Everyone has a different home-selling experience. But there is a universal truth about the process: that it can be stressful if you’re unprepared or ill-equipped to handle the transaction. Let’s not forget the emotional toll it can take if you’re selling a well-loved home.
All that said, the good news is you can take a few steps to ensure a stress-free home-selling experience. Here’s our guide and helpful tips to help you manage– or perhaps completely avoid– the stress that comes with selling a house.
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THE NO. 1 SECRET TO A STRESS-FREE SALE
Selling a house is not much different than buying one. And whether you’re a first-time home seller, downsizing, relocating, or simply want to cash out on your investment, the process remains mostly the same.
What changes is the property you’re selling. It could be the first house you ever bought with your hard-earned money, or the home you built with your loved one. Maybe it’s a house you purchased during a transition period in your life, or one you thought was your forever home.
The bottom line is the homes we sell have different emotional ties to us, and this can significantly impact your home-selling experience and the stress that might come with it. This is why one of the secrets for a stress-free sale is to be emotionally and mentally prepared for the process. It might sound cheesy, but it’s time to let go.
You must also be ready for your home to be scrutinized by buyers and agents. Reframe your thinking, and start adapting a more objective mindset that your goal now is to market to most buyers and to sell your home fast. Remind yourself that selling a home is a financial transaction and getting the top dollar is the desired outcome.
Now that you have taken the first steps of letting go your emotions, there are helpful tips
that can reduce the stress in selling a house.
ARE YOU READY TO SELL YOUR HOME?
You feel the nudge to move and start a new chapter in your life, but you’re unsure if you are ready to sell your home. Before moving forward, ask yourself these important questions:
How much will it cost to sell my home?
There are expected costs in selling a house, such as real estate agent commission of 5% to 6% of the purchase price after closing the deal. Prepare to cover expenses for staging and prepping, home inspection, repair costs, closing costs, lawyer’s fee, title and settlement fees, taxes, and closing costs as well. Additionally, you may pay off the mortgage, including any interest.
Last but not the least, take into consideration the relocation and moving costs. These vary depending on factors such as distance, move-out date, and types of services you decide to contract.
Is my home market-ready?
The housing inventory in the Peninsula Bay Area is tight and home values are rising. Buyers are willing to make competitive offers. No doubt this is the best time to sell your home. However, is your home market-ready? As a seller, you have to make sure that your home can stand out in the competitive housing market. This is why preparation and working with a real estate agent is necessary in ensuring your home is market ready.
Do I have enough equity to sell my home?
For many homeowners, being ready to sell comes down to equity. Simply put, equity is the difference between the market value of the property and the amount you still owe on mortgage. A seller should have enough equity to pay off the current mortgage, enough left for the 20% down payment for a new home, and at least 10% equity for the closing costs.
PRACTICAL TIPS FOR SELLING A HOUSE IN PENINSULA BAY AREA
Find the right Realtor for you
Yes, you can still experience a stressful home sale if you don’t have the right real estate expert by your side. So before you hire an agent, take the time to carefully vet your options. Remember that a great Realtor should be able to guide you through the entire home selling process, from pre-listing to closing.
Some of the qualities you should look for in a Realtor include:
- A working knowledge of the Peninsula Bay Area housing market
- A communication style that complements your own
- Recent sales experience (within the past six months or so)
- Specializations and designations that are relevant to the home you’re selling (i.e. If you’re selling a luxury home, you’ll want to work with a Certified Luxury Home Specialist)
- Excellent negotiation skills
- Empathy and understanding
Familiarize yourself with your local housing market
You won’t be in the frontlines when you sell your home with an agent. But that doesn’t mean you should sit idly by, waiting for calls and offers. You can rest better knowing a few things about the local housing market. And when an offer comes, you’ll be able to make a more informed decision.
Local market expertise from your end isn’t necessary, but it helps to know about the following:
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Supply and demand: Is your area currently a buyer’s market (more supply than demand) or a seller’s market (more demand than supply)? Knowing which group the market currently favors will enable you and your agent to determine a better price and selling strategy for your home.
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Your neighborhood’s strengths and weaknesses: Remember that you’re not only selling a home, but a lifestyle as well. Know your area’s strengths and highlight them well to counter any perceived weaknesses.
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Current mortgage interest rates: Low-interest rates drive demand for properties, leading to competitive bidding among buyers and home prices to go up. High-interest mortgage rates slow down buyers. With fewer buyers, sellers face a competitive market, and home prices tend to drop.
