Putting your Seattle real estate up for sale can be an exciting step in your life. If you’ve lived in your home for several years and have kept it in great shape, you’ll stand to make a big profit. That can help you finance your next purchase, which might be a retirement home or a condo in a trendy part of town if you plan to downsize.
This is going to be a big transaction, so you need to have all your bases covered. By following a detailed checklist, you’ll be able to avoid costly mistakes and assure that the process is as smooth as possible.
The steps include hiring an experienced real estate agent, setting a realistic price, preparing your home inside and out, and then hopefully receiving multiple offers. The more prepared you are, the more you will understand each step of the process.
Find an experienced agent
The process of listing Seattle houses for sale starts with hiring a skilled, licensed real estate agent who has several years of experience in the market, including riding out the ups and downs that have occurred even before the onset of the pandemic.
A great way to help you narrow your search for the best agents is to go to their websites and check out their sales statistics and read testimonials from happy clients. You can also ask friends and co-workers for referrals if they’re recently sold property.
Interview a handful of agents and hire one who is trustworthy and has great communication skills. You’ll need to work closely at every step, including when deciding on a listing price and then evaluating offers in order to accept the best one.
Home prices in Seattle
Seattle is still considered a strong seller’s market, meaning there are more buyers than there are homes for sale. That tight inventory has been a big factor in why the median price of Seattle houses for sale has risen to $874,877, according to Zillow.com. That’s an increase of 11% during the last year.
The median price means half of the home sales have been for more than that amount and half have been below it. There are many neighborhoods and suburbs of Seattle where homes go for much more than the median. If your house is in one of those areas, you’ll stand to make a tidy profit.
The price should be right
Even with the market favoring sellers of Seattle real estate, your agent will have tools to use in order to set a competitive price. The biggest one is a Comparative Market Analysis, which evaluates your home in relation to similar homes that have sold in the same area. These “comps” take into account factors such as square footage, whether homes are in desirable locations, what shape they are in, and what upgrades and renovations have been made.
By comparing your home to others that have sold in the last six months or so, your agent will arrive at a fair market value. While you might think your home is worth more, take your agent’s advice when it comes to setting the price. If you set it too high, your home is likely to sit on the market too long and not draw any offers. At some point, you’ll have to lower the price.
Remember, agents for buyers also run comps for their clients. And you’ll be competing with other sellers who might have their homes set at just the right price to facilitate a quick sale. You don’t want to be left behind.
Estimate your costs
Along with running comps, your agent can help you calculate what your costs will be during closing. You should have an estimation ahead of time so you aren’t surprised later on.
The biggest cost for those selling Seattle real estate will be a commission of 5% to 6% which will be split between the agents for the seller and buyer. Commissions can sometimes be negotiated down.
Other costs can include title insurance, recording fees, and paying off your existing loan. Your agent can provide a comprehensive list. You should also be aware of any tax implications if the final sales price is above a certain amount. Obviously, the total costs of selling a home will reduce your proceeds.
Prep your house
Now it’s time to make your house as attractive as possible to a wide range of potential buyers who will either attend an open house or schedule private showings for Seattle houses for sale.
The steps in this process include decluttering and organizing every room and storage space in your home, including closets and cabinets; removing all personal touches such as family photos and your kid's artwork on the fridge; winnowing out your living room furniture, and then arranging the rest to allow buyers to get the best feel for the floor plan; and then giving the whole house a thorough cleaning.
Strive to create open spaces and visuals, including hanging mirrors on various walls to make rooms look bigger and brighter. Paint the walls in earth tones or neutral colors. However, you can add splashes of attractive colors by putting some throw pillows on the couch, putting an area rug in the living room, and hanging a nice piece or two of Puget Sound-themed art on the living room wall. Make any cosmetic repairs so your home really stands out.
Online listing
A strong sales tool for houses for sale in Seattle Washington, particularly during the pandemic, is a comprehensive online listing that includes several professionally taken photographs of each room and a detailed description of the home's features and amenities. You will more than make up the cost of hiring a professional photographer in the final sale price.
Schedule an open house
Your online listing should be posted in conjunction with a weekend open house. That will allow many buyers to tour your home. Buyers who fall in love with it might submit an offer or schedule a private showing to get a closer look without other buyers around.
Each seller’s situation is different and there might be other steps you need to take. A knowledgeable real estate agent will have a bevy of tips. If now’s the right time to sell your Seattle real estate, let Shannon Campbell put her unparalleled experience to work for you.