniture and household appliances in your asking price. Including these incentives in your offer is attractive, especially to first-time homebuyers who want to minimize moving costs. Extending your home warranty to the new owner does the same. This gives the new buyers peace of mind, as they won’t have to incur repair and replacement costs sooner. Other incentives, such as a few months of free landscaping maintenance services and flexible move-in dates, can attract potential homebuyers.
5. Be Flexible with Home Showings
You should also be flexible with home showings to sell your home faster. Most homeowners list their homes, but are unavailable for showings. Accommodating your potential buyer’s preferred schedules increases the number of showings and the likelihood of receiving better offers. You can achieve this through:
- Scheduling open house events: Hosting open house events in the evenings or on weekends means more potential buyers can view your home without making individual appointments.
- Extend home showing hours: Extending your showing hours beyond normal business hours fits the schedule of busy buyers who are only available after work hours or on weekends.
- Respond promptly: Responding to showing requests promptly shows your dedication to selling the home.
- Include weekday showings: You should include weekday showings, even if you won’t be available. Some buyers prefer weekday viewings.
- Vacate temporarily: If possible, you should move out. This allows potential buyers to view your home without your belongings.
Endnote
The real estate market has changed significantly over the last two years. Buyers’ preferences have changed, forcing property sellers to reconsider their offers. Fortunately, these tips can help you sail through the unpredictable real estate market. Price your home competitively, make minor improvements, and time the sale to close your house sale successfully.