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New developments: Where there is development happening, there might be more job opportunities, housing, business growth, and higher (or lower) home values. It can also translate to significant lifestyle changes in the neighborhood, such as increased retail activity, heavier traffic, or revitalization of certain areas.
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Overall economy: How the economy is currently faring will affect your home sale. When the economy is doing well, buyers have more disposable income, which increases demand for housing. During an economic downturn, buyers spend less, so homes tend to linger on the market. Home prices shrink as a result of decrease in
demand for housing.
Your agent can give you a rundown about the local housing market. You can also follow the latest real estate news via local publications, both on paper and online.
Prepare your home for sale
One of the best– and essential– tips to selling a house is to prep the property during the pre-listing stage. This way, you can ensure your home is ready to attract buyers and receive offers as soon as it hits the market. And when you’re a confident home seller, you can manage your stress better.
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Clean and declutter: Making sure your home is neat and decluttered before sale is a tale as old as time. It depersonalizes the property and enables home buyers to envision the spaces as theirs. You want prospective buyers to see the potential your home has, not how you use and live in it.
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Repairs: Most buyers prefer homes that are ready to move into. Save yourself from negotiation-induced stress by taking care of repairs early on. Fixing up your home before listing is less costly than a price reduction, or if the house stays on the market, or worse, if the buyer walks away.
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Enhance curb appeal: Curb appeal refers to how your home looks from the outside. And making a good first impression among buyers visiting or driving by is key to making a speedy and successful sale.
Settle on a good list price
Overpricing is one of the home selling mistakes that you should avoid. It can turn off buyers and make your property linger on the market for longer than you originally intended. And when that happens, you’ll get stressed and might even be forced to make reductions and other concessions. On the other hand, underpricing might make potential buyers suspicious about your listing.
One of the most common tips to selling a house is to have it appraised by a professional. It can give you a good idea about your property’s current market value. Your Realtor can also prepare a comparative market analysis (CMA), which compares your property to other comparable listings in your area. Parameters vary, such as homes sold in your area or properties that offer the same amenities, but a CMA will still yield a benchmark number that will help you set a competitive and fair price.
Stage your home– or hire a professional to do it
If you want to have a successful sale and get top dollar for your home, stage it to impress prospective buyers. When done right, staging can highlight a room’s best assets, or give buyers an idea of how a certain space can be utilized.
Some homes are staged so well, buyers immediately form an emotional connection with the house, so much so that sometimes, they’re willing to pay more than the original list price. Home staging is proven to increase the dollar value of a listing between 1% and 5%. Furthermore, it can shorten a property’s cumulative days on the market.
Get a professional photographer to take pictures of your home
A picture is worth a thousand words, and that holds true in selling a home. In today’s digital age, 41% of buyers looked for properties online and cited photos as one of the valuable features during their home search.
Investing in professional photos pays off as it showcases the features of your home in its best possible light that can easily capture the attention of buyers. With more engaged buyers, your property gets a boost online which can lead to a quicker sale.
Real estate professional photography is not just confined to 2D photos. There is also drone photography that provides sweeping views and angles of the property from aerial perspectives.
Finally, take care of yourself
It’s important to acknowledge that, no matter how much we prepare for an endeavor, we might still experience some level of stress whether we like it or not. After all, there are things and events that are simply beyond our control.
In the event that you find yourself overwhelmed during the home selling process, don’t hesitate to take a step back. You can do any of the following:
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Practice self-care: Whether it’s yoga and meditation, spending time with your loved ones, or doing your skincare routine regularly, always take some time to do the things you enjoy doing. Everyone deserves a break, even if you’re not hands-on with the entire home selling process.
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Take things into perspective: You’ve already done what you can. It’s time for your real estate agent to take care of the rest. While letting things fall into place might cause some delays or small hiccups in your home-selling journey, trust the process and concentrate on what comes next.
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If you’re moving with children or pets: You might be used to moving homes, but your kids or pets might not be. Make moving easier for kids by involving them in preparations, such as letting them pick stuff for their new rooms. For pets, start familiarizing them with their new home little by little, and pack a care kit– complete with their favorite toys– to ease their stress.
SELL YOUR HOME STRESS-FREE IN THE PENINSULA BAY AREA
If you’re thinking of selling your home in the Peninsula Bay Area, you don’t have to do it alone. Work with the Carol Reen Team and let us help you enjoy a smooth and stress-free home
selling experience.
With more than 20 years of expertise in the Peninsula and surrounding areas, our local
knowledge of the market, concierge-level client services, and innovative approach has consistently helped us rank in the top 1% of agents in the Bay Area. Get in touch with us today by calling 415.728.6199 or sending us a message here.