Abode's 2021 New Year's Resolution Guide For Home Sellers
It’s finally 2021 and after a long year like 2020, many of us are feeling the need to make some changes. What better way to change things up than to finally sell your house? If you’ve been considering selling your home, thinking of moving, looking for more space, or wanting to downsize, 2021 is the perfect year to do so!
As real estate agents for 20+ years, we’ve seen people try to sell their homes and make costly mistakes on the way. Whether investing in pricey and unnecessary renovations or listing their home at the wrong price, there are plenty of obstacles to selling your home that can cost you thousands.
That’s why we’ve put together this New Year’s resolution guide for home sellers, complete with our suggested timeline to follow through on your goals.
While this New Year’s Guide includes a timeline, it's worth noting that every home buying experience is different. You can always move faster or slower at your own pace. But we know failing to plan is planning to fail, so we’ve built this guide with digestible steps and a reasonable timeline that will allow most people to complete their home selling goals by the end of the year.
So read on to learn how YOU can sell your home in 2021!
Step 1: Find A Listing Agent You Can Trust
TIMELINE: Approximately 1 month (January)
The first and most important step when trying to sell your home is to find a listing specialist that you can trust.
An expert real estate agent will help you have the most successful home sale possible. AND, if you’re looking to buy a home, they can help you with buying, and advise you on whether you should sell before you buy or buy before you sell, depending on your financial situation, needs, and wants.
Finding a trusted agent sounds easy in theory, but how do you know who you can trust? The National Association of Realtors states that the average realtor sells only 6 homes a year, so you need to find an expert agent who’s not doing this part-time.
After pricing properties for 20+ years, we know that 80% of selling a home for top dollar is setting the right price the first time. That means you want a real estate agent who will give you an accurate price, and not try to tell you that your home is worth more than it is. If an agent is only saying what you want to hear, rather than focusing on the marketplace and the rules of the industry, that’s a red flag that your sale will not go well. As Linda, our listing specialist, always says ‘I don’t set the marketplace, I interpret it.’
If you’re looking for a real estate agent, we’d love to hear from you. Whether you’re looking to buy in Orlando where we are, or all the way in California, we know someone who can help.
But don’t just take our word for it, when looking for a real estate agent make sure you:
Talk to friends and family to get referrals from people in your area.
Check out Facebook, reviews, and agent listings to find a professional expert.
Ask the questions to understand how the realtor has helped other sellers in the area and how long they've been in the business.
Try to find someone who you jive with personality-wise because you’ll be spending a lot of time with them in the upcoming months.
Once you’ve found and consulted with the perfect listing agent for you, you’ll be one step closer to selling your home in 2021.
Step 2: Come Up With a Sales Strategy and Timeline
TIMELINE: Approximately 1 week - 1 month depending on your home selling goals and timeline. (February)
After you find an agent you trust, it’s time to make a concrete plan for selling your home. Here are some scenarios that your agent will likely go over in order to come up with the best strategy and timeline for you.
How much do you need to sell for at a minimum? Will you need to save up for the move after the sale, either for another down payment or other moving expenses?
Is your goal to sell at a maximum profit? If so, preparations to put the house up for sale will take longer and need to be scheduled into the timeline.
Do you have to get out of the house by a certain date? If so, your agent will work backward with you from that date to determine the steps needed to get you there.
What does your budget look like? Will you need the equity from the sale of the home to buy a new one, are you planning to buy a new house before you sell, or will you find temporary housing?
Is there a peak selling season in your area to take advantage of?
A good agent will help you come up with a strategy for the purchase and sale. They’ll help you determine your proceeds after the sale, estimated sale price, and how to navigate selling and then buying or renting another home. This process is an important step to make sure you and your agent are on the same page and can sell the house in a way that best meets your individual needs.
Step 3: Renovations and Upgrades
TIMELINE: Approximately 1 week - 3 months (February - April)
Once you have a sales strategy in place, it’s time to implement recommended upgrades and fixes from your agent.
Many homeowners try to fix and upgrade their home on their own and end up wasting thousands of dollars on renovations that don’t increase the value of their home. An expert listing agent helps you avoid all this. Your real estate agent will help you prioritize the most important, cost-effective, and high-value upgrades. With your agent’s guidance, you can feel confident that you’re investing in renovations that will get you the most bang for your buck during the sale.
At this time your agent may also recommend having a home inspection done. If your home is older, or you want to sell at the maximum price, an inspection is a good way to minimize any surprises or problems down the line during offer negotiations. In the past, we’ve also had contractors come to see if anything needs to be repaired and give their professional assessment which can then be passed on to a general home inspector later on in the process.
Step 4: Stage The Home to Sell
TIMELINE: Approximately 1 day - 1 month (May)
Expert staging is a key factor in how quickly your house will sell. After 20+ years of experience, we know that sellers can be dubious of staging, but the fact is that even the most simple staging practices can gain you 1% on a sale or save you 3 months on the market.
