A Seller's Guide to Real Estate in Delaware: Important Steps For Selling

Did you know the average number of days it took to sell a house as of October 2021 was 18 days? If you have real estate in Delaware that you want to sell, now is the time to learn how to sell it. 

Selling a house can be stressful, and there are many aspects that need to be considered. If you've never sold a property before or if you're hoping for a smoother process than your last sale you've come to the right place. Keep reading for the best seller's guide to real estate. 

Find the Best Time

Timing is everything. You want to put your home up for sale at the ideal time so you can maximize your profit. Summer tends to be the best time to move as children are on summer break. You'll want to list the home at the beginning of spring.

Many families don't want to have to change their child's school mid-year. Winter isn't the ideal time to move because the roads get icy and dangerous, and moving companies charge more because of the risks. The winter holidays are already stressful for many people, and they typically avoid the added stress of buying a house and moving. 

However, January is a great time to try and list your property for sale because the holidays are over and people are ready to start looking. They can find a home and the timing is perfect to get a mortgage and move into their new home in the spring at the end of the school year.

You want to sell your house fast and for the most money. The housing market is dependent on many things, and supply and demand are one. If everyone is rushing to Delaware to buy a house, there may not be as many options which is great for you as a seller. 

Staging and Photography

It may seem small but the way you stage your home can make a big difference; first impressions are everything. The outside matters just as much as the inside. If you have buyers driving up and your grass is overgrown and noticeably unkept it may deter buyers. Be sure to do a little maintenance; consider power washing the outside and driveway, and planting new flowers.

The same thing applies to the inside. You want your home to be clean and tidy. Be sure to have your children's toys put away. Don't forget to put any dirty laundry out of sight, along with any animal supplies such as cages and bowls. 

You may not want to spend tons of money making repairs and renovations to your house if you're trying to sell it quickly. However, fixing minor repairs can go a long way. If you have any visible holes in the wall or chipping paint, it will be in your best interest to fix them.

When you're listing your property online, you want it to look as good as possible. You might want to consider hiring a professional to take photos for you. They will be able to highlight the best parts with lighting and angles. 

Pricing

You may be having trouble pricing your real estate. However, it's critical that you list it for the appropriate amount; that's why we've put it on our seller's guide to real estate. If you price it too high, a few things will happen.

It will sit on the market longer, costing you money. You'll also miss out on potential buyers. Most people choose a house based on their budget.

If they see your real estate listed but out of their price point, they likely won't look at it or come to the open house. If you list it too low, then you're the only one who gets hurt. 

Get a Real Estate Agent

The easiest and fastest way to avoid pricing mistakes, listing at the wrong time, and struggling with staging is to hire a real estate agent. Your agent will know the ins and outs of the market. They will know how much homes in your area are selling for and will be able to maximize your profit.

They will be able to advise you on the best time to sell based on the current trends. They will also have other connections within the industry so he/she may know a professional photographer and stager. One of the best things about having an agent is they can reduce your stress.

Paperwork

If you're selling your real estate in Delaware, then you know how much paperwork there was when you purchased it. It is no different when you're selling.

The state requires you to disclose certain things to the buyer before the sale goes through. This includes any lead-based paint, radon, or other defects the house may have that the owner is aware of.

Agents can be helpful during this process too. There are many papers that you'll be signing, and you need to know exactly what they are. Another important tip to remember is to answer questions honestly.

If you're honest and disclose everything upfront you'll be protected legally. If you intentionally leave something out, the buyer could sue you later. If you're worried about answering a specific question, talk to your agent they may be able to advise you or refer you to an attorney. 

Seller's Guide to Real Estate

There are many moving parts when it comes to selling Delaware real estate. It can be overwhelming and stressful. With the right agent from the URHOME team, your transaction will be seamless and stress free. 

Our expert team has helped many people sell their properties in the shortest period of time possible and for the highest price. We have a trusted reputation and stellar track record in the state of Delaware and know that we can help you too. We hope you found our seller's guide to real estate helpful. This is just a small sampling of the many strategies that we will give you as it doesn’t even touch on our marketing plan that we would customize for your home. If you're ready to get started today, contact us here, and we'll address all of your questions and concerns. 

A Seller’s Guide to Real Estate: Why Is Pricing Important?

According to recent research, around 25% of home sellers have dropped their asking prices as the real estate market starts to cool. This is in stark contrast to the last two years, which saw record high prices across the country amid a home-buying frenzy.

