If you’re thinking of selling your home this spring market is an excellent opportunity, but before making a final decision you must understand all aspects of selling.
For starters, an experienced real estate agent in Philadelphia can be invaluable when selling your home quickly. They understand both the market and local community, while also being there to guide you through every step of the process. However, that’s just the tip of the iceberg.
Price It Right
Successful home sales in Philadelphia depend on pricing your property correctly, which means determining what a buyer would pay and understanding market conditions (source: https://www.phila.gov/departments/office-of-property-assessment/property-assessments/).
One way to do this is by studying comparable sales; these homes should have recently sold in your neighborhood and indicate their true market value.
Once you’ve established a price for your home, it must remain reasonable. Overselling will only lead to frustration on both ends and prevent you from realizing the maximum return from your investment.
Be mindful of current mortgage interest rates which have recently skyrocketed from 3.99% to over 8% – an increase which may deter buyers.
Closing costs should also be kept in mind when selling your Philadelphia home. While these fees can differ depending on where you live, in Pennsylvania the typical closing cost percentages are usually 4% of the purchase price and split evenly between buyers and sellers.
Get Your Home Ready
Before placing your home for sale on the market, there are certain steps you must take to prepare it and set an accurate price. You must understand all costs involved with closing.
Preparing your house to sell can save you from experiencing the disappointment of losing out on potential buyers. This could involve things such as painting, cleaning, and making necessary repairs to make it as desirable and attractive to potential buyers as possible.
Considerations should also be given to the neighborhood where your home will be sold. Do some research and see which areas are gaining in terms of popularity, demand, and price; Fishtown, Northern Liberties, Rittenhouse Square, and Point Breeze are popular choices among new homeowners.
Get the Right Agent
For fast house sales in Philadelphia, it is key to work with an experienced local agent. Be sure to work with a Philadelphia-based house buyer and choose an agent who knows your neighborhood well, has experience selling homes quickly, and boasts excellent customer reviews.
Additionally, make sure they can negotiate well and will work tirelessly on your behalf.
One important thing to keep in mind is that mortgage rates have dropped and buyers are becoming more interested in purchasing properties than before, giving you the potential of getting a better price for your Philadelphia home.
Review all offers received for your property carefully and select the one most advantageous to you in terms of price and terms. In some instances, negotiations with buyers could help increase your offer further.
Get Ready for Showings
Home buyers often view multiple properties within a short amount of time, making it important that you’re ready for showings by decluttering your home. Doing this can make the home seem larger, enabling potential buyers to visualize living there with their belongings.
Keep several empty totes handy and use these to collect any clutter on tables and countertops, including photos or children’s artwork that may have amassed over time.
As it can be off-putting for some buyers, try using natural air fresheners and light candles with soft fragrances. Also, ensure all televisions and radios are turned off since these could potentially distract potential buyers from making an offer.
Be sure to secure any pets before showings as they could cause distraction. Also, leave snacks and water available so potential buyers can enjoy their tour comfortably and more easily.
Thank your potential buyers for their time by giving them something delicious during their tour; it can help put their minds at ease while showing your home off!
Get Ready for Negotiations
Before entering negotiations with potential buyers, it’s integral that you understand how the process works to avoid potential pitfalls and come out stronger on the other side of the table – which you can learn here.
Take time to explore your goals for negotiation as well as your strengths and weaknesses so you can identify areas for improvement.
Selling your house in Philadelphia will be much simpler if you know the home sales process inside out. Whether working with an agent or going the for-sale-by-owner route, becoming familiar with every step will give you a clear idea of what lies ahead.
An experienced real estate agent will be able to guide you in setting the appropriate selling price for your house in Philadelphia. They’ll use the information provided about its condition and location to assess its value – an essential step for getting maximum return from selling your house there.
In addition, closing costs vary by state – typically, transfer taxes (4% of the sale price) are shared between buyer and seller (4% total).