If you recently decided to put your home on the market, you probably have several questions about the home selling logistics and the financial impact it will have on you and your family. To help ease the worries surrounding the home selling process in Abingdon, Bristol, and the surrounding areas, you should find answers to the following questions before selling your home in Southwest Virginia or Northeast Tennessee. Knowing what to expect will not only put your mind at ease but also prepare you for the journey to the closing table.
1. Will making improvements before listing optimize your home’s resale value?
When a home is severely outdated, it can deter potential buyers from considering the property. Therefore, some sellers choose to make modern updates to increase the chances of a higher sales price.
Before starting a major renovation project before listing, you should seek your real estate agent’s advice to help you determine the repairs and updates that will give you a solid return on investment. While you can choose to sell your home as-is, it’s important to remember that your asking price should reflect any needed repairs/upgrades. Therefore, you should not expect to start at an asking price comparable to similar, more updated homes in the area.
2. What type of pre-sale home improvements makes the largest ROI?
The goal is to get the most out of your investment when selling. While you may think that bigger projects result in bigger profits, that is not always the case. Sometimes, it’s the most cost-effective improvements that make the biggest impact on potential buyers, such as:
- A fresh coat of paint
- Doing a deep clean
- Decluttering
- Sprucing up your landscaping
3. How is the list price determined for your home?
Working with a real estate agent, they will compile a list of recent comparable sales and use their knowledge of current local real estate market trends to determine the ideal price range for listing your home.
4. How will people know your home is for sale?
Since agents have a variety of marketing tactics at their disposal, many agents take different approaches when spreading the word about your home for sale. While adding your property to the Multiple Listing System(MLS) and putting up yard signs are fairly standard marketing practices across the real estate industry, additional marketing techniques tailored to your property can help increase the interest in your home once it’s listed. Besides the standard practices, agents may use the following tools to let people know your home is for sale:
- Social media, including Facebook, Instagram, Tik Tok, Twitter, etc.
- Digital marketing, including search engine ads (Google, etc.)
- Print ads, including advertising in local newspapers or targeted magazines
- Direct mailers/letters
- Digital billboard ads
- TV ads
- Hosting an open house
5. What happens after your home goes into escrow?
When your home goes into escrow or changes to the “under contract” status, it means you’ve accepted an offer! Once you’ve agreed on the price and terms of the purchase contract, there are several additional steps before reaching the closing table.
The purchase offer may include contingencies, such as an inspection, financing, an appraisal that must be satisfied before the deal is ready to close. If buyers hire a licensed home inspector, the inspector may identify problems that may require further negotiations before the selling process can move forward.
6. Do I have to agree to all repairs requested by buyers?
If the purchasers’ agreement was contingent upon a home inspection, your contract specifies a negation period which may include repair requests from the buyers. As the seller, you can refuse all or part of the requested repairs, as long as you have the understanding that the purchasers may choose to walk away from the deal. It is important to note that some repairs may be necessary for certain loan types or that the next home inspector will likely identify the same issues, resulting in similar repair requests from another buyer.
7. What happens if damage occurs while moving out?
It is not uncommon for paint or floors to get scuffed when moving everything out of your home. Rather than stressing that closing won’t happen, if you notice damage after finishing clearing out your home, offer additional funds to the buyers at closing to cover the damage or pay for a reliable contractor to make the necessary repairs.
Asking the right questions and working with the right Bristol, TN/VA real estate agent will help make your home selling experience go smoothly and ensure you’re ready for any surprises or potential roadblocks. If you’ve been considering selling your Southwest Virginia or Northeast Tennessee home but are not sure if it’s currently the right move for you, reach out to one of our real estate professionals to discuss your options.