Is Selling a Home an Overwhelming Process for Homeowners?
Variables and Perspectives Involved with Selling a Home
Essentially, the question is asking whether or not selling a home with traditional methods is too much of a hassle for homeowners. Ultimately, the answer depends on each homeowner’s real estate and mortgage experience, workload, location, situation, and general perspective of the process. Whatever the case may be, selling a home is always more involved than selling a car or other high-priced items. Simply put, the large amounts of money being borrowed create more red tape with laws and regulations concerning the mortgage and real estate industries. This might make the process of selling a home more complicated and involved than a seller wants to deal with.
Here are some other factors that can make selling a home a hassle for homeowners:
they’ve never sold or bought a home before
their home selling/buying experience was a long time ago
their home selling/buying experience was in another state
their work is demanding and time-consuming
the home is in a distant location
the home needs extensive repairs and/or cleaning
the home is in a buyer’s market
they don’t have the upfront money to repair and market
home is being used as a rental
How Long Does It Take to Sell a Home?
The National Association of Realtors says the average is three weeks, according to a CNN Money article, which explains: “Low housing supply has pushed up home prices and created multiple offer situations and bidding wars throughout the country.” While three weeks isn’t very long, this only accounts for the time from when a house is actually listed until it’s closed. Homeowners must also consider how long it takes to get a home ready to be listed. The amount of time this takes depends on:
repairs and upgrades
clean-up for curb appeal
hiring a real-estate agent
moving or putting items in storage
preparing to stage a home for walkthroughs and open houses
dealing with any tenants
Having an inspection done pre-listing isn’t required, yet is a good idea, especially, if the house is run-down or obviously in need of repairs. Having a pre-listing inspection done will cost a few hundred dollars, yet will prevent any bad surprises from surfacing when buyers have an inspection done before closing.
The time it takes to prepare a home for listing and sell it will depend on these factors, yet is also subject to problems that can occur during escrow and closing processes.
Some examples of challenges:
• No earnest money deposit
• A bad home inspection.
• A low appraisal.
• Underwriting rejects the file.
The overall time it takes to sell a home with traditional methods can be from weeks to months; a safe estimate for most situations would be a few months from listing appointment to closing. If homeowners don’t have the time nor the inclination to spend this time and effort selling their home, they should consider other options, primarily hiring an agent.
How Much Effort Does it Take to Sell a Home?
Time and effort are similar, yet the effort aspect is what will make the process of selling a home with traditional methods overwhelming. While the variables and perspectives of homeowners will differ, each must consider whether they’re willing and/or able to put the effort needed into selling their home.
The number of steps involved:
1. Choosing a Listing Agent
2. Find Out How Much Your Home Is Worth
3. Get Your Home Ready for Sale
4. Market Your Home
5. Show Your Home
6. Receive Purchase Offers and Negotiate
7. Open Escrow and Order Title
8. Schedule an Appraiser Appointment
9. Cooperate With the Home Inspection
10. Obtain Seller-Required Inspections [if contract requires]
11. Delivery Seller Disclosures [lead-based paint, etc.]
12. Negotiate Requests for Repair
13. Ask the Buyer to Release Contingencies
14. Sing the Title and Escrow Documents
15. Close Escrow
Basically, there’s a lot of steps involved in the traditional home selling process, which may prove to be an overwhelming experience for homeowners not prepared or able to spend the time and effort needed to navigate and manage the complexities.
While it depends on the variables and perspectives of each situation and homeowner, selling a home with traditional methods, at the very least, requires a considerable amount of time and effort. This may include large amounts of upfront money for repairs, inspections, marketing, and upgrades as well.
If homeowners aren’t prepared or able to spend the time and effort necessary to sell their homes, the process could very well be an overwhelming experience they’d rather avoid. This is especially true if they have a demanding job and other pressing responsibilities in their lives.
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