Absolutely! While market conditions should only play a small part of why you should sell your home, it’s still important to look at how those conditions could impact the sales process.

In general, as homeownership demand goes up while inventory remains low, the market favors sellers. In a seller’s market, homes sell much faster and often for more money.

The average time it takes to sell a house can vary depending on where you live and how your local real estate market is performing. Also, rural homes tend to take longer to sell compared to those located in urban and suburban neighborhoods.

Nevertheless, over the last decade, the time it takes for a home to sell has gone down extensively. While historically homes had been known to sit for upwards of three months on the market, in recent years homes have moved in as little as 2-4 weeks.

Each buyer approaches the purchase process a little differently, so it’s important to be transparent and strategic with the information you provide potential buyers.

Collaborating with an expert realtor to hone in the price, property description, and professional photos are all a given when selling a home today.

You also should plan to provide basic home repair and maintenance records evidencing the work you have done to maintain the home. Make sure to also complete a property condition disclosure.

Other pieces of information worth providing in good faith are pre-listing inspection reports, recent utility bills, and property tax statements. Providing manuals and warranty information to the new owner could also be beneficial.

Recent data from the U.S. Department of Housing and Urban Development found that the typical cost for a home estimation / home inspection is between $300-500.¹ The price you pay could vary depending on what region of the country you live in, the size and age of your home, as well as the overall scope of work being performed.

In general, on-site inspection completed by a single inspector can take upwards of 2-3 hours to complete for the average single-family home. Larger homes may take longer or require additional personnel.

Electing for a home inspection is always a smart decision, however, make sure you do your research and choose a reputable company. Consider getting recommendations from your local builders association, lender, or real estate agent.

Sources

1 HUD. (n.d.). Ten Important Questions to Ask Your Home Inspector. HUD.Gov / U.S. Department of Housing and Urban Development (HUD). Retrieved April 22, 2022, from https://www.hud.gov/program_offices/housing/sfh/insp/inspfaq

Traditionally, spring is the season to sell. Listing numbers rise in early April and continue into early summer, however, the more properties on the market, the more competition! Homes do sell all year round, so consider what is the best time for you. When will you have time to prepare your property? Do you have a time constraint, such as moving to start a new job? Do you need to work around school terms? Sometimes the best time to sell is when you’re ready!

While the answer will vary depending on market conditions, average sale times range between 55 and 70 days, from listing to closing. Influencing factors include economic conditions such as interest rates, supply and demand, the time of the year, the size, type, condition, and location of your property. Correct pricing and a great marketing strategy will help give you the best chance of selling quickly.

If you want to buy a new home before selling your current home, first consider whether you are financially able to carry two mortgages. Check with your lender if this is an option. Also consider the feasibility (and stress) of physically maintaining two homes, even for a brief time.

There are many indicators that show what the real estate market is doing at a given time. One of the most important indicators is the average number of days that homes remain on the market. This gives you an idea of how quickly homes are selling when listed. Other stats to consider are the average sale price of homes similar to your own, and the ratio between average list price and sale price.

It’s always best to be honest and upfront about the condition of your home. Consider what you would expect as a buyer. Where possible, fix any faults before listing. As a home inspection is likely to be requested by the buyer, it’s to your advantage to prevent or reduce potential problems. Avoid nasty surprises by repairing or disclosing significant defects. Undisclosed defects could lose you the sale.

The assessed value of a property is used by your local municipality for tax purposes. The assessed value is often not the same as the current market value of your home or its potential sale price.

Only consider selling a vacant house if your furnishings are very poor and you will not have it staged. A vacant home can communicate a need to sell that weakens your position during negotiations. Virtual staging may be a good option.

A warranty may be worth considering if your home is more than ten years old. Expect to pay, on average, $600. A warranty can be an incentive that gives potential buyers more confidence to purchase.

Some buyers will specify a timeframe in their written offer. However, it is customary to respond within 24-48 hours of receiving an offer.

As a general rule, all ‘fixtures’ are included in the sale. Fixtures are defined as things that are affixed, fastened to, or an integral part of, the home or landscaping. Examples include lights and light shades, built-in dishwashers, blinds, and curtain rods, and often curtains, built-in bookcases, trees, shrubs, and permanent landscaping features. You should specify any item you intend to take with you (e.g. a garden statue), and consider removing or replacing it before showing.

Your listing agent usually represents you during showings and open houses, and also during negotiations with the buyer and their agent. It is recommended that you are not present during these stages. Even closings are often done separately, so you may not actually meet the buyer. After closing, however, you may arrange to meet with the buyer if you both wish. This can be a nice gesture, and a chance to show them appliances, alarms, aspects of the garden, etc.