By Holly Henbest, Realtor
As we approach the end of 2024, many people begin reflecting on their goals for the coming year. It’s also a time when thoughts turn toward making significant life changes, like selling a home and starting fresh in the new year.
If selling your home is on your mind, here are a few key tips to help you prepare.
Get Your Home Ready
When it’s time to sell, we often discuss with sellers the importance of preparing their home for photos, videos, and showings. This includes staging, decluttering, deep cleaning, and even cleaning windows to make the best impression. It’s also a good idea to repair any items you know need attention. An equally important step is preparing yourself both physically and mentally for the move.
Once your home is under contract, you typically have around 30 days to move—a period that can feel overwhelming. During that time, the buyer will likely schedule a home inspection and appraisal. About 20 days before closing, you’ll have a clearer idea of whether the sale is secure. In those 20 days, you’ll need to make moving arrangements, finalize where you’re going (if you haven’t already), all while managing your regular day-to-day life.
As the holiday season approaches, it’s a great time to start purging and packing. Donate what you no longer need, throw out what you can’t use, and pack up items you don’t use daily. Consider renting a storage unit to store packed boxes and declutter your space. The more you can pre-pack, the less stressful those final weeks before the move will be.
An added bonus: a decluttered home not only makes moving easier but also helps your home show better to potential buyers.
Consider Paying For Buyer’s Closing Costs or Fees To Buy-Down Their Interest Rate
While interest rates have eased in recent weeks, they are still higher than what many buyers can comfortably afford. As a result, more buyers are requesting sellers to contribute funds toward reducing their interest rates. This can sometimes lead to hesitation from sellers, who may feel they’re being asked to cover costs that should fall on the buyer.
However, the most important factor for sellers to focus on is the net amount they will receive from the sale. For instance, if a seller is content with a $1,000,000 sale price, and a buyer offers $1,020,000 while requesting $20,000 to buy down their interest rate, the seller still nets the same amount. Both scenarios result in the same financial outcome for the seller.
The only potential risk arises if the home doesn’t appraise for the higher $1,020,000 amount, which could require renegotiation. However, we’ve seen many cases where offering a credit created a win-win situation for both the buyer and seller.
Similarly, buyers may ask for a contribution toward closing costs. They may need help conserving cash for a larger down payment or for upgrades and repairs after the sale closes. Again, as long as the seller’s net proceeds align with their goals, this can be an effective negotiation strategy.
The key is to always focus on the net amount!
Your House Worth What A Buyer Is Willing To Pay
Realtors are often asked to provide an opinion on a home’s value. When we meet with homeowners, we analyze similar properties currently on the market as well as recently sold homes. By comparing these properties, we can establish a realistic value range for their home.
Many homeowners believe their home is unique and should command a higher price due to its standout features. While this can sometimes be true, it’s crucial to remember that a home’s value is determined by what a buyer is willing to pay—not by the homeowner’s financial expectations.
Additionally, some buyers may have specific needs, and while certain features in your home were perfect for you, future buyers may need to make changes to fit their lifestyle
When Is The Best Time To Sell
We’re often asked, ‘When is the best time to sell?’ In Arizona, summer can be challenging due to the extreme heat, which makes home tours and moving less appealing. The ideal time to sell typically falls between September and May, though the market tends to slow down a bit during the holiday season.
In my experience, the peak buying and selling season is from the Super Bowl to Cinco de Mayo. If you’re considering selling, targeting the first quarter of 2025 could be a smart move. During that time, Arizona sees an influx of people, drawn by our fabulous weather and major events like Spring Training and Barrett-Jackson.
That said, buying and selling happen year-round. While many people aim to time the market, the best time to buy or sell is when it aligns with your personal goals and circumstances.
Do you have a real estate question? Reach out to us at [email protected] or 480-266-8785.
Holly has been a Desert Ridge resident since 2000 and has been a Realtor since 2006. She is the leader of The Henbest Team with Realty One Group. Holly is ranked in the top ½ of 1 percent of Realtors in Arizona and is a certified luxury marketing expert. She has been ranked #24 in the Top 50 Realtors by the “Phoenix Business Journal” for the past several years and recognized by “So Scottsdale!” magazine as a Real Estate Superstar for 2019, 2020 and 2021. She’s also been the #1 ranked realtor at Realty One Group/North Scottsdale for the past several years. Learn more at henbest.com.
