Home Selling Checklist: 12 Things to Do Before Selling Your House
- Find a great real estate agent. Think you can sell your home yourself, and pocket the cash you would otherwise pay a real estate agent?
- Consider your curb appeal. Yes, for better or worse, buyers do tend to judge a book by its cover. ...
- Declutter living areas. ...
- Depersonalize your space. ...
- Repaint walls to neutral tones. ...
- Touch up any scuff marks. ...
- Figure out what your home is worth.
- Make sure you can afford your selling costs.
- Calculate your potential capital gains taxes.
- Reduce your tax bill, if possible.
- Save money on realtor fees when you sell.
What to do before selling your house?
Home-Selling Checklist: 12 Things to Do Before Selling Your House. 1 1. Find a great real estate agent. Think you can sell your home yourself, and pocket the cash you would otherwise pay a real estate agent? 2 2. Consider your curb appeal. 3 3. Declutter living areas. 4 4. Depersonalize your space. 5 5. Repaint walls to neutral tones. More items
How much time do you need to prepare to sell a house?
Allow two months to prepare If you’re thinking of selling your home and your moving timeline allows for it, allow at least two monthsbefore listing to complete all your preparations. Allow a month to receive an offer Depending on the state of your local market, you should expect to start receiving offers within the first month of listing.
Can I Sell my House after 1 year?
Yes, you can sell your house after one year or less — technically, you could even sell it the day you purchased it! But, if you’re able to wait until at least two years before selling, you’ll have a much better chance of coming out ahead financially vs. selling a house after one year.
When is the best time to list a house for sale?
And try to list before September, because that’s when families start settling down to begin the school year. By October, sellers face the worst weeks of the year for maximizing gains — homes listed during the weeks of October 14 and 21 were least likely to sell above ask in 2019.
What should I do to my house before selling?
21 Things to Do Before Selling Your HomeDeclutter! Decluttering is always going to go on top of my list. ... Banish the dust bunnies! ... Make your home smell good! ... Clean glass windows and doors. ... Open your blinds. ... Paint trim and door frames. ... Wash down light switches and door handles. ... Straighten the pantry.More items...•
What should you not do before selling your house?
8 top home selling mistakes you should avoidUnderestimating the costs of selling. ... Setting an unrealistic price. ... Only considering the highest offer. ... Ignoring major repairs and making costly renovations. ... Not preparing your home for sale. ... Choosing the wrong agent or the wrong way to sell. ... Limiting showings.More items...•
How many years should you stay in a house before selling?
5 yearsAs a REALTOR® might tell you, in order to make up for closing costs, real estate agent fees, and mortgage interest, you should plan to stay in a property for at least 5 years before you sell your home.
Is it better to sell a house at the beginning or end of the year?
Nationwide, the best time of year to sell a house is usually considered the beginning of May. Homes that are listed at the end of spring and beginning of summer not only tend to sell faster but also for higher prices.
What are the best months to sell a house?
Late spring and early summer are the best times of year to sell a home, according to a May 2021 report from real estate research firm ATTOM Data Solutions.
What should you not say when selling a house?
Here are some things a seller should never talk about with a buyer, regardless of how innocent the topic might seem:The present sales price.The length of time the home has been for sale.Why the seller has decided to sell.The comparable sales prices of other homes.Any price reduction considerations.More items...
What is the 2 out of 5 year rule?
The 2-out-of-five-year rule is a rule that states that you must have lived in your home for a minimum of two out of the last five years before the date of sale. However, these two years don't have to be consecutive and you don't have to live there on the date of the sale.
How much equity should you have in your home before selling?
How Much Equity Do You Need? To determine the amount of equity you need when selling your home, you need to know your reasons for selling. If you're looking to relocate, then you will need about 10% equity. If you're looking to upsize to a bigger home, you will need at least 15% minimum equity.
Is it worth selling house after 2 years?
While you can sell anytime, it's usually smart to wait at least two years before selling. This gives you time to (hopefully) gain some equity to offset your closing expenses.
What fees do sellers pay when selling a house?
How much will it be? Plan for 5 to 6 percent of the purchase price to cover Realtor fees, which are typically paid by the seller. Add to that an extra 2 to 4 percent of the price to pay for costs like attorney fees, transfer taxes and other expenses.
What is the slowest month for real estate sales?
JanuaryAccording to the National Association of Realtors, the slowest month for real estate sales is January, with November, December, and February not far behind.
Why is no one selling their home?