Now, as buyers back off due to rising interest rates, sellers need to put a lot more thought into how they price their homes. Read our real estate sellers' guide to find out why pricing is so important, regardless of when you want to sell your home.

Supply and Demand in Real Estate

In the last two years, the real estate market saw unprecedented demand for homes, thanks to the lowest interest rates in history. Across the country, home prices increased by almost 20% in 2021.

This hefty increase is due to the sudden demand for houses amid an ongoing housing shortage in the USA. When you add challenges in the construction industry, you've got the ideal circumstances for a seller's market.

These conditions allow sellers to dictate home prices. Now that buyers are backing off a little, home sellers need to rethink their pricing strategies to attract their attention.

The principles of supply and demand are simple enough, but things are seldom cut and dried in the real estate industry.

For instance, in December 2021, luxury homes for sale in Delaware sold at a rate 32.2% higher than in 2020, despite a decline of 23% in sales of moderately priced homes.

That's because multiple factors can impact home sales and pricing in real estate.

Factors Affecting the Asking Price of Your Home

When you decide to sell your home, it is vital to set a reasonable asking price, i.e., one that appeals to as many prospective buyers as possible.

This figure also called the 'list price', depends on the home's location, square footage, age, condition, and any upgrades you've completed while owning it.

Prevailing market conditions in your geographic area also have an impact on setting a reasonable asking price. The best way to determine this is by comparing your house to recently sold homes in your area. 

Real Estate Sellers' Guide to House Comps

While a buyer's or seller's market can impact home prices overall, some hot property markets remain in high demand regardless of this phenomenon.

That's why looking at recently sold homes in your area is the best way to come up with a price that is fair to both seller and buyer.

You can find lists of recently sold homes on the MLS by narrowing your search criteria down to recently sold homes of equivalent size in your area. It's best to limit your search to homes sold in the last three to six months.

Then, look more carefully at these properties to find a few with many similarities to your own home, e.g., a swimming pool, home office, recently upgraded kitchen, and more. 

Pay attention to homes that sold for less than the others, too. An awkward layout and small rooms can put buyers off. 

The quickest and easiest way to get accurate house comps is by asking an experienced real estate agent to do the comparison for you and provide you with a home valuation

Determining Your Profit When Selling Your Home

Remember, you'll also incur some costs when you sell your home. You must keep the following costs in mind if you want to profit from the sale:

Closing costs include necessary fees, taxes, prepayments, and services involved in selling a home. They can amount to around 10% of the selling price.

In Delaware, you'll also need to pay 4% of the purchase price of the property when you transfer the title deed to the new owner. The state takes 2.5% of this amount, while the rest goes to your county.

Typically, the buyer and seller each pay half of this amount.

Sometimes, the buyer will ask for a home inspection before agreeing to buy your home. They pay for this service, and it helps them determine whether they'll need to undertake any major repairs to the house soon after moving in.

If the home inspection reveals serious issues, the buyer may withdraw their offer or ask the seller to pay for the necessary repairs. 

What Is the Selling Price?

In a buyer's market, the selling price rarely equals the asking price for a home, although prospective buyers will try their luck regardless of market conditions.

Typically, interested buyers will offer a slightly lower amount than the list price. They often attach terms and conditions to this offer, too.

The seller can accept, reject, or negotiate this offer, until both parties agree on a price. Often, this takes several bouts of counter offers. 

In a seller's market, you might even end up with a bidding war on your hands. A bidding war involves one or more interested parties offering more than the listed price on a home they want. 

Unless you're selling your home for cash, the buyer's mortgage lender will insist on a home valuation before they agree to finance the sale. That's because they can't lend more money than the home's worth. 

If your home's valuation comes back less than the asking price, you will need to rethink your options. 

Work With a Top Real Estate Agent in Delaware

Determining a fair price for your home is a juggling act between all the above factors in our real estate seller's guide.

As a homeowner, you're entitled to set your asking price as low or high as you want to, but you're bound to get the best price by working with an experienced and motivated real estate agent. 

When you choose our team to sell your home, we will exceed your expectations. We offer extensive marketing, home staging, and sales services to ensure your home attracts more interest, faster. 

We use Compass award-winning technology to sell Delaware luxury homes as quickly as possible for the best price. Get in touch today for an effortless and effective home sale.