If you are looking to sell your home, this month may be the time to do it. According to analysis from Attom Data Solutions, May is the best month to sell a home because homeowners on average received offers almost 6 percent above estimated market value — the highest of any month.
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Whether it is your first or fourth time selling your home, Deanna Haas, director of customer experience, at Sold.com says education is the key. She shared six tips for homeowners:
Do your homework
Haas says the biggest mistake homeowners can make is not doing their homework. Investigate the best option for selling your house based on your needs. She says most people believe they only have one of two options: hiring a realtor or going for sale by owner. Real estate disruptors such as Offerpad and Opendoor are shaking up the industry by helping consumers sell their homes.
“With how things have been changing, there are a lot of different options,” Haas says. “In a lot of cases a real estate agent is the best option. But it’s not a one-size-fits-all world when it comes to selling your home.”
Price your home right
Whether you work with a realtor or an alternative company, Haas recommends speaking with a local professional. He or she can give you a good idea of how to price your home.
“Being overpriced – it doesn’t matter what time of year you are listing your home – is the biggest mistake you can make because your home will sit for such a long time,” she says. “Then you may start to drop the home price. You will then give the outside perception that something is wrong with the property.”
Are you concerned you may price your home too low?
“In theory, you are probably going to get more offers that will bid up the price to where it should have been,” Haas says. “That shouldn’t really be too much of a concern.”
Choose the right time to list
You don’t want your home to sit on the market longer than it needs to. Haas says that’s why it’s important to list your home at the right time of year. Working with a professional can help you figure out the best time based on local trends, the season and other factors.
“Most consumers don’t think about that,” she says. “You’ve listed the home in October and it’s been on the market for six months, but they listed at the wrong time of the year. People start to think - this house has been sitting on the market for six months, what is wrong with it?”
Set the right expectations
We are living at a time of instant gratification. While some people sell their residence in a couple of days, some homes are on the market for months. A local expert can give you an idea of what to expect.
Haas says there are a number of reasons some homes sell faster or slower than others do. It could be because of seasonality. You may have put your house on the market at the wrong time. Your home may be priced too high. It could also be a trend for the area.
Depersonalize the home-selling process
Your children took their first steps in your home. You have built many family memories there. Haas says some sellers make the mistake of emotionally valuing their home. Leave the pricing to the experts. Haas also suggests depersonalizing your home by removing all family photos.
“Look at this as a product,” she says. “You bought this home as an investment originally. Taking the emotional attachment away from the home will help you sell it faster.”
Not all agents are created equal
Just like in any profession, some people are good at their jobs and some are not. Haas says the same applies to agents.
“Interview multiple people,” she says. “Just because they have a license, it doesn’t mean they will provide the same service as the next person. Like Match.com, you have to date a couple of them and see what’s going to be the best fit for you.”
Linda Bell joined FOX Business Network (FBN) in 2014 as an assignment editor. She is an award-winning writer of business and financial content. You can follow her on Twitter @lindanbell