There's just not much incentive for boomers to sell their homes, according to Realtor.com's 2020 forecast, partly because of economic uncertainty. For millennials to buy their first homes, and for homeowning Gen Xers to move up to their next homes, baby boomers will have to sell.
Find A Great Real Estate Agent
Think you can sell your home yourself, and pocket the cash you would otherwise pay an agent? It can be tempting, especially in a hot market, but re...
Consider Your Curb Appeal
Make sure the first thing prospective buyers see of your home entices them to want to see more. Yes, for better or worse, buyers do tend to judge a...
Repaint Walls to Neutral Tones
You might love that orange accent wall, but if it’s your potential buyer’s least favorite color, that could be a turnoff, warns Sharapan Fabrikant....
When is the best time to list your home?
The most popular day of the week to list your home for sale is Saturday. However, this can vary somewhat based on where you live (see Research the market for more on this), and the individual circumstances such as climate, job market, and broader housing market trends.
When is the best time to sell a house in LA?
If you’re looking at comps now, remember that home prices can change drastically depending on the season. Generally, mid-late spring is the best time of year to sell a home to both minimize time on market and maximize proceeds. But the best window can change a lot depending where you live. For example, in recent years, the best time to sell in LA has generally been the second half of May, where homes sell several days faster and for several thousand more dollars than homes listed at other times.
How many renovations do sellers make to sell their home?
As you do this work, you’ll be in good company. According to the Zillow Group Consumer Housing Trends Report 2020, the average seller makes 2.3 renovations or improvements to prepare to sell, and 79% of sellers make at least one home improvement. Only 21% of sellers list their home as-is.
What to do when you have flexibility in your timeline?
If you have flexibility in your timeline, consult with local real estate professionals to determine the best sellers window for your local real estate market. But remember, even with research, real estate is unpredictable. Keep an eye on factors that may affect pricing in your area, like interest rate changes, property tax increases and job market trends.
What happens if you price your home too high?
Pricing your home too high could lead to a stale listing and a price reduction. Throughout 2020, about one-in-eight (roughly 12%) of homes on the market at a given time had undergone at least one price cut, on average.
How long before listing a business?
Two months before listing, it’s time to put some of your initial plans into action and expand on any preliminary research you’ve done.
How to market your home on the open market?
If you plan to list your home on the open market, it’s time to get a marketing plan in place — whether you’re working with an agent or going FSBO. If you’re selling with an agent, you can help them by spreading the word on social networks, at work, and to family and friends.
What should an agent do when selling a home?
Your agent should help create an engaging, accurate and upbeat description of your home. Think about what made you fall in love (or at least in like) with it when you bought it. You can use the Owner Dashboard to post a description of your home at any time, even if it isn’t for sale yet.
How to be a good buyer agent?
No matter how many ways you say you need a few hours’ notice before a buyer’s agent brings potential buyers, someone will call on the way to your home, or even from your driveway. Be ready to clear out fast, leaving a sparkling home. Every bed must be made every morning.
How long before moving to sell your house?
If you’re thinking of selling your home and your moving timeline allows for it, allow at least two monthsbefore listing to complete all your preparations.
How to avoid selling your home?
Avoid common mistakes of selling your home 1 Overpricing 2 Getting too emotional 3 Not doing enough prep work 4 Not hiring a photographer 5 Not accounting for all closing costs
How long does it take to get a home on the market in 2020?
home was on the market for 55-70 days in 2020, measured from the day a home is listed to the day the sale is finalized. On average, homes in 2020 went under contract just 25 days after listing, down from 30 days in 2019.
How to market a FSBO?
Once the requests for showings start rolling in, try to keep an open schedule (and a clean home) to accommodate as many potential buyers as possible.
What is traditional selling?
Traditional selling includes hiring a real estate agent to list your home for sale. Your agent will generally handle the last few stages of the home selling process, helping to advise on the most important home improvements, landing on a competitive list price and advertising appropriately for the market.
What to do if you don't have any major repairs?
Even if you don’t have any major repairs that need to be taken care of, it’s important to go through your home and complete any minor repairs you’ve been putting off. Patching holes, repairing trim, and repainting can make a big difference.
How to stage a home?
First, you can simply declutter, remove personal effects like family photos, and arrange furniture in a way that highlights your home’s best attributes. Or, you can hire a professional stager.
What to do before selling a house?
Fixing windows and doors is one of the most important repairs to make before selling a house. So you’re selling an older home, complete with creaking windows and doors that don’t open and close easily after years of use. Maybe you’re hoping buyers will overlook the problems in favor of “charm.”. Think again.
What are the best things to do before selling a house?
