Our Top Tips for Sellers to Use in the New Year
If you're like many sellers before 2022 ends, and you chose against listing your home this year. Yes, you were aware of the record-breaking property prices. Perhaps you also heard that houses lingered on the market around the end of the year and that sellers had to lower their asking prices in order to move their properties.
Or perhaps you prefer the low mortgage rate on your current house to the higher one that would come with purchasing a new one.
Regardless of the motivation, 2022 wasn't the year for you to put a "For Sale" sign in your front yard. However, 2023 might be.
Therefore, we've compiled our best real estate advice articles from the past 12 months to help you sell your property quickly and for the highest potential price while experiencing the fewest hassles. And as a holiday gift that keeps on giving through 2023, we also highlight one key piece of advice from each article. Here's to a prosperous, healthy, and joyful new year!
Selling your house is a costly and emotionally taxing process.
So it should come as no surprise that it's simple to get caught up in, perplexed, frustrated, or excited by the ups and downs of the real estate market.
Naturally, you want to sell your house for the highest possible price.
But it's important to take a step back and keep in mind that, above all, selling a house is a business transaction, which necessitates making compromises and decisions based on market realities rather than wishes and ambitions.
Therefore, rather than only focusing on the greatest dollar sign, sellers should price their property fairly and consider the entirety of an offer.
Don't miss: Some sellers may become so engrossed in the process of selling their properties that they may forget about their future residences.
However, given that there are still fewer listings than before the epidemic, it is advisable to begin your home search as soon as you decide to sell your current residence.
We get it: there are some things in your home that make you crazy!
And you want to make it a place you want to live by fixing it, painting it, and doing other things.
What better way to get there if you are handy than by doing it yourself?
However, some tasks that are simple to complete on your own can be difficult—and expensive—to reverse when it comes time to sell.
Even while you might find these alternatives useful, the inability to close the door on kitchen clutter can put off many potential purchasers.
Don't miss: Adopting the dark wall trend may be the biggest no-no if you intend to sell your home soon.
When buyers enter a room with dark, difficult-to-paint walls, they will see a project they do not want to take on.So, until you locate your permanent residence, keep your walls light and airy.
Your real estate agent might advise staging your property before you put it on the market if it has dark wood paneling, is distinctly your quirky style, or has simply seen better days.
Simply said, staging involves packing away the majority of your belongings for storage and having a professional decorator make your house look like a brand-new, empty space where potential buyers may picture themselves living.
While staging can often help you sell faster—and for more money—it can be difficult to see your home turned into an entirely different space while you're still living there.
Consider the time, money, and effort required to stage a property carefully before hiring a stager.
Then decide if it's worthwhile based on your financial situation and capacity to live in a house that isn't completely yours until you relocate.
Don't miss: A stager will use many of the goods you already own to redesign your home, but occasionally the expert may ask you to order a new, bright lamp or some new sheets to zhuzh your bed.
The good news is that you get to keep these things, so make sure to buy things that will enhance your new house.
Buyers beware, vendors!
We are aware of how demanding packing up your house, selling it, and moving are.
But we just want to make sure that, in addition to realizing a (hopefully sizable) profit from the sale of your house, you also take advantage of all the associated tax advantages.
For example, you can deduct the cost of improvements you performed, like painting the house or fixing the roof, from your taxes.
Any expenses you incur when selling the house, such as legal fees, escrow fees, marketing expenses, and real estate agent commissions, can be written off as a tax deduction.
Don't Miss: Capital gains are the money you keep when you sell your house after paying off all of your bills and mortgage obligations.
It's also important to keep in mind that the money is subject to income tax.
But if you are single and have lived in your house for at least two of the previous five years, you may be able to exclude up to $250,000 of the capital gains from the sale ($500,000 if you are married).
In the last 12 months, the real estate market has risen, fallen, and moved sideways.The alleged "rules" of home selling have also changed. For instance, vendors may need to put forth a little more effort these days to attract customers.
Therefore, you might have to spend a little bit more money to make a 3D tour of your wonderful home to attract a buyer rather than having your real estate agent take some amazing images of it.
Prepare to be gone for extended periods of time once those buyers show interest in your house.
Open houses are once again a thing, so get ready to clear out and accept guests wandering through your property.
Don't Miss: Given how high home prices remain, you might be tempted to list your property at the highest possible price in an effort to receive a bid higher than the asking price. However, this strategy frequently backfires by scaring away customers. In the long term, you'll probably have to accept a low offer if your house is on the market for a long time. Pricing your home slightly below market value is a better method for drawing interest and bids from potential purchasers.
Your real estate agent's sole goal is to sell your house for the highest possible sum overall.
And the space itself can occasionally make this commandment more difficult.
While every house has some defects, some have more than others. Additionally, a highly skilled realtor will be able to identify any potential obstacles to selling your home swiftly.
You might, for instance, adore your living room's dramatic stained-glass windows, your kitchen's bright backsplash, or your home's wall-to-wall carpeting. Agents are aware of the fact that the majority of purchasers want straightforward kitchens, light-colored rooms, and hardwood floors.
Don't Miss: Your agent values your distinct personality since that is who you are.
But the expert also advises that you conceal it while marketing your house.
This means that before listing your house for sale, you should take out all items that are political, religious, or just plain weird from your house (including your yard).