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Getty Images October 26, 2022 Tim is a freelance personal finance writer and blogger with a particular focus on credit cards and consumer lending. In 2002, he stumbled upon a copy of "The Millionaire Next Door," by Thomas J. Stanley and William D. Danko, which ignited a passion for learning and sharing fact-based money principles. Tim has a passion for demystifying personal finance and helping people live their best lives. Michele Petry is a senior editor for Bankrate, leading the site’s real estate content. Bankrate logo The Bankrate promise
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money. Bankrate logo The Bankrate promise
Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next. Bankrate follows a strict , so you can trust that we’re putting your interests first. All of our content is authored by and edited by , who ensure everything we publish is objective, accurate and trustworthy. Buying or selling a home is one of the biggest financial decisions an individual will ever make. Our real estate reporters and editors focus on educating consumers about this life-changing transaction and how to navigate the complex and ever-changing housing market. From finding an agent to closing and beyond, our goal is to help you feel confident that you're making the best, and smartest, real estate deal possible. Bankrate logo Editorial integrity
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You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. Thinking about selling your home? Making the extra effort to prepare it for sale will improve your chances of success. Prepping your home could mean anything from making necessary repairs to performing a deep clean, and while it can be a lot of work, your efforts will be well worth it if they result in more offers and a faster sale. Follow these tips when preparing your home for sale to attract the most interest — and the best offers. Identify necessary repairs
If you’ve lived in your home for several years, normal wear and tear is to be expected. Minor problems, like a chipped shower tile or a dripping kitchen faucet, may not have much of an effect on your day-to-day life — in fact, you may barely even register them. But visible problems are very noticeable to buyers. House-hunters might even see them as a signal that more significant issues may exist beneath the surface. Creating a plan to figure out , and address them properly, is one of the best things to do to prepare your house for sale. Walk through your home and make a list of all noticeable imperfections, no matter how minor they may seem. Then consult with your , who can help you prioritize the list and figure out which issues will be important to prospective buyers — and which will not. You might also consider a , which can identify manageable problems, like a roof leak, before they become massive ones, like the need to replace the entire roof. Buyers commonly include an in their offers, which can lead to the need for concessions or worse if the findings are unfavorable. So getting an inspection prior to listing will help you get a jump on any future problems that could derail your deal. The is $341, according to HomeAdvisor. A few hundred dollars is money well spent if it saves you thousands down the road. Declutter depersonalize and clean
Real estate agents often recommend making your home as clean, open and neutral as possible. The goal is to help the buyer envision the home as their own — not to distract them with personal items that belong to someone else. Start by decluttering and organizing every room in your house. Pack away excess furniture and things you don’t need for everyday living, including any items overstuffing your closets. Not only will this make your home appear cleaner, it’ll also give you a head start on packing for your move after you . Alyssa Morgan, a Miami Beach real estate agent and founder of the Inside Network, says that “a deep cleaning, especially the air vents and A/C filters,” is a task many sellers undervalue and overlook. Hiring a professional to deep clean your house may be your best option to do the job quickly and effectively. According to Fixr, the is $300. Gather all the documents needed
One of the most essential steps to prep a house for sale is keeping track of important paperwork. Some of the include the following: Mortgage payoff statement: As its name suggests, this document states the exact amount needed to pay off your mortgage loan in full, including interest and fees. Title companies often request the payoff statement from your lender before completing the sale. Homeowners insurance: Carrying is likely a requirement of your mortgage loan, and that coverage is expected to continue until your home closes and the final sale is complete. HOA documents: If your home is part of a , gather all your information regarding its rules and financial standing. HOA disclosures can be complicated, so you may want to consult a real estate attorney if you’re not sure what to include and what not to. Property tax records: You might need to provide receipts to show what taxes on your property are still outstanding. Before closing on the property, buyers must be able to understand and estimate the cost of on their new home. State disclosure forms: Most states have standard disclosure forms that home sellers must fill out, detailing any knowledge they have about problems with the property or structure. Some are very detailed and lengthy — consult with your agent to make sure yours is filled out and filed properly. Records of repairs and maintenance: Finally, do not underestimate the importance of keeping and disclosing proper home maintenance and repair accounts. You want to be able to prove that important repairs were made, and when. Home staging curb appeal and photography
When it comes to impressing house-hunters, first impressions matter. You want to make your home as appealing as possible, to as many people as possible, which is why many sellers hire professional stagers to get the space looking picture-perfect. “Staging has the most significant impact when preparing a home to come to the market,” says Morgan. “It helps prospective buyers be able to imagine the home as their own.” Staged properties typically sell for about 10 percent more than if they were not staged, she says. Your real estate agent can help you strategize how to . “Before our clients list their home, we put together a list of minor and major updates that we suggest to get top dollar,” advises Morgan. “Fresh paint and staging are always at the top of the list.” And don’t forget about your home’s exterior, which is also key to making a good first impression. Improve your home’s by mowing the lawn, trimming all bushes and trees and pressure washing dirty sidewalks and driveways. Adding flowers to your porch or front yard never hurts either. Ultimately, though, even the most beautiful home on the market could get overlooked if the listing doesn’t attract eyeballs. More than 40 percent of buyers look at listings online as their first step, , and good photos make all the difference. Fortunately, most real estate agents understand this and work with professional photographers who can capture appealing images of your property. You may even want to look into aerial photography or video walk-throughs, to help your listing stand out more. Listing your home
When your preparations are complete, it’s finally time for your real estate agent to officially list your home. He or she will add it to the local and market it to both potential buyers and other agents. Your agent will take charge of scheduling showings, negotiating with interested parties and helping you get the best offer possible for your home. FAQs
What is the best time to sell a house
Conventional wisdom says that spring and summer are the , and the data backs that up. Real estate data firm analyzed more than 46 million home sales over the past 11 years and found that the months of May, June and July are the best times to sell your home. Sellers received at least 10 percent more than market value for their homes during these months, it found.
How much does it cost to sell a house
The exact depends on a number of factors. For starters, a home seller typically must pay 5 to six 6 percent of the home’s purchase price to cover Realtor commissions. Then there are , which can vary widely by state and sale price. According to , closing costs for single-family properties in 2021 averaged $6,905 — but keep in mind these costs are not shouldered by the seller alone. Sellers may also have to pay outstanding property taxes, attorney fees and more.
Should I hire a real estate agent to sell my home
You can choose to sell your home on your own — called a listing — but the benefits of using a real estate agent are significant. An experienced will do the legwork needed to get you wider exposure for your property and help you navigate any legal and regulatory requirements. But more importantly, a knowledgeable local agent can help you price your home appropriately for the area, making sure you get the best possible deal, and price.
What renovations add the most value to my home
According to the , the only three home improvements that recoup 100 percent of their cost (or more) at resale are refinishing hardwood floors, installing new wood floors and upgrading insulation. But plenty of smaller, less expensive upgrades can without requiring a huge outlay of cash, including something as simple as a fresh coat of paint. SHARE: Tim is a freelance personal finance writer and blogger with a particular focus on credit cards and consumer lending. In 2002, he stumbled upon a copy of "The Millionaire Next Door," by Thomas J. Stanley and William D. Danko, which ignited a passion for learning and sharing fact-based money principles. Tim has a passion for demystifying personal finance and helping people live their best lives. Michele Petry is a senior editor for Bankrate, leading the site’s real estate content. Related Articles