And some of them aren’t even very much work. 1. Spruce up the grounds. This is one of the easiest—and cheapest—tricks in the book: Good landscaping can add up to 28% to overall home value .
How much does landscaping add to home value?
This is one of the easiest—and cheapest—tricks in the book: Good landscaping can add up to 28% to overall home value . Why pass up free money?
Does realtor.com make commissions?
The realtor.com ® editorial team highlights a curated selection of product recommendations for your consideration; clicking a link to the retailer that sells the product may earn us a commission.
What to do when selling your home?
If you're doing some last-minute upgrades to sell your home, such as replacing flooring or countertops, choose low-maintenance materials. Many potential buyers don't want to spend a lot of time with cleaning and maintenance. Also, make sure your yard is low-maintenance so buyers aren't intimidated by potential upkeep.
How to make sure buyers see the inside of your home?
To make sure buyers want to see the inside of your home, make sure the outside is well-kept, tidy and inviting. It's important to touch-up or completely repaint trim., keep the grass cut, edge along sidewalks and paths, maintain flowers and shrubs and keep the yard tidy. You never know when curious buyers will drive by.
What to say to potential buyers when they drive by your house?
It's important that your home makes a good first impression. When potential buyers drive up to your home, you want them to think, "Wow! I could live here!" To make sure buyers want to see the inside of your home, make sure the outside is well-kept, tidy and inviting. It's important to touch-up or completely repaint trim., keep the grass cut, edge along sidewalks and paths, maintain flowers and shrubs and keep the yard tidy. You never know when curious buyers will drive by.
How to show your house is well cared for?
If the weather allows, plant flowers in pots, window boxes or right in the ground to add color and pump up the curb appeal. Pay close attention to the plants, keeping them watered and trimmed. Inside the house, fresh flowers in vases add color, life and the feeling that you, as the home seller, are putting your best foot forward. It may not matter to some buyers but others will appreciate this detail and take it as a sign that your home has been well cared for. If you grow vegetables indoors or want to, here’s how to get those seedlings to sprout.
Why is it important to keep decor simple when selling a house?
It’s a good idea to keep the decor simple when selling a home. Sellers want to allow potential buyers to imagine the possibilities of a house. Distracting decor will turn buyers off from the thought of trying to picture how they can decorate a room.
What to do if your light fixtures are outdated?
If your lamps and other light fixtures are outdated, consider replacing them with modern ones. Buyers don't want to feel like they're taking a step back in time with outdated fixtures. This is an easy fix that will help sell your home. Learn How to Install Elegant Cove Lighting.
How to organize an apartment that doesn't have a proper entryway?
If your apartment doesn't have a proper entryway, create your own. Use a padded bench and hang some hooks for coats, or build a simple entryway storage and organizer to keep clutter at bay.
How long do you have to own a house before you sell it?
If you own your house for at least one year before selling it, your profits will be taxed as long-term capital gains, which have lower tax rates than short-term capital gains.
What happens if you sell your house after a year?
When you sell after less than a year of owning a home, your profit is a short-term capital gain and taxed at ordinary income rates.
How long do you have to sell a house to avoid capital gains tax?
According to IRS guidelines, selling a house within one year of purchase makes you liable for short-term capital gains taxes on any profit.
How long after selling a house can you claim tax exclusion?
Even if you’re selling your house within two years of purchasing it, you could qualify for a tax liability exclusion for the following reasons:
What are selling expenses?
3. Reduce your tax bill.
Why do you save on real estate commission?
Whether you’re anticipating a hefty capital gains tax bill or just trying to avoid selling at a loss, sa ving on real estate commission ensures you walk away from your sale with as much cash as possible.
How long do you have to own a home to pay taxes?
As noted, your federal tax rate depends on your income and how long you owned the home — in general, you’ll pay less if you owned for at least a year before selling.
A Guide To Building Equity
Potential home buyers should know that real estate is one of the most popular forms of investment that everyday investors can own. That’s because a house can hold and accrue significant value over time – and even grow in value exponentially as consumer demand grows and real estate markets gain popularity.
How Long Should I Wait Before Selling A House?
Buying a home is arguably the best long-term investment you can make, depending on how long you choose to reside in it. As a REALTOR® might tell you, in order to make up for closing costs, real estate agent fees, and mortgage interest, you should plan to stay in a property for at least 5 years before you sell your home.
Why You Should Wait To Sell
As a major financial transaction (and quite possibly one of the largest purchases and sales of an asset that you’ll ever make in your life), it’s important to understand some of the costs and fees associated with selling a home.
