Closing is the final step in selling your home, the point at which you can breathe easy because the transaction is finalized. But the process leading up to closing usually produces a lot of anxiety and worry because so many things can go wrong to delay the closing. Still, there are some steps you can take to ensure the process is smoother and the closing will be faster. So let’s take a look at 4 things Silver Spring home sellers can do to ensure a fast closing.
1. Price It Strategically
Most of the time, achieving a fast closing for Silver Spring home sellers begins with pricing their home right, that is, pricing strategically. It may currently be a seller’s market, but you still have to “keep a cool head when it comes to pricing your home.”
Certainly, you want to take advantage of the market conditions and sell for top dollar, but you still can’t go overboard on pricing. Here’s what tends to happen: “Sellers are being seduced by a general market message that everything will sell, sell quickly and for top dollar, but they need to understand that not every home or listing will sell at the top price. Setting up your home, staging, cleaning, and professional photography is still required. Every additional buyer for your home can be an additional profit so maximize with a real-time strategy.”
Industry pros, then, recommend working with your Silver Spring “agent to come up with a strong opening price and let the market factors (low inventory, high demand) do the rest.” To discover more about strategic pricing for a fast closing, call (301) 442-2368.
2. Avoid High-Risk Buyers
Another way to increase your chances of a fast closing when selling your home in Silver Spring (or, at least, a faster closing) is by avoiding high-risk buyers. Vetting and calling buyers may seem like a strategy to push closing further away, but with the current low housing inventory, you’ll still be in good shape.
Some of the buyers to avoid or be wary of are:
- Those who present the potential to “back out of the deal if there are certain problems with the property”
- Those who don’t “have enough cash to cover the difference between the mortgage amount and the home price if the appraisal falls short”
- Those who need “to sell their home before they can buy”
“In today’s hot real estate market,” industry pros say, “sellers may lose out when buyers make high offers but build in contingencies to get out of the transaction later. Also, keep in mind that many buyers are making offers on multiple properties to up their odds of getting a deal in this super-competitive landscape. This can be dicey if another seller also chooses the buyer you choose.”
So the best course for most Silver Spring home sellers is to rely on their agent to vet buyers and “suss out the best offers.”
3. Make Repairs and Stage It
You can further increase the likelihood of a fast closing if you make the necessary repairs to your home and then stage it. “Even desperate buyers are prone to walk away if the house doesn’t live up to the price tag, or at least get close to it.” So to get anywhere near a fast closing, you must present your home in the best, most appealing light possible.
While you don’t have to go all-out and perform, say, a major kitchen remodel, you do need to make the obviously needed repairs and maybe make some upgrades. For “buyers will pay a premium when comparing options in this market for homes that provide peace of mind for being move-in ready.” And the chances of closing being delayed are much slimmer.
Then, be sure to stage your home. Numerous surveys have found that not only do staged homes sell for 1% to 5% more, but they also sell faster. And a faster sale means a closing that happens sooner.
4. Prepare for the Final Walk-Through
It also pays to keep in mind the things that can go wrong at the end of the process to delay closing. One of these is the final walk-through.
The typical sales contract allows the buyer a final chance to walk through and inspect your home one last time within 24 hours of the settlement. This is the buyer’s last chance to make sure your home is in good condition and that agreed-upon repairs have been made. Usually, this goes off without hitch, but problems that delay closing can arise.
Here are some of the things you can do to prepare for the final walk-through to make sure your fast closing stays on track:
- Clean your home thoroughly – again.
- Provide the owner’s manuals and warranties for all the appliances and home systems.
- Provide a vendor list with contact information for all “the home contractors and/or maintenance companies that you’ve used in the past.”
- Check to make sure you haven’t left anything behind.
- “With the buyer’s permission, turn off your house’s main shutoff valve 24 hours before closing.”
Use a Silver Spring Agent for a Fast Closing
A final thing that will help most buyers achieve a fast closing is enlisting the aid of a market city agent. Listings represented by an agent typically sell for more, and closing usually happens sooner as well. Every local market has its peculiarities, and your Silver Spring will know just what it takes to expedite closing in that market. So if a fast closing is your goal when selling your home in Silver Spring, contact us today at (301) 442-2368.