Considering listing your home? You absolutely have to know these facts about selling your house in Phoenix that an agent will not tell you. Before you reach out to a real estate agent to sell your property, don’t look back with regret over not actually understanding everything that lay ahead in the traditional listing process of today.
Facts About Selling Your House in Phoenix That an Agent Will Not Tell You
Inconvenience
Dinner time? While you may consider sitting down at the table together as a family highly valued time, the dinner hour, or during your weekend, is likely the prime time your potential buyers will be walking through with their agent. While no-one likes to have strangers walking through their private space and looking at all of their belongings, it is a real estate agent’s job to be certain that as many strangers as possible do just that. Likewise, you’ll need to keep your house in picture-perfect condition at all times. Be ready to plan your life around showings or open houses. This is one detail about selling your house in Phoenix that an agent will not tell you.
Closing Delays
Show me the money! Because the process is based upon the completion of inspections and appraisals, not to mention other deadlines and hurdles that you’ll be jumping, closings can be delayed. It isn’t unusual for closings to take up 60 days, and quite possibly longer, through conventional financing in traditional real estate. This is another fact about selling your house in Phoenix that an agent will not tell you.
Days on the Market
Are we there yet? While your real estate agent may be able to quote the average days on the market for listings, one thing they cannot tell you is just how many days it will take to sell your property. Without having a realistic picture of the possible length of your timeline, the plans you start to make may all be in vain. You may also find yourself responsible for two properties if you are forced to move before the sale is completed. This is another piece of information about selling your house in Phoenix that an agent will not tell you.
Contingencies
The deal is off. The bottom line is your sale may fall through if a contingency isn’t met. Contingencies are provisions in the contract that must occur before the sales contract is fulfilled and are common in traditional real estate. For instance, if your house doesn’t pass the inspection, or meet the purchase price in the appraisal, the buyer or their lender, may renegotiate or even walk away from the deal. This is a fact that can be devastating to learn the hard way, about selling your house in Phoenix that an agent will not tell you.
Repairs
So you were under the mistaken impression that everything was fine? Inspections are a necessary part of traditional listings, regrettably, they can also bring to light very expensive secrets. Depending on the nature of the previously unknown issue discovered during the inspection of the property, the expenditures to repair or replace the problem could run into the thousands. Another tidbit about selling your house in Phoenix that an agent will not tell you, you’ll be responsible to complete any repairs required by the lender or a contingency. Failure to complete the repairs, despite any lack of funds you may be facing, will void the contract.
Slice of the Pie
Commissions, fees, marketing, staging, storing belongings to decrease clutter, and closing costs. Your real estate agent will expect you to make changes aesthetically which could include updating or renovating that could run into the thousands. In addition to the cut real estate agents and their broker’s will take-off of the top in commissions, you’ll be responsible to pay for the marketing and hiring the digital photographer, including a drone pilot, for your online presence. Along with these costs, you’ll be paying for staging, with the aim of making your home appeal to the highest number of buyers which has proven to help in a faster sale with a higher purchase price. This may require you to put excess belongings in storage until the home sells. Depending on many factors, you could also be responsible for expenses at the closing. All of this eats away at the profit you’re expecting. Carefully consider these facts that take away from your bottom line, when selling your house in Phoenix that an agent will not tell you.
Intrusive, expensive, time-consuming, and offering no guarantees
These are facts about selling your house in Phoenix that an agent will not tell you. Selling your house through traditional means can be intrusive, expensive, and time-consuming, with no guarantees of a quick sale or a high price. The process involves numerous showings, open houses, and keeping your home in pristine condition at all times. This can be highly disruptive to your daily life, especially if you have a busy schedule or a family to care for.
Marketing Costs
Marketing your home effectively is crucial to attracting potential buyers, but it can also be costly. Real estate agents often recommend professional photography, virtual tours, and even drone footage to showcase your property. These services can add up quickly, and you may be responsible for covering these expenses out of pocket. Additionally, staging your home to make it more appealing to buyers can also incur significant costs.