The Bottom Line: Building Wealth In Real Estate Is A Long Game
In general, the longer that you hold onto a piece of real estate, the more equity you stand to build in it. Likewise, the better you’ll be able to offset the initial costs of a home purchase or any costs associated with transferring it to a new owner upon the sale of your property.
When is the best time to list your house for sale?
Spring is typically the best time of year to list your home for sale — at least in the years before the pandemic-fueled housing boom. It’s when buyers tend to come out of winter hibernation and hit the market in droves. It remains an open question whether 2021 will bring a return to normalcy in that sense.
How long does it take for a home to sell?
Plus, they typically make at least a couple of home improvements. After listing, U.S. homes sell within 55-70 days on average, which includes 25 days on the market (a record low in 2020) and the typical closing period.
How long does it take to list a home?
Sellers spend an average of seven months just thinking about selling before actually listing. Plus, they typically make at least a couple of home improvements.
Why do people shop in the spring?
Many of the same reasons buyers shop in the spring apply to home buying in summer as well — warm weather, school breaks, and simply having more hours of sunshine to hit up open houses and take home tours. Of course, summer is the time when most people take their vacations, so that might account for a bit of a slowdown.
Why do you list your house on Thursday?
List your house on a Thursday to increase the chances of your home selling more quickly and for more money. Homes listed on a Thursday typically go pending faster than any other day of the week, all other things being equal. The difference is notable in a market where homes are typically selling in seven days.
What are the benefits of building a home?
Financial benefits: If your home has gained substantial equity, the value you’ve built may be enough to get you a healthy down payment on your dream home or give you a comfortable cushion for retirement.
When to list a house for more than asking price?
If you’re hoping to sell for more than the asking price, aim for the week of April 22. And try to list before September, because that’s when families start settling down to begin the school year. By October, sellers face the worst weeks of the year for maximizing gains — homes listed during the weeks of October 14 and 21 were least likely to sell above ask in 2019.
What to consider when buying a house?
Carefully consider whether the agent who helped sell your house can meet your needs when you’re buying. Buying and selling require different skills. And, if you’re moving to a new area, you may want someone familiar with the area.
What to do if you sell and don't immediately buy?
If you sell and then don’t immediately buy, you’ll need a safe place to put your money. A money market mutual fund offers safety, a reasonable rate of return, daily access to your money and check-writing privileges.
How long do you have to defer taxes on a house?
“Keep in mind that you have two years to defer tax on your house-sale profits,” Tyson and Brown point out.
How long does it take to change your address?
The U.S. Postal Service recommends you complete your change of address 30 days before you move.
What happens if you buy a house before you get a promotion?
If your situation changes before you buy another house – you get a promotion, have a baby, go through a divorce – you’ll need to rethink your finances and how much you can afford to pay for your new house.
Do you have to keep proof of improvements?
Keep proof of improvements and prior purchases. This is for tax purposes, too. The IRS allows you to add the cost of improvements to your home’s cost basis during the time you own the home, which is nice if you have a sizable capital gain.
Spruce Up The Grounds
Love The Hardwood
- Still rocking that old-school carpeting? Get rid of it, like, yesterday. “One of the biggest turnoffs for buyers is dirty old carpet,” says Newman. “To get the best price possible, it is worthwhile to invest in wood floors.” Right now, carpeting isn’t just an aesthetic choice—it’s a choice that can actively turn away buyers who can’t see beyond it. Instead of noticing what a wonderful, light-filled living …
Paint (and Wash!) Walls
- If any of your rooms are doused in a dark shade, such as eggplant or emerald, cover it up with a coat of light or neutral paint. Buyers find it easier to picture themselves living in a home with neutral walls—plus, they’ll make your home seem larger, cleaner, and far more appealing. If you still can’t bring yourself to paint over the hues you’ve so...
Clean The Cabinets
- If you’ve never sold a house before, you might be surprised by how bold buyers are. Digging through your drawers? Peeking inside your cabinets? How dare they! But buyers are expected to be little investigators—so be prepared beforethey start sleuthing. Buyers “should be able to see how much storage is available rather than the clutter you might have there,” says Will Johnson, …
Update The Lighting
- Before putting your home on the market, bring in a second set of eyes (your Realtor or stager is perfect for this) to look over your lighting. Is it dated? Does it serve the space poorly? “Lighting is similar to clothing or hairstyles,” says Karen Gray Plaisted, stager and owner of Design Solutions KGP in Warwick, NY. “They can go out of fashion and make a beautiful home look dated. Findin…