You’ve gotten your house ready to sell and selected a realtor. Here are a few listing tips to take into account, especially if you want to buy as soon as you sell.
How Much is Your House Worth?
Your agent will find up to ten comparable listings that have recently sold (within the last three months) or are pending. Comparables will be near your house and similar in size and amenities. You’ll get an idea of how much the homes sold for vs the asking price, and how long it took to sell the house. From this data, you will know what to ask, and roughly how much you will get from the sale.
This bottom number will help you get a more accurate prequalification from the mortgage company. Since you know exactly what the mortgage company will lend you, you can look for houses in that price range. Nothing is worse, house hunting-wise, than falling in love with a house that you can’t afford.
Testing the Water
Setting the price well above the comparables is not generally a good idea. Other realtors have access to the same comparables. They will know if the home is overpriced. Plus, as soon as you drop the price, you signal that you will go even lower.
Another factor in overpricing is that you will have four times normal house-hunting traffic in the first week. Take advantage of the traffic and interest.
Set a Deadline
Choose your listing time and length, if possible. Most homes sell faster in the spring and summer. Markets will also see a surge after the holiday season. Your local realtor knows the trends, so make sure you discuss this with them.
Set a deadline to see your home. The longer your home is on the market, the more people assume there is something wrong with it. If it doesn’t sell in six months, discuss taking it off the market for a few months. When you relist it, you should see the high first-week traffic again.
Sell, then Buy
Should you buy at the same time you are selling? If you can afford to carry two mortgages at the same time, then yes, jump on that dream home. If two mortgages are a concern, your best plan is to sell, then buy.
Contingencies are conditions placed on the offer. You can offer a contingency on your offer that the sale will go through as soon as you have sold your old home. If the home you are interested in has many bids, yours will be turned down.
I hope these listing tips have been useful. If you would like more information on buying or selling your home, give me a call. I’d love to help.
I am originally from Sharonville, Ohio (a suburb of Cincinnati) and I know the Cincinnati/northern Kentucky area. As an active resident, I can help you find just the right area, town, and property for you. I’ll help you sell your Greater Cincy property, as well. If you are interested in real estate for sale in around Cincinnati, Ohio or northern Kentucky, please contact Cincinnati Rock-n-Roll Realtor® Gary Rossignol at (513) 777-2402 or search for a home now.