Washington DC is the tech capital and hence a lot of employment opportunities are created here. This has led to a huge demand for housing in Washington DC. Buyers are searching for homes that they can afford and this is the reason why the median price of a home currently is around $630,000 and it is slated to go up by 4% further by the end of this year. Very clearly, sellers need to pull up their socks and with the right marketing and pricing, they are sure to crack the best deal on their sales. Selling a house in Washington state is not without its complications.
1: Washington – A seller’s market
The Evershine State, Washington DC, is a seller’s market because almost every time the demand for housing is greater than the agents’ inventory. While the real estate prices are continuing to rise in Washington, the real estate commission is also close to 5% which is much greater than the median commission rate in the country. Therefore, as a seller, you are at an advantage to choose how and when you want to carry on with the deal. If your sale price is approximately close to $630,000, the agent commission will come up to $31,500. It is entirely a seller’s choice, among other factors which determine whether he is willing to incur this expense or go for Flat Fee MLS Washington to save this amount. Holistically speaking, the sellers are in an enviable position to sell or flip a property in Washington DC.
2: Going FSBO in Washington
Sellers need to make a decision early on how they would like to sell their house: book an agent or go FSBO. Being an FSBO seller means you have total control over your transaction and can save on the agent commission. While it is profitable to do so, it is also challenging. It is difficult to take care of the whole selling procedure on your own especially if you are a first-time seller. It is important to understand that though the market conditions support the sale and the property you are selling is considered hot, if you fail to do the necessary marketing and look at the price points from a professional lens, you can’t crack a good deal. Also, fulfilling all the legal paperwork from the seller and buyer side is essential and an FSBO seller is likely to get overwhelmed by this.
All the documentation related to disclosures needs to be clear. In addition to this, loan or finance-related paperwork from the buyer end needs to be verified beforehand otherwise there is a danger that the deal might fall through.
It is important to consider all these factors before going on an FSBO route. If you are a novice in the field of real estate, it is helpful to either look for an agent or go for a good Flat Fee MLS Washington. With this, you get the necessary assistance but also end up saving your precious dollars.
3: Important steps of selling in Washington
Broadly speaking, the following are a few things to be considered before selling a house in Washington.
Period of selling
Every state has a different period wherein, the listed homes sell faster than the rest of the months. In Washington, it is ideally May or June. It was found that homes listed in May and June stay on the market only for an average of 10 to 12 days. The sale price is maximum during this period.
FSBO sellers often get daunