Top Strategies for Baby Boomers Can Sell Their Homes in Phoenix
Whether you’ve decided that you’re ready for a change or circumstances may be forcing you into the decision to sell your home, take a moment to familiarize yourself with these 5 ways baby boomers can sell their homes in Phoenix.
Traditional Listings
Hiring a professional real estate agent to assist you in selling your home is one of the ways baby boomers can sell their homes in Phoenix. Listing your home on the real estate market, in either the agent or owner listed market, means that you’ll likely need to update the home on the interior and exterior. There will also be showings with both of these methods of selling, so you’ll need to consider living under the pressure of having your home picture-perfect at all times. To top off the discomfort that can accompany showings, there is no guarantee that your home will actually sell on either market.
FSBO (For Sale by Owner)
For sale by owner (FSBO) is another way baby boomers can sell their homes in Phoenix. Due to the time-consuming and demanding nature of this undertaking, it is important to understand if this avenue of selling your house is right for you. While the attractiveness of this method of selling is understandable, in that you’ll be keeping the commissions you would’ve paid to an agent, more often than not, sellers regret entering this highly complicated transaction. Making errors due to inexperience could end up being far more costly than any savings you may realize. You could even wind up in court due to your lack of awareness regarding the local, state, and federal laws governing real estate. It is difficult to enter into negotiations for yourself, especially due to your emotional attachment to your property. You’ll need to understand the current market and your competition because setting the right selling price can mean the difference between a quick sale and sitting on the market for so long that buyers begin to believe there’s an unseen problem with your home.
Owner Financing
While many boomers purchased larger luxury homes, these aren’t the homes today’s buyer is seeking. In order to open your property to a broader buying base, seller financing is another way baby boomers can sell their homes in Phoenix. Understandably, if you’re under a time crunch, this option may be more appealing, despite the risks you’re taking on. For many, becoming a landlord in retirement wasn’t the plan and while not the first choice, it may be a viable option. You’ll need to enter this type of arrangement with your eyes wide open. Firstly, you’ll be dealing with buyers who likely weren’t able to secure traditional financing for a mortgage. While buyers are responsible for the property as if it were theirs, it’s highly possible that you could end up holding the property yet again and have to go through the process of finding yet another buyer.
Rent to Own
Another way to open your possibilities is to consider renting the home, with an option to buy after a specified period. While it’s not a guaranteed sale, it is yet another way baby boomers can sell their homes in Phoenix. Again, this has its risks as you’ll still be the one responsible for the property.
Direct Sale
One of the quickest ways baby boomers can sell their homes in Phoenix is through a direct sale. Usually, the process is complete within a matter of weeks. Now, whether you list with a real estate agent or sell the home yourself as an FSBO, remember that the costs of advertising and getting your home ready for buyers will fall on you, along with all of the legal risks in the long run.
It’s highly likely you’ve been in your home for more than a short term, and you aren’t selling a brand-new property. Because you’ll need to have the home appraised and inspected as well, be prepared for unexpected expenses. It’s wise to get an appraisal when you’ve decided to sell your home. You’ll also need to consider the amount of time any project could take, costs for this work, as well as budgeting and carefully scheduling any professionals you’ll need to hire for any necessary repairs. In this way, you will have a more realistic accounting to rely on for the true potential of profit you could realize on your home as well as how long of a time period you’re facing just to be ready to sell. In a nutshell, selling directly eliminates any concerns about affording to sell or the amount of time it will take.
Additional Tips for Baby Boomers
1. Declutter and Depersonalize: One of the first steps in preparing your home for sale is to declutter and depersonalize. Remove personal items and excess furniture to make your home appear more spacious and allow potential buyers to envision themselves living there.
2. Enhance Curb Appeal: First impressions matter. Make sure the exterior of your home is well-maintained. This includes mowing the lawn, trimming bushes, and possibly adding some colorful flowers to make your home more inviting.
3. Stage Your Home: Consider hiring a professional stager to arrange your furniture and decor in a way that highlights your home’s best features. Staging can make a significant difference in how quickly your home sells and the price you get for it.
4. Be Flexible with Showings: While it can be inconvenient, being flexible with showings can increase the number of potential buyers who see your home. The more people who see your home, the higher the chances of receiving an offer.
5. Highlight Energy Efficiency: Many buyers today are looking for energy-efficient homes. If your home has energy-efficient features, such as new windows, insulation, or appliances, be sure to highlight these in your listing.
6. Consider a Pre-Inspection: Getting a pre-inspection can help you identify any potential issues that might come up during the buyer’s inspection. Addressing these issues beforehand can prevent delays and give buyers confidence in the condition of your home.
7. Market Your Home Online: In today’s digital age, online marketing is crucial. Make sure your home is listed on popular real estate websites and consider using social media to reach a broader audience.
8. Offer Incentives: To make your home more attractive to buyers, consider offering incentives such as paying for closing costs or including appliances in the sale.
If you’re a baby boomer looking into ways to sell your home in Phoenix, the easiest and most convenient way to sell is by selling directly to Oak Street Properties – no repairs needed, no showings, and no commissions. Learn more about how we can help you by sending us a message or giving us a call at (480) 637-5500 today!