Emotional Stress
Selling a home can be an emotionally taxing experience. The uncertainty of the process, coupled with the potential for delays and setbacks, can take a toll on your mental well-being. Real estate agents may not always prepare you for the emotional rollercoaster that comes with selling a home, from the excitement of listing to the anxiety of waiting for offers and the disappointment of deals falling through.
Legal and Financial Risks
There are also legal and financial risks involved in selling a home. Real estate transactions are complex, and any mistakes or oversights can lead to costly legal disputes. Agents may not always disclose the full extent of these risks, leaving you vulnerable to potential issues down the line. It’s essential to have a thorough understanding of the legal and financial aspects of selling your home to protect yourself and your investment.
Alternative Solutions
Given the challenges and uncertainties of selling your home through traditional means, you may want to consider alternative solutions. One option is to sell your home directly to a real estate investor or a company that specializes in buying homes quickly and efficiently. These buyers often offer cash deals and can close the sale in a matter of days, providing you with a guaranteed and hassle-free transaction.
Benefits of a Direct Sale
A direct sale to a real estate investor or company can save you time, money, and stress. You won’t have to worry about showings, open houses, or keeping your home in perfect condition. There are no marketing costs, and you won’t have to pay commissions or fees to a real estate agent. Additionally, you can avoid the uncertainty and delays associated with traditional financing and closing processes.
Oak Street Properties saves you money, time, and provides you with a guaranteed and very quick closing date. These are just a few of the reasons why a direct sale to Oak Street Properties may be better for you. Send us a message or call (480) 637-5500 today to find out more!
Additional Considerations When Selling Your Home
Understanding Market Trends
One crucial aspect of selling your home that agents might not emphasize enough is the importance of understanding current market trends. The real estate market can be highly volatile, with prices fluctuating based on various factors such as economic conditions, interest rates, and local demand. By staying informed about these trends, you can make more strategic decisions about when to list your property and at what price.
Preparing Your Home for Sale
While agents will often suggest making your home as appealing as possible to potential buyers, they might not always provide detailed guidance on how to achieve this. Beyond basic cleaning and decluttering, consider making minor repairs and updates that can significantly enhance your home’s appeal. This could include painting walls in neutral colors, updating fixtures, and improving curb appeal with landscaping.
Negotiation Tactics
Negotiation is a critical part of the home-selling process, and while agents are skilled negotiators, they might not always share all their tactics with you. Understanding the basics of negotiation can empower you to make better decisions during the selling process. For instance, knowing when to counteroffer, how to handle multiple offers, and when to stand firm on your asking price can make a significant difference in the final sale price.
The Role of Inspections and Appraisals
Inspections and appraisals are standard parts of the home-selling process, but they can also be sources of stress and unexpected costs. An inspection might reveal issues that you were unaware of, leading to costly repairs or renegotiations with the buyer. Similarly, an appraisal that comes in lower than the agreed-upon sale price can complicate the transaction. Being prepared for these possibilities and understanding how to address them can help you navigate these challenges more effectively.
The Impact of Staging
Staging your home can make a significant difference in how quickly it sells and at what price. While agents might recommend staging, they might not always explain the full impact it can have. Staging involves arranging furniture and decor in a way that highlights your home’s best features and makes it more appealing to buyers. This can create a more inviting atmosphere and help potential buyers envision themselves living in the space.
Understanding Closing Costs
Closing costs are an often-overlooked aspect of selling a home. These costs can include fees for the title search, title insurance, appraisal, inspections, and more. While agents might provide a general estimate of these costs, it’s essential to understand the specific fees you’ll be responsible for and budget accordingly. This can help you avoid any surprises at the closing table and ensure a smoother transaction.
The Emotional Aspect of Selling
Selling a home is not just a financial transaction; it’s also an emotional one. Your home is likely filled with memories and personal significance, which can make the selling process challenging. Agents might not always address