The Winning Steps You Need To Take When Selling a House in Washington State
Since the last year, property rates across Washington skyrocketed by approximately 24.4 %, with the average house cost being $606,643.
Even the finest Washington houses will experience difficulties selling if you don’t price the property correctly, advertise it poorly, or don’t know how to conduct negotiations.
With real estate commissions reaching new highs year on year, the housing market in Washington has become very competitive.
As a result, the critical stages of selling a house in Washington State will be discussed in this article.
Sit back, relax and read on!
Choose the Best Option for Selling a House
Although there are many options for selling your home, not all will meet your requirements. We’ve compiled a list of some of the best ways to sell your house in Washington State. Choose the one that best meets your needs.
One way to avoid paying pricey realtor commissions is to sell your house for sale by owner in Washington State (FSBO). It’s a do-it-yourself strategy that doesn’t require the need for a real estate professional.
The seller has total control over the deal, but they must handle all paperwork independently.
Selling your property FSBO in Washington State has several drawbacks. First, even if you save money on commissions, you’ll have to manage everything on your own – listing, marketing, negotiations, closings, etc.
Hiring a Traditional Real Estate Agent
You can sell a house in Washington State by hiring a full-service traditional real estate agent. From listing to closure, the agent will be there for you. However, the complete 2.5 % to 3 % listing agent commission will be your responsibility. So even if you find an unrepresented buyer, you’re still responsible for the commission.
FSBO with Flat Fee MLS Listing Company
The median realtor commission in Washington State is $21,177 on a $429,884 average house price. This figure is based on the average house price in Washington State.
When selling a house in Washington State, hiring a flat fee MLS to sell your house FSBO is your best bet. Not only do you avoid getting ripped off, but you also have total control of the selling process of your house. One of the most reputed Flat Fee MLS Washington companies in Houzeo. Check out Houzeo reviews on websites like Google and Trustpilot before hiring them.
Choose a Suitable Month
It’s critical to know when to list when a house in Washington. Local real estate markets change monthly, so advertising your home at the right moment will help you get the best price.
Listing your house around May is your best bet.
Price the House Competitively
When selling a home in Washington, it’s crucial to price it correctly. Setting the perfect price for your home helps increase traffic and attract potential and competing buyers.
Pricing it right is of paramount importance. If you price your house too less or too much, here’s what happens:
Too Low: The most likely scenario is that you will receive many bids at competitive costs. To settle the selling price with the buyer, you’ll most likely go for “Highest & Best Offer” or counter the best bids. You’ll also sell at market value.
Too High: Sellers frequently receive minimal traffic in these situations. It will cause you to lower your price, and you (the seller) will be forced to sell at market value.
Checklist for Staging Your Home
Getting rid of any possessions and furnishings you no longer need is a good start when preparing your property for sale. Following that, it’s critical to pack and relocate any personal belongings you don’t use every day out of the house.
This is also the time to consider conducting any repair work around the house. It’s critical to guarantee that your property is thoroughly restored to its previous condition.
Because many people in Washington like being outside, it’s critical that your windows appear and function correctly.
You may have a pre-sale house inspection done to ensure you’re aware of any other issues that need to be addressed. This will also help you prepare for the buyer’s examination later on.
Start Staging and Marketing
After completing all repairs and cleaning your house, begin the staging process. This may include further downsizing your stuff or renting furnishings to give your home a fresh lease of life.
After your property has been staged, hire a professional photographer who will take high-quality images of each room so that your Flat Fee MLS Washington firm can advertise and list it online. A professional video tour may also be created to assist purchasers in grasping the layout and flow of your home.
Master the Art of Negotiating Offers
You will be receiving offers smartly. Negotiating and sending counteroffers to prospective buyers is a skill you need to master. Your agents will walk you through this process to ensure you make the best selections possible.
Sellers usually have three days to reply to an offer, whether they decline, accept, or counteroffer.
When you receive an offer, a contract for the real estate acquisition will be drawn out. Many essential data regarding the property will be included in this contract, including the agreed-upon sales price, expected closing date, and, in most cases, a list of buyer contingencies (such as appraisals and buyer’s inspections).
Following the signing of the contract, the buyer will be asked to place a down payment into escrow, which will be held until the closing date.
Be Prepared for Appraisals and Inspections
The buyer’s lender will usually require a house assessment at this time to guarantee that the property they’re supporting is worth the financial risk.
An appraiser will assess the property to guarantee it is truly worth the asking price. If an appraisal falls short, sellers don’t have to panic; there’s still time to make any necessary repairs or modifications. In addition, pre-sale house inspections might help you prevent unpleasant surprises.
Following the approval of the appraised valuation, the buyer is responsible for organizing a home inspection, which will provide a more in-depth examination of the house’s condition.
The inspection will look for significant concerns such as HVAC difficulties and small ones such as broken door locks.
If the inspection is negative, you can go on to the disclosure step and ultimately to the close. If not, consult your agency to determine what should be done next.
To accommodate the buyer and avoid the deal falling through, you will likely need to make essential repairs or alter the asking price.
Keep the Paperwork Ready
Following the completion of the inspection, it’s critical to inform the seller of any faults found in the house. This is usually done in writing and serves to protect vendors in the event of future litigation.
Your agent can advise you on what information is required under Washington law.
In most cases, your disclosure document will list any known issues with the property, as well as probable lead paint warnings and a smoke detector certification.
Sellers are only accountable for disclosing facts about any known faults, so as long as you’re upfront with the buyer, you won’t be held liable for any later problems.
You’ll need to complete a lot more paperwork to officially close on your property. It’s advisable to consult your agent or attorney before signing any papers.
A qualified expert can help you with all the paperwork and ensure you have all you need for your specific scenario.
The final and last stage in the house selling process is to close on your property. In other states, buyers and sellers must sign all closing agreements jointly. However, these documents can be completed individually in Washington.
A typical closing process looks like this:
● The title firm will ensure the home title is clear of any encumbrances before transferring it to the new owner.
● Once the funds are authorized and ready for closing, the buyer’s loan documentation will be provided.
● Both the buyer and the seller will sign all paperwork a few days before the formal closing date (often done separately).
● When everything is in order, the escrow business will submit a financing request for the loan. This usually occurs one or two days before the closing date.
● The buyer will do a thorough walkthrough to check that the property should be in the same condition as it was when they first visited it.
● The home will be formally closed once all paperwork is completed, and the buyer will receive the keys to their new home.
● The property sale is complete after the buyer receives the keys, and you will receive the funds released to escrow.
Always consult with your agent or attorney before signing or submitting any documents. Then, choose a Flat Fee MLS Washington firm like Houzeo, which allows you to sell your home on your terms and at your speed without burning a hole in your wallet.
Read also: Marketing Your Home In Today’s Real Estate Market — What To Know