Selling a Home in Lincoln Square
When you consider selling your home, here's some things to think about and a few ways to get started.
First, be clear about why you are selling your home. Write down the reasons and your priorities for what you need to get out of the transaction. This list helps you make decisions as the situation changes. Part of your priorities should be determined by how much you still owe on the loan for the house. Call your lender and ask for a beneficiary statement, a document that clarifies the current status of your loan.
Next, do some research on your local market. Your real estate agent is a significant help here, but the more you know, the easier this process will be. Look on a few real estate websites to see how homes in your area are priced, and note how long each house has been on the market. Find data, usually from newspaper archives, about how the houses in your area were selling a year ago. This helps you determine the nature of the market. Is it heating up, cooling down, or maintaining a steady pace? All these factors determine your asking price.
Hire a real estate listing agent. Start with recommendations from friends, but make sure you interview them before starting the selling process. Ask about their experience in your neighborhood. How long have homes they represent been on the market? What is the agent's plan for marketing your home? Inquire about the nature of the market your neighborhood and compare the agent's answers to what you already know. Make sure you get along with this Realtor and feel comfortable. This relationship is meant to ease the process, not make it more frustrating.
Once you decide on a listing agent, ask them about repairs/improvements to the house you'll need to make for your home to be competitive in your neighborhood. If most homes in the area have granite countertops, you might consider installing them in your kitchen. However, keep in mind the return on investment. If most homes in the area do not have granite countertops, it might not be important in your market.
Your agent can help you make your house attractive to the broadest audience. This might mean painting the walls a neutral color, taking down family photos, and rearranging the furniture. Also ask your Realtor about staging. Staging might require a professional to come in and make the most of your space. Again, consider the return on your investment. Repairs and some redecorating might cost a few hundred dollars, but could add thousands on the asking price.
When setting the asking price, make sure it is reasonable for the market and your neighborhood. Don't be flattered by a real estate agent who agrees to an inflated price. Even though you value your home, don't extend those emotions into the asking price. Buyer real estate agents usually skip over homes that have a higher asking price, which means those homes stay on the market longer and usually end up selling for lower prices.
When you receive an offer, call your real estate agent and decide how to respond. Your response depends on your asking price, the nature of the market, and all the contingencies in the contract. It's not usually a good idea to agree to a contract that depends on the buyer first selling their home. Also make sure that the contingencies have time limits. For example, the home inspection contingency should be a few business days. The timeframe will guarantee that the process doesn't take too long and consequently prevent you from considering other offers.
Finally, closing should be set 45 - 60 days after the contract is agreed upon. Now you can start looking for your new home!