Are you considering selling your home on Long Island? Then you need to brace yourself because it is not going to be an easy task. Selling a house is not a piece of cake, as some people might think. It requires more than enlisting the service of an estate agent, posting a listing online, and waiting for buyers to make offers.
Following the traditional route to sell your home can be time consuming and frustrating. Here are the six hurdles you’ll need to cross if you want to sell your home the traditional way.
1) Do market research
The best approach to selling your home on Long Island is to start with the market evaluation. Don’t let the fancy words put you off; market evaluation is not as complicated as it sounds. It is quite simple, and you can even do this from your home! All you need to do is to visit your local real estate website and search for homes. If you see lots of home listings, it’s a buyer’s market and it will be challenging to sell your home at such a time. When there are a lot of listings in the market, the homebuyers become picky because of wide selection. Oftentimes, trying to make offers and negotiate below market value.
However, if there are few home listings in the market, then it’s a seller’s market and you are in a good position. It’s Since there are few properties for sale, buyers will scramble over one another to buy your home and maybe even buy at above market value.
2) Prepare your Home for Sale & Inspection
Preparing your home for sale requires more than giving the home a facelift through painting and planting flowers for curb appeal. For instance, you need to clean your home to make it showroom-ready, remove personal items, eliminate any repulsive odor from your home, and remove unsightly items.
In case your home needs a minor or significant renovation, make sure you take care of it before prospects start coming for an inspection. Renovations might require a big chunk of money, depending on the things you need to fix.
When you are still living in the home you want to sell; it might be challenging to maintain it in a pristine state. Since you need to keep the house clean and make it attractive to the prospective buyer, your personal items should not be lying around. Your home should look as if you are preparing for the house for a photoshoot.
3) Be Ready for the Buyer Psyche
Get used to the mindset of homebuyers before they come knocking. Buyers want a home that looks and feels new, even if it’s a home that was built 50 years ago, like many homes on Long Island! It’s challenging to find a buyer that will settle for your asking price; most will try to negotiate for a lower price. Don’t get upset or make it personal when some buyer attitudes upset you or if prospective buyers make lowball offers. They do not know how much you value the home and your mixed feelings about selling it. They simply want to do business and get a good deal on their new home.
4) Prepare for contingencies, Inspections Concessions, and Delays
After the buyer has accepted your offer, you are under obligation to stick with the agreement. This stage can be complicated at times. For instance, you need to fulfill the demands of the buyer before proceeding with the sale. This requirement is often referred to as “contingent after passing the home inspection.”
Bear in mind that there could be unpleasant surprises if you have not done a pre-inspection. Issues such as an outdated electrical system, degraded roof, or unstable foundation can make the sale complicated quickly. Such problems often result in a fresh negotiation, which could require assigning a cost for repairs, changing the home price, and closing price. All these issues can cause a significant delay while selling your home and result in walking away with less money in your pocket than expected.
5) Deal with Mortgage Companies
If you get this far, you will have passed through a lot to have the closing date in sight. However, you can’t relax until after the deal is finally closed. The mortgage company can decide not to fund the purchase at the final moment. For instance, the financers might find discrepancies in your home appraisal or might be uneasy about funding the buyer after a background check.
In any case, the mortgage bank can abort a deal and cause you to go back to the drawing table all over again. In essence, a single issue can make your desirable home sit on the market longer than it should.
The Best Option to Sell Your Long Island House Fast
The entire home sale procedure looks complicated, isn’t it? Well, the good news is that you can avoid all the hassles by working directly with a reliable real estate investor.
If you choose to work with a professional home buyer like Leave The Key Homebuyers you don’t have to pass through the hassle of renovations or prepping your home. Simply call us, and we will make a cash offer within 24 hours. All you have to do is sign the offer, and we can proceed to close the deal. We have successfully closed on hundreds of properties on Long Island and we don’t have to deal with home inspections or mortgage companies that can derail a traditional sale.
Although you won’t be selling your home for the top dollar, you will be selling at a reasonable price with peace of mind. You won’t have to waste time and go through all the troubles of selling your home on your own or through a real estate agent.
Are you ready to sell your home on Long Island fast and without hassles? Call us now at 631-388-7771. We will get in touch with a no-obligation quote within 24 hours.