Here some things you will need to consider when selling your Philadelphia Area home:
Price: Pricing is everything in today’s market. Gone are the days when you could list your house and buyers would scramble to make an offer. Overpriced homes typically stay on the market a long time and end up selling for less than the house below its value. Also, homes sitting on the market are perceived as having problems. Houses priced attractively sometimes receive multiple offers and sell for over the asking price.
Your real estate agent agent will help you look at the comparable properties (comps) that have sold in the area, the only worthwhile comps which should be considered. Another property on the market and sitting unsold is not a comp.
Prepare your home: Remodeling your home to encourage a higher price is not advisable. Your taste may not be a buyer’s and all you will hopefully recoup is the money you put into the remodeling. Simply presenting an uncluttered, clean home, maybe a freshly-painted outside, and nice landscaping to provide a good first impression is all that is needed in an older house.
Put it on the market: and be ready for those open houses. You should not be home during open houses. It is also advisable to accommodate buyers as much as possible for private showings with your agent.
Review Offers. Make sure you are available during the course of a listing to review offers. They are usually time-sensitive. Your agent will request paperwork to ensure that the buyer is financially able to purchase the house and go over the purchase contract. Main contingencies to consider will be:
- Amount of down payment
- Contingency removal dates – loan and appraisal are usually 21 days, although in this market this may be extended
- Length of escrow period – the standard is 30 days, but again, in this market this may need to be extended
- Length of inspection period. The standard is 15 days, but this should be shortened to a maximum of 7-10 days. It is easy for a buyer to get all inspections done within that time period. If they need an extension for a reasonable cause this can be granted
- Make sure that the Buyer does not have to sell their home in order to purchase yours. This can hold up your sale with no guarantee that they Buyer will ever perform.
- Check for any other unusual requests that may delay the sale.
Remember that the first offer is usually the best. If it is a reasonable offer beware of thinking that you may get a better one. You probably won’t.
Also, make sure you understand what you will net from the sale after closing costs, including the agent’s commission.
Seller is responsible for paying – Your portion of escrow fees. Generally a home warranty for the Buyer. Township certifications, conveyancing fees
Prepare for the escrow period: The Seller also has to abide by various contingency periods. Make yourself available to sign the mass of paperwork that will be thrown at you. Most of it is standard, but if you need an explanation, don’t be afraid to ask your agent. You will need to have the property inspected by a licensed pest control company for termites and also a licensed retrofitting company to ensure that the home meets the required standards. These inspections are time-sensitive. The corrective work, needed, has to be completed before the close of escrow.
Once all the contingencies are addressed and, where needed, removed, the property is in solid escrow and the Buyer has basically “purchased” the home.
Close the deal. The Seller needs to be out of the home by the time stated on the day of close of escrow, usually 5:00 p.m. Everything should be in place to hand the property over to the new owners. Here is a checklist to get you started. Cancel electricity, gas, lawn care, cable and other routine services. If the new owner is using the same services he/she will change the name on the account on the same day in order not to lose those services. Gather owner’s manuals and warranties for all conveying appliances.
Buying or Selling in The Greater Philadelphia Area
Buying or selling a home in The Greater Philadelphia area can be a daunting process in a city this size, especially if you’re new to town. You’ll need a resident expert to show you around and help you narrow down the areas where you might like to live. I will help you find the perfect home in the right area to fit your lifestyle, budget and needs! There are many area options to choose from including Montgomery County, Bucks County, Philadelphia as well as other surrounding counties.
When I list and sell a Philadelphia area home for my clients I strive to make the experience a pleasant one. My mission is to provide outstanding service while utilizing the best practices and systems available. It is our goal to sell your home in the quickest amount of time, for the most amount of money and for the least amount of stress to you.
If you have tried to sell your home on your own, have already listed with an agent but were not able to sell, or have any questions about today’s real estate market, we would love to talk to you.
We specialize in Philadelphia area homes, including, but not limited to:
- Montgomery County Single Family Real Estate –Montco Condos, Montco Short Sales and Foreclosures
- Bucks County Single Family Real Estate– Bucks Condos, Bucks Short sales and foreclosures
- Philadelphia Single Family Real Estate– Philadelphia Condos, Philadelphia Short sales and foreclosures
For more information on how I can best serve your Greater Philadelphia real estate needs including Bucks and Montgomery Counties please fill out the contact form below or give me a call at 215-646-2162
Lee Stiber Passionate About Real Estate and Compassionate To Your Needs!