There are two ways to sell a home: with the help of a real estate agent or on your own. The latter usually appeals to sellers who want to avoid paying an agent’s fees, and in a time of economic uncertainty, it’s pretty easy to understand why sellers would want to cut costs. But will selling your home independently guarantee fewer expenses? Not quite.
In 2022, the National Association of Realtors (NAR) reported that homes listed with the guidance of a real estate agent sold for 42% more than homes sold without an agent. This means that the for-sale-by-owner route is usually less profitable for sellers.
The benefits of hiring a real estate agent to sell your home go far beyond money, though. Below, we’ll discuss all the ways real estate agents are invaluable in selling your home in Steamboat Springs.
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REAL ESTATE IN STEAMBOAT SPRINGS, CO
Real estate for sale in Springboat Springs, CO includes this6-acre investment property
The Steamboat Springs housing market remains relatively healthy in April 2023, exhibiting consistent buyer demand. In that month, homes sold for a median price of $699,900. Property prices were diverse, swinging from $380,000 at the entry level to $3 million at the high end.
However, overall sales were still limited by the ongoing supply shortage. There were very few homes on the market compared to demand. Sellers were motivated to keep their properties for the long haul, and while buyers still showed a strong desire to purchase, they were inhibited by the scant number of options available.
WHY YOU SHOULD WORK WITH A REAL ESTATE AGENT WHEN SELLING YOUR HOME
Real estate agents understand the local market
Real estate agents in Steamboat Springs are experts in the local market. By having an agent on board for the home selling process, you can:
- Avoid common mistakes such as selling your home during unfavorable conditions
- Glean valuable insight on pricing, neighborhood dynamics, and market temperature, which can then help you maximize your home’s selling potential and get top dollar
- Rely on expertise that will prevent you from making ill-informed decisions that could result in extra costs down the line
Additionally, some parts of the selling process are simply out of our control; factors like location and interest rates have a significant influence on how long a home stays on the market. It’s an agent’s responsibility to keep a close eye on these things in order to sell your home effectively.
Real estate agents will help you price your home correctly
It’s common for sellers to price their homes higher than their actual market value. They may be hoping to negotiate down to the true market price. Or, they may simply overestimate the value of their home.
Selling a home is no easy task – it is, understandably, very difficult and complicated to let go of something that holds sentimental value and importance. An agent, on the other hand, can be more objective. They will base the asking price on data, local trends, home prices of nearby properties, and market demand.
Real estate agents gives you access to a wide network of buyers
By listing your home with a real estate agent, you gain access to their extensive network of buyers, as well as multiple listing services (MLS) and online platforms. This exposes your home to a broader audience than if you were to sell your home on your own.
Real estate agents know what buyers want
Real estate agents are attuned to the needs and wants of buyers. Thus, they can tailor their marketing approach to appeal to the right set of buyers. They know how to highlight the most desirable features of your home through proven staging techniques, compelling descriptions, professional photography, and virtual tours. In short, they know what buyers want. They also have a network of professionals at their disposal, including photographers, home stagers, and inspectors, that you can tap to elevate your marketing strategies.
Real estate agents can spot serious buyers
Let’s say you get plenty of offers after listing your home without the help of an agent. How will you separate the serious offers from ones that are not? Some may just be looking around or are unqualified to buy your home at all. Without an agent, you may face last-minute requests to see the house and deal directly with the buyers’ agent. All of these responsibilities require the skill and experience of an agent.
Real estate agents are pros at negotiating
Negotiating is sometimes half the battle when selling property. And real estate agents, especially ones with years of experience under their belt, have transacted with all sorts of buyers. When offers start rolling in, the agent will serve as your advocate, skillfully negotiating on your behalf to secure the best possible sale price and terms. On top of that, they also communicate with buyers’ agents to get the best price for your home.
Real estate agents know the disclosures you’re required to make
Both state and federal law require home sellers to disclose certain information about their property during a real estate transaction. This includes potential safety hazards and home defects, such as mechanical issues, structural issues, pests, water damage, and any renovations done on the property. The reason for this is simple – buyers are entitled to know what they’re getting into before making a huge purchase. This disclosure also allows them to decide whether further repairs are necessary before moving in.
Real estate agents in Steamboat Springs, CO are well-informed about local disclosure requirements, and it’s part of their job to know how and when you should reveal such information to a potential buyer.
In Colorado, sellers are required by law to reveal issues related to molds, window leaks, flood damage, and any repairs made to address the said problems. These are important to keep in mind because they’re the issues that could result in a lawsuit.
A disclosure also works in your favor as a seller, as it allows the buyer to bear any potential risks associated with the purchase.
THE STEPS TO SELLING YOUR HOME
Although the real estate market has undergone significant and turbulent changes over the past few years, the home selling process remains generally the same.
From preparation to closing, these are the steps you need to take to sell your home:
Create a timeline
With everything that goes into the sale of a home, preparing ahead of time is crucial and can take many weeks, if not a month. During this period, it’s best to ask yourself:
- Why do I want to sell my home? What are my motivations?
- Can I actually afford to sell my house, pay for agents’ commission fees, closing costs, home staging, etc.?
- What are the disclosures I need to make to potential buyers?
- Should I hire a home inspector?
