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You’ve Decided to Sell Your Home—Now What?
Deciding to sell your home is one of the biggest steps you can make in your journey as a homeowner. You’ve likely gone through every scenario in your head and are eager to make sure that the next step for yourself and your loved ones is the right one. The shift from homeowner to seller can feel like a roller coaster, but with the right preparation, it will go smoothly. Here are a few ways to make this transitional period a little easier.
Rely on Your Support System
It’s common to experience waves of emotion when selling your home. Leaning on your support system—your Windermere agent included—can provide some stability.
Selling a home is an exciting endeavor to be shared with the people around you. Reach out to your friends and family to share the great news and start the conversation about how, where, and when they can help you. Whether it’s helping you pack, getting you out of the house during open houses, lending a hand on moving day, helping you get settled into your new home, or simply offering words of encouragement, involving your community will help make it all feel a little less overwhelming for both you and them. If you’re looking for a place to stay while you sell your home, someone in your network may have the perfect solution.
Ask Questions
There is no such thing as a stupid question, especially when selling your home. Whether you’ve sold your home before or this is your first time, each transaction in unique. Your Windermere Real Estate agent will be equipped to address your every question, so don’t be afraid to pause the conversation to ask a clarifying question if something doesn’t make sense.
For information on every aspect of what it takes to sell your home, visit the Selling page on the Windermere blog.
Create a Timeline of Selling Your Home
From prep work to closing, there are many steps to selling your home. It may be helpful to create a timeline or schedule of events, so you know both what you’ve accomplished and what’s coming next. Here’s an example of what it could look like:
- Prepare to Sell
- Move out & clean
- Stage the home
- Marketing Photos
- List the house
- Open House Weekend
- Accepting the Offer
- Review Offers
- Accept an offer
- Negotiate with buyer
- Buyer’s Inspection
- Moving
- Pack up
- Move
- Update all addresses and bills
Expect the Unexpected When Selling Your Home
There’s a fair amount of unpredictability in a transaction as intricate as selling a home, so it’s best to be prepared. A pre-listing inspection will let you know of any major issues with your property that might impact the price of your home and the eventual negotiations your agent will pursue with the buyer’s agent. This lets you make necessary repairs before you go on market, providing you with one last chance to increase your return on investment.
Keep your home secure with a few precautions while you sell. While your house is on the market, you’ll have a lot of foot traffic during open houses and private tours. You can protect your home by adding cameras in and around your home, hiding valuables in a safe, and talking to your agent about taking the appropriate safety precautions.
For more on what you can expect when selling your home, read our blog post on the 10 Costs Associated with Selling Your Home.
The Difference Between a Comparative Market Analysis and an Appraisal
It can be difficult for sellers to distinguish between two methods of finding the value of their home: a Comparative Market Analysis (CMA) and a home appraisal. Though they share many similarities, there are key differences in how the two approaches ultimately arrive at a listing price for your home.
The Difference Between a Comparative Market Analysis and an Appraisal
Comparative Market Analysis (CMA)
A CMA is conducted by an agent using their knowledge of the local market in conjunction with information available to them on the multiple listing service (MLS), which contains data on sold homes and market trends. A CMA helps to price the home more accurately, keeping the property competitive in the current market. For those who are thinking of selling their home For Sale By Owner (FSBO), it’s worth noting that you will not be able to conduct a CMA on your own, since, among other things, access to the MLS is exclusive to real estate agents.
Your agent’s analysis accounts for the various factors that influence home prices to arrive at an accurate estimate of your home’s value. A CMA compares your home to others in your area that have either recently sold, are currently on the market, or had previously listed but have since expired, typically using data from the past three-to-six months. Comparable homes, or “comps,” are homes whose characteristics are similar to your own, such as the housing type, condition, and the square footage and property size. A thorough CMA will provide information on what homes in your area are selling for, how long they were on the market, and the difference between their listing and sold price, and will list a low, median, and high selling price for your home.
Appraisal
The main difference between an appraisal and a CMA is the personnel involved. Whereas a CMA is conducted by a real estate agent, an appraisal is carried out by a licensed appraiser on behalf of the bank. Once a buyer applies for a loan to purchase your home, the bank will order an appraisal of the property. Though appraisers use methods of comparison similar to an agent’s CMA, unlike a real estate agent, bank appraisers have no vested interest in the sale of the home. The goal of an appraiser’s visit is to determine your home’s fair market value to ensure that the bank isn’t lending more money to the buyer than needed.
