Ohio real estate is now in demand. Property prices in the Buckeye State increased 4.92% in 2019 and are anticipated to grow 3.27% more in 2020, according to Zillow Research.
Of all the Ohio homes, even the best homes can have a difficult time selling if you don’t price the house correctly, advertise it poorly, or know how to conduct negotiations. Our comprehensive guide divides the procedure into eight easy steps. Learn how to set your home’s asking price, bargain with buyers, glide through closing, and more. Follow our checklist to get your house ready to sell fast in Ohio.
1. Identify the best time to sell
When selling your house, the timing of the sale is important. According to Redfin, prices have a tendency to increase by an average of $15,000 after their winter low during the spring purchasing season. Most people are normally looking to purchase at this time, and the competition that results from so many buyers raises prices for sellers.
Weather and seasonality aren’t the only aspects that influence costs in Ohio. The market may also be impacted by government restrictions as tax laws are altered and interest rates go up.
For instance, federal tax reforms have created opportunity zones, of which Ohio has a large number, which is attracting a lot of investment in low-income areas.
Listing in June would be your best bet if you’re aiming for the quickest sale possible. Homes listed this month stay on the market for 45 days, which is much less time than Colorado’s average of 54 days. Homes listed at that time sold for an average of $197,000, or over $15,000 more than usual.
You won’t have to rush to get rid of things immediately before selling your house if you start the decluttering process early. Whatever it is you no longer use, get rid of it or donate it. To store items you won’t need until after your relocation, you can consider getting a short-term storage unit.
You might not get rid of almost everything right now since it’s still early. Prioritize and arrange the items you wish to keep, store, give, or throw away. Keep your house tidy in order to attract buyers.
3. Do repairs where necessary
If you have any maintenance tasks you’ve put off, it’s time to tick them off your list of things to accomplish. Replace the leaking faucet, fix the fence, or patch the holes throughout the course of the weekend.
The Zillow Group Consumers’ Housing Trends Report of 2020 states that 2.3% of renovations or upgrades are made on average by sellers to get their homes ready to market, with 79% of sellers making at least one change. Only 21% of homeowners are listed “as-is.”
4. Check your curb appeal
When potential buyers first view your property, whether in person or online, it’s the outside that they notice. Even potential buyers may conclude it is not worth looking inside if the home has poor curb appeal.
Given the importance of the transaction, it is understandable that 28% of sellers do landscaping before advertising their houses for sale. Growing flowers, painting the doors, trimming the lawn, replacing light fixtures or obsolete hardware, and installing accent lighting are all simple ways to increase curb appeal.
5. Create a marketing strategy
An experienced realtor will know the most effective methods to connect with those prospective purchasers in Ohio. This entails creatively promoting your property by setting up a website, employing social media, and holding open houses to highlight its greatest qualities.
You’ll need to develop your own marketing plan if you’re selling “For Sale By Owner.” Create a description of the listing, engage a photographer, promote your property, list your house on Trulia and Zillow, then develop a strategy for handling showings.
6. Prepare the necessary paperwork and Ohio disclosures
In Ohio, the seller must give prospective purchasers a Residential Property Disclosure Form. This document must be provided when the property undergoes a contract. Buyers often have the option to withdraw their offer after receiving this form.
Sellers are only obligated to disclose problems they are aware of, so they are not compelled to conduct all necessary inspections. Due to this, the majority of purchasers include inspection conditions in their purchase agreements.
A variety of additional legal documentation is also required when selling a property. Always speak with your attorney or agent before signing or submitting any documentation. They can guide you through the process and make sure you have all you need.
7. Prepare for inspections and appraisals
At this stage, evaluations are also undertaken and are fundamental to the mortgage procedures. Buyers will often need to generate more funds if the home’s appraisal isn’t at or close to the purchase price in order for the financing to function. Failure to appraise often causes closings to be postponed or even terminates the deal.
The aforementioned procedure includes home inspections, which are frequently stipulated as conditions in the offer. Smart purchasers will frequently conduct their own inspections and utilize the results as a starting point for more discussions, if necessary.
All of these concerns may result in further discussions over the purchase’s ultimate price. A rent return, improvements, or any other factors the seller or buyer would wish to discuss can be negotiated as well.
8. Go through the offers
Normally, when making an offer, buyers give you a set length of time to reject or accept it. They typically give you a few days during which you and your agent may present a counter offer.
However, you can also turn down the offer in the anticipation that a better one will present itself. You will sign a purchase contract upon the acceptance of an offer or the negotiation of a purchase price.
In Ohio, there is normally a three-day review period before the purchase agreement’s precise details are agreed upon. After receiving a deposit, the title firm will evaluate the inspections and disclosures and begin preparing the paperwork for closing to be actualized. The 30-day closing window allows purchasers one last opportunity to walk out of the agreement.
Preparation and planning are always necessary when you choose to sell your house. Since your house is often your biggest financial asset, getting ready to sell needs careful planning and thorough research. No matter how far in advance you plan, we hope this checklist will assist you in getting ready.
It’s not too early to begin searching for an agent, receiving suggestions, and establishing a strategy, whether you want to market your Ohio house right now or in six to 12 months.
We constantly assist homeowners in obtaining top dollar for their properties. Regardless of the condition of your house, we can offer you an all-cash deal and close with no charges. Why not give us a call today?