Some of the most common reasons for selling a home are downsizing, relocating for work, and starting a family. Use the reason for selling your home to determine your timeline and priorities (selling fast vs. getting the biggest sale price). Also, consider the best time to sell a home – generally, spring and summer see the most action.
Make sure you have enough to cover the costs of selling a home. Your financial capacity can also influence what upgrades you’re willing to make and whether you should get a pre-inspection.
Search for a real estate agent
The second step is to find a local real estate expert who knows the market inside and out. Consider pre-screening potential candidates: ask about their sales history, look up any designations they have, and try to find client reviews – most have them up on their website.
It’s important to resist the temptation to pick someone just because they’re offering low commission fees or they’re the friend of a friend. In some instances, these can be starting points for your search, but your final choice should be based on the agent’s experience and expertise.
Plan necessary upgrades and repairs
Selling a home might put you into DIY mode right away, but before you start painting your walls, bear in mind that not all renovations are valuable – or necessary.
It’s the job of an agent to know what buyers want. They’ll tell you whether the costs of installing new flooring can be recouped and if you should skip certain upgrades.
There are some renovations that traditionally add value to your home no matter where you’re located, such as bath remodels, kitchen upgrades, and HVAC upgrades. Low-cost enhancements that can add curb appeal (e.g. landscaping) are also a good idea. But the rest will depend on your location and the current market.
Determine the optimal selling price
Once you’ve reached an agreement on the needed repairs and upgrades, it’s time to decide on a selling price.
Real estate agents use comparative market analysis (CMA) in order to determine the value of your home. This involves comparing your property to recently sold homes within the neighborhood as well as homes that are currently on the market. It’s also a good idea to check the sale-to-list price ratio of homes within your area.
Strengthen your listing with professional photos and videos
These days, 96% of buyers do their house-hunting online. Establishing a strong online presence is important if you want to expose your home to a wide range of buyers and gain a competitive edge.
Here’s how:
- Deep clean your home. Make sure to spend extra time on high-traffic, messier areas like the bathroom and kitchen.
- Stage it. Clear out personal belongings and rearrange the home in a way that allows the buyer to envision themselves living there. This can also entail repainting walls with a neutral color, renting furniture, or even hiring professional stagers.
- Take professional photos. They enhance the appeal of your home for online listings. Video tours and 3D tours are some additional marketing options that can generate interest and online traffic.
If all of this sounds stressful, don’t worry. A real estate agent can help you find the right people to stage and photograph your home, saving you valuable time and effort.
The Paoli Group works with the finest photographers and videographers in Steamboat Springs, CO to provide high-quality marketing materials for sellers, including daytime photos, nighttime photos, drone shots, 3D virtual tours, and lifestyle videos.
Prepare for showings
Showing your home involves a lot of scheduling, coordinating, and communicating with buyers, making the help of a real estate agent invaluable. Agents handle the logistics, working with you to determine convenient times for all parties involved.
Bear in mind that it’s generally frowned upon for the seller to be present during a showing. You have to trust that you’ve given your agent enough knowledge about the home that they can market it effectively. Hovering in the background during a showing can make buyers feel uncomfortable, preventing them from asking questions and visualizing themselves in the space.
Agents are also skilled at answering probing questions from buyers. Some common questions to prepare for are:
- Why is the home being sold?
- How long has it been on the market?
- How many offers have you received?
- Are there any structural or mechanical issues I should know about?
- What’s included in the home sale?
- What is the neighborhood like? Are there nearby schools/grocery stores/parks?
On top of that, your agent ensures that prospective buyers and their agents can access the property during scheduled showings. Lockboxes are common tools that agents use to allow entry while still maintaining the security of your home.
Review and negotiate offers
Once your listing has gained traction, you now have to review your offers. Don’t just look at the price. This could lead to accepting a contract that only looks good on the surface, but doesn’t benefit you upon closer look.
In addition to the price, you should be looking at the buyer’s closing date, financing, contingencies, and closing assistance. The closing date shouldn’t be too far off nor too early. Any contingencies should be carefully reviewed.
Also, make sure the buyer has proof of financing and money to put toward the down payment.
Finalize the sale and close
Once you’ve accepted an offer, all that’s left is dealing with paperwork and addressing any contingencies (home inspection, appraisal, home title, to name a few). At closing, you and the buyer will meet to finalize the sale. You’ll sign the necessary documents, legally transferring ownership of the property from you to the buyer, and then get the proceeds of the sale.
Do keep in mind that these steps are an overview and that the actual process may involve additional considerations and requirements. It’s essential to work closely with a knowledgeable real estate professional to ensure you don’t miss any important steps.
WORK WITH THE TOP REAL ESTATE AGENTS IN STEAMBOAT SPRINGS, CO
Selling a home is a monumental task, and having a seasoned real estate agent can help you accomplish it with confidence and ease. The Paoli Group has worked with hundreds of sellers, providing top-notch marketing services, local neighborhood analyses, and global exposure. Our team is composed of the finest real estate agents in Steamboat Springs, CO, with in-depth knowledge of the local market and experience in selling residential, ranch, and commercial real estate.
Ready to put your home on the market? Get in touch with The Paoli Group today! Call us at 970.457.6880 or contact us here.