For more resources on the selling process and to use our free home value calculator, visit the selling page on our website here:
6 Million
The National real estate market just hit a massive milestone.
Based on the numbers through August, we are now on pace to sell 6 million homes. This is the highest pace we have seen in 14 years.
The 6 million threshold is a big deal in the real estate brokerage world.
Each month, as they have for a long time, the National Association of Realtors tracks the sales and then calculates the annualized rate of residential closings.
For many, many years this number has bounced around 5.5 million. The fact that it just jumped to 6 million speaks to many factors especially the effect of today’s interest rates.
How to Improve Your Curb Appeal
Image Source: Canva
When it comes time to sell your home, first impressions are crucial. Improving your curb appeal helps to make the most of a buyer’s first glance and sets the stage for their interest in purchasing your home. The following projects are simple and inexpensive ways to enhance both your home’s first impression and its value.
Landscaping
- Lawn: A healthy, well-tended lawn goes a long way towards improving your curb appeal. Clean up all weeds, leaves and debris, and consistently water your lawn to give it that fresh green look. If you live in an arid climate, consider grass alternatives like artificial turf for the best lawn aesthetic.
- Plant colorfully: Adding color variety to your front yard will grab buyers’ attention. Align smaller plants, like groundcover and flowers, neatly within your flower beds, aiming for symmetry when possible. Use larger plants and trees to frame in your entryway or walkup. If your front yard doesn’t have flower beds, try adding hanging planters or window boxes.
- Lighting: Landscaping lighting boosts your curb appeal during nighttime, accentuates your shrubbery, and adds a welcoming touch for visitors as potential buyers, lighting the way to your door.
Image Source: Canva
Porch
Front porches set the stage for all your home has to offer. Improvements here will play a significant role in how comfortable potential buyers feel about the property and how inspired they are to explore the inside of the house.
- Door: Your front door is an opportunity to make a tasteful statement. Look at bold color choices that are within or slightly stretch your home’s exterior color palette. Take time to prepare the surface for a fresh coat of paint to make the color pop as much as possible. Try stylish doorknob options that accentuate the aesthetic to give your door some added flair.
- House numbers: New and stylish house numbers are an easy, eye-catching touch to the look of your porch. Look for styles that match with your exterior color palette and any exterior lighting fixtures.
- Go for comfort: Incorporating classic front porch elements like a porch swing, sitting bench, and other outdoor furniture gives a welcoming aura to the front of your home and creates a sense of comfort for prospective buyers.
- Shutters: Windows are the gateway to the inside of your home. Shutters of delicate fabric will bring elegance to your front porch, while wooden shutters deliver a solid, cozy vibe.
Other
These miscellaneous projects will add the finishing touches to your home’s curb appeal and get it in prime selling condition.
- Quick maintenance: Small chores and minor fixes like cleaning gutters, repairing chipped paint, and cleaning windows are important for buyers with a detailed eye.
- Staining: Instead of replacing fences or garage doors, look into applying a fresh stain. This brings a refreshed look and is much cheaper than a full renovation or replacement.
- Power wash: Power washing your walkways and driveways makes a significant difference in curb appeal. If buying a power washer is outside your budget, explore rental options from the big-name hardware stores.
Get Real
We’ve seen some headlines recently that suggest home prices along the Front Range have peaked and are starting to decline.
When we dig in and do the research, this is what we find…
Home prices are still going up, just not as fast as they have been.
We’ve known that the double-digit appreciation that we’ve seen for the last several years could not be sustained and we expected the pace of appreciation to slow down.
So far in 2019, this is the case. Prices still going up, just not as fast.
It’s like running up stairs. Eventually you will get tired and you will need to start walking (but you’re still going up).
Headlines that suggest that prices have peaked and are falling create unrealistic expectations for buyers and give sellers a skewed perspective on the market.
Here are the numbers…
Average Price:
- Up 1.53% in Metro Denver
- Up 6.1% in Larimer County
- Up 5.1% in Weld County
Months of Inventory:
- 5 Months in Metro Denver
- 5 Months in Larimer County
- 4 Months in Weld County
- (Remember that 4-6 months of inventory represents a balanced market)
There has been an increase in Days on Market which means that homes are taking longer to sell. But the increase is measured in days, not months.
Here are those numbers…
Days on Market:
- Up 4 Days in Metro Denver
- Up 11 Days in Larimer County
- Up 3 Days in Weld County
So, be mindful of headlines that can be sensationalized and might suggest that the market is falling.
Bottom line, the market is going up, just not as fast as it was
