If you're considering selling your Bellevue home, you should be very familiar with trends in the housing market. Understanding market trends is crucial in helping you decide when to sell and how much to list your home for. Consider these tips that will help you get the most bang for your buck when selling your home.
Preparing Your House to Sell
Determine Your Home's Value
When it comes to selling a home in Bellevue, you need to consider the value of your property. A professional real estate appraiser can provide an accurate assessment of your home's worth.
However, it is also important to do research on the current market conditions within the area to get a good idea of what buyers may be willing to pay. Additionally, reviewing comparable sales within your area can help you determine an accurate listing price for your home.
Interviewing Real Estate Agents
A great real estate agent, like Samuel Piha, will make the process of selling your home seamless – so take the time to find the right fit for you. During an interview, ask about the experience the agent has (particularly in Bellevue), references from past clients, communication frequency and support staff, and the expected commission fee.
Upgrades to Improve Your Home Value
By making improvements, you can increase the worth of your home, allowing you to list it at a higher price and draw in higher offers from potential buyers.
A few upgrades that have a high return on investment, according to Remodeling Magazine's 2022 Cost vs. Value Report, are kitchen upgrades (with matching appliances, of course), bathroom remodels, deck upgrades or replacements, and simple cosmetic fixes to increase curb appeal.
Good and Bad Times to Sell
If you just landed a new job that is requiring you to relocate, you may not have a choice but to sell. However, it's nice to have an idea of when it's a good time to sell and when it may be best to wait, if possible.
You may want to sell if the economy is in a period of growth, the housing market is stable, and market conditions favor buyers.
You may want to wait during periods of economic downturn, if the housing market is volatile, or if interest rates are high.
Staging Your Home and Taking Photos
Have photos professionally taken and let your real estate agent help you stage your home or hire professional stagers. The best return on investment you'll ever get is on professional photos and a well-staged house. When buyers can imagine themselves living in your home, you increase your chances of selling drastically.
Selling Your Home
Listing on the MLS
Listing your home on the Multiple Listing Service (MLS) is a great way to get exposure and attract potential buyers when selling a home in Bellevue. The MLS is a database of available real estate properties that can be accessed by all local realtors and brokers. By listing your home on the MLS, you make it available to a wide pool of buyers, increasing your chances of selling.
Open House & Virtual Tours
Potential buyers will want to see inside your home, and thanks to technology, you can opt for a virtual tour. An open house gives potential buyers the chance to walk through your home and generate a connection with it. Don't underestimate the power of an open house.
However, a virtual tour is an excellent alternative. This digital version of a traditional walk-through allows potential buyers to virtually explore your home from the comfort of theirs.
Cash vs. Traditional Home Sales
A traditional home sale involves working with a real estate agent to find a qualified buyer. The seller typically pays a commission to the real estate agent.
A cash sale can be an attractive alternative for sellers looking to move quickly and avoid commission fees. In a cash sale, the buyer will pay the full purchase price of the home in one lump sum. The potential downside to a cash sale is that buyers often expect sellers to accept a lower offer since there is no time or money associated with acquiring financing.
Appraisal
Hiring an appraiser can help determine what your home is worth. An appraisal will tell you what a buyer should be willing to pay for your home and make sure you receive fair compensation.
Escrow
Buyers are usually expected to pay a good faith deposit. This shows they are serious about their offer, and the money is put toward their down payment. To protect both the buyer and the seller and to ensure the wronged party receives the good faith deposit in case the sale falls through on either end, this good faith deposit is usually kept in a third-party escrow account until the sale goes through successfully.
Closing Costs
In most cases, the buyer will pay closing costs on the house. However, the buyer you choose may try to get you to chip in on closing costs. Your buyer could feel like they have leverage if they had the house appraised and it was valued at less than what they offered. They may also ask you to cover some of the closing costs if they find costly repairs in the home inspection.
Ready to Sell Your Bellevue Home?
The Bellevue housing market is not as competitive as the housing market in some of its neighboring towns. However, it's not a bad time to sell. Selling a home in Bellevue is made easier when partnering with a great real estate agent like Samuel Piha. Samuel is an expert in the area and can help make sure your home sells for what it’s worth and that you have a seamless, stress-free experience. Reach out when you’re ready to get started.
