Sellers
The Seller’s Guide
When to Sell
- The most active time of year for selling your home is the “Spring Selling Season” which begins in late January or early February. Buyers begin looking at this time in order to target a closing for early summer.
- Homes sell all year round however due to job transfers, renovations, estate issues, etc.
Getting Ready
Once you have decided to sell your home, there are many details to take care of before you actually list your property. Below are some of the keys items sellers need to consider.
a) Preparing your Property – It is vital that your property look its best for showings. It needs to sparkle. Remove screens and wash windows, consider painting touch ups (interior and exterior), remove and rearrange furniture, add light, clean out closets and put belongings in storage. We can help you work through this process before listing your property.
b) Due Diligence Items – Most buyers will arrange for an engineering inspection. Items that are often remediated by the seller, if found by the buyer, include termites, asbestos, radon, lead in water and oil tank issues. Currently, underground oil tanks are hot buttons for buyers and lawyers. You should consult your lawyer regarding this item in particular.
c) Property Information – Buyers often ask for the current costs of major annual home expenses. It is helpful to have an estimate of electric, gas, oil and snow removal costs (collecting past bills for these services is great). Buyers will also want to know the age of certain home items such as the furnace, roof, electrical systems, etc. Some homes have been significantly renovated, and it is helpful to have a listing of all of the improvements made and the approximate dates of each improvement.
d) Exclusions and Inclusions – Often there are light fixtures, safes, and other home fixtures that you may want to take with you when you move. It is very important before you list a property to review the items you want excluded from the sale.
Collect Key Documents
You will need specific documents to present to your lawyer to make sure that your property will clear title and close in a timely fashion. These include:
- the deed to your property
- the title insurance policy for your property
- the certificate of occupancy for your property (also known as the “C of O”)
- the property survey
Problems with the above should be addressed before listing your property. There are many professionals in the area that can help you resolves any issues and we would be happy to refer you to an appropriate contact.
Bringing Your Property to Market
a) Pricing Your Property – When you sell your home, it is very important to have it priced properly. Over-pricing a home is detrimental to the marketing of a property and can often negatively impact the final selling price and greatly delay the sale of your home. Homes that are priced properly usually receive offers within weeks of bringing a property to market.
b) Marketing Your Property – It is helpful to have two weeks lead time before bringing a property to market. It is very important to list the market with marketing materials such as photographs, brochures and mailings ready to distribute. We will put all the marketing pieces together.
c) Marketing Time Frame – Fully marketing a property generally takes anywhere from a week to three months. A marketing plan may include a Broker Open House, public Open Houses, direct mailings, listing on the multiple listing service (“MLS”), a listing on the Houlihan Lawrence website and possibly other niche marketing ideas (articles and feature spots in the press, internet opportunities, etc.)
d) Accessing Your Property – Once the property is on the market, it is very important to make the property as accessible to potential buyers as possible. Broker accompanied showings are very helpful in order to insure that the customers/clients viewing the house are fully informed regarding the attributes of the home.
e) Accepted Offer – Once you have an accepted offer, it usually takes 60 days to close.
See Closing Timeline for detailed timeline of necessary steps to close.