Staging has always been important, but as a result of COVID, buyers are now doing lots of research online before they ever step foot in a house. If your home isn’t expertly staged with professional photos and an impressive online presence, it will easily get looked over. So, make sure that your home is show-ready. That means clean, declutter, and do your best to get ready for buyers. And while your agent won’t actually be moving your furniture around, we do offer a staging consultation and walk through of your house to give pointers on how you can move things around to show off your home’s best features.
Step 5: Your Agent Gathers Listing Materials
TIMELINE: Approximately 1 day - 1 month (June)
This step is performed by your agent and means you’re on the verge of getting ready to officially put your home on the market. Before your home is listed, your agent will collect all of the materials necessary to showcase your home online and make the best impression to potential buyers in-person.
This step will consist of everything from writing an attractive description of your home to taking professional photos, recording a video tour, and creating a 3D Matterport tour. Your agent will take care of collecting these marketing materials and will guide you through everything you need to know.
Step 6: List The House
TIMELINE: Approximately 1 week (June)
This step is as simple as it sounds. You’ve finally completed all of the prep work and it’s time to put your house on the market. Your agent will create an appealing listing and make sure the home is listed on the MLS (Multiple Listing Service), which ensures that your listing will go out to all of the main realty websites for your area. This will provide you with the widest exposure for advertising your home sale.
Step 7: Show the House to Buyers
TIMELINE: Approximately 1 week - 6 months (July- December)
The timeline for this step varies greatly. Sometimes, we show the home to buyers and multiple offers can pour in in less than 24 hours. Others take longer; the main point is to show the home until you get an offer that you are ultimately happy with.
It’s also important to note, that because we are still in a pandemic, there are certain precautions you will have to take to guarantee everyone’s safety. However, most of these guidelines are based on common-sense safety practices that are quite easy to put into practice.
Step 8: Negotiate the Offer
TIMELINE: Approximately 1 week - 1 month (November)
When a buyer shows interest in your home and puts in an offer, you’re almost to the finish line!
For this step, an experienced real estate agent will help you get the best deal possible. This includes negotiating contingencies and keeping your house on the market for the shortest amount of time possible. That way, if the initial deal falls through your home won’t have been on the market any longer than necessary.
Part of getting the best deal possible also includes vetting the buyer’s lender to verify the solidity of their lending. Buyer vetting can make or break a deal and it takes experience to do it right.
For example, we once had an agent and lender saying that the buyer was solid. However, our Listing Specialist, Linda Sitek, had a hunch and dug deeper. She discovered that they weren’t going to close and had been stalling. So, we went back on the market instead of waiting on a deal that wouldn’t close. That’s just one example of how a good agent can help you negotiate the best deal by realizing when it’s time to cut bait and fish again.
Step 9: Close On The Offer
TIMELINE: Approximately 1-2 months (November - December)
Closing a deal usually takes anywhere from 45-60 days, unless it’s a cash deal, in which case a home can close in as little as a week. And if the property is vacant, it can also close in less time.
We once had a vacant property go from pending to sold in 7 days! A record time!
Step 10: Maintain a relationship with your real estate agent!
TIMELINE: Indefinitely!
You might be wondering why, if you’ve already sold your house, should you keep in contact with your real estate agent. Well, the truth is that a good real estate agent can continue to be an asset even after the transaction closes.
After selling a house, we make sure to send copies of closing documents to everyone at the beginning of the next year because we know you’ll need them for your taxes. We do our best to ensure that our clients have everything they need without having to worry about where or how to acquire a certain document. Additionally, if you are going on to purchase a new house or know someone looking to buy or sell we can help out with that, too.
If that’s not enough, real estate agents are known for throwing great client appreciation events that allow people to make great friends and, in our case, eat great pie!
2020 may have thrown us all a few curveballs, but 2021 is a new year with lots of possibilities! If you are looking to sell your house then this might just be the perfect year to do so. We hope that this step-by-step guide will help you make the first moves towards making 2021 the year for you to sell your home and move on to what’s next.
If you’re selling a home in the Orlando or Central Florida area and would like our assistance, please contact us! We’re always happy to help homeowners have a fantastic selling experience.
Enjoyed these insights and looking forward to more?
Sign up for our email newsletter to stay in the loop on our latest real estate secrets, new listings, open houses, and events. And if you’re ready to buy or sell now, contact us today to book your FREE “Educated Home Buyer Plan” or “Price It Right Listing Plan” consultation.
Steven Ritz, Buyer Specialist - Call 321-277-8271 or email here
Linda Sitek, Listing Specialist - Call 407-963-6544 or email here
Brought to you by Abode at Keller Williams Winter Park Realty
