10 Steps to Closing: How to Sell Your Home Fast in Philly
It is a once in a lifetime opportunity to sell your home right now in this market. Home inventory is at historic lows in Philadelphia and home demand is sky high. That is why we are often seeing many homes selling fast, over asking price, with multiple offers and waived contingencies. But it takes more than favorable market conditions to sell your home. Here are 10 crucial steps to get you to the closing table.
1. Meet with a Listing Agent
Choosing the right agent to help you sell your home is the first step to a successful home sale. You have to make sure your agent understands the Philadelphia market very well, has a support system behind them to bulletproof your transaction, has high level marketing capabilities, etc. At Venture Philly, we have multiple listing specialists who are ready to help you list your home for sale. We also have an expert operations team behind our agents that is made up of three pillars: operations, marketing and transaction management.
2. Establish List Price
There are two major things to consider when deciding on the list price of your home. First, what are your financial goals? How much do you want to net in this transaction? Second, current marketing conditions and a CMA (comparative market analysis). This is a tool that real estate agents use to estimate the value of a specific property by evaluating similar ones that have recently sold in the same area. Pricing your home IN THE MARKET is very important. This will directly impact the number of showings and the number of offers you will receive on your property. How Pricing Affects the Number of Prospective Buyers:
Showing Activity vs. Weeks on the Market:
3. Prepare Your Home
There are steps you can take before putting your home on the market to increase your chances of receiving a solid offer from a buyer. Here’s a list of things you could do to increase the appeal and the value:
Give your house a deep clean
Depersonalize and declutter your home
Make quick fix repairs - add a fresh coat of paint, replace door handles and cabinet hardware, make sure closet doors are on track, fix leaky faucets, etc.
Add some curb appeal
Make it bright - maximize your natural lighting and replace burnt out bulbs
Get rid of odors and make your home smell great
4. Pre-Market the Property
Presentation is everything. You want to drum up some excitement for your home before it hits the market. Your agent can do “Coming Soon” marketing to show other agents and potential buyers that your home will be going live on the market soon. The goal is to get as many eyes on it as possible. You can use digital or traditional marketing strategies to do this. Our marketing team at Venture Philly designs customized print and online marketing materials to showcase your home in an elegant and professional way. We also provide professional photography because expert photos are the most important piece to making your listing stand out. HIGH QUALITY PHOTOS:
Generates 118% more views to online listings
Sells homes 32% faster than homes without professional photography
Increases engagement on social media
5. Go Live on the Market
It’s go time! Once your property hits the market, agents in Philadelphia will be notified and it will filter out to home out to the most searched sites by buyers to maximize the exposure. At Venture Philly, we also strategically push your listing on social media for prime exposure and we have a database of 25,000 people who we will market it to - we could already be in touch with your buyer. 97% of buyers search for their home online. We will maximize your listing exposure online to ensure buyers won’t miss your home and get it in front of qualified buyers looking to move soon.
6. Showings, Offers & Negotiations
This is when the fun part begins for sellers. Agents will schedule showings to bring potential buyers in to see your home. If they they like it, they will put an offer in and your agent will present that offer to you. You can decide to either accept that offer or counter offer. That’s when the negotiations begin. In this competitive market, some homes are receiving multiple offers over asking price. That means you can take your pick of the best offer. Having an experienced and knowledgeable agent will be crucial to guide you through the negotiation process.
7. Under Contract / Loan Process
Once you accept an offer, the property goes under contract. But the sale is not final until all contingencies are met. That process typically takes 4 to 8 weeks from the time the offer is accepted until closing. Those contingencies usually include financing, appraisal and inspection. The buyer has to be able to secure the money to buy the home through a mortgage or other source. But a mortgage company is not able to lend more than the value of the home, which is where the appraisal comes in. A good agent will be able to walk you through these steps and combat an issues that could arise.
The inspection is a critical point in the home sale process - if there even is an inspection. Some offers will waive the inspection contingency to make their offer stronger in a multiple offer situation. The buyer and seller write into a contract that the buyer could back out because of a major issue. For example, if the roof or HVAC systems need replaced. But they can’t nitpick and walk away over just anything. The buyer can ask for repairs to be made or for the seller to assist toward the cost to repair it. If there are any hiccups, a strong seller’s agent will find a way to negotiate with the buyers and keep the sale on track to close.
9. Final Walkthrough
The final walkthrough is a chance for the buyers to inspect the house one last time before closing. They’re making sure that the home is in good condition, the seller’s things have been moved out, any requested repairs have been made, etc.
10. Closing Day
You made it! At settlement, both the buyer and seller sign the final ownership and insurance paperwork and the buyer becomes the legal owner of the home. In some cases, the seller doesn’t go to the actual closing and you’ll pre-sign the paperwork. Closing costs are either deducted from the sale price or the seller will provide a check. Then the seller will either receive a check or the money will be wired to them for the sale. Then keys will be handed over to the buyers and then it’s time to celebrate!
If you’re interested in selling your home or finding out how much it could be worth, please reach out to us. We would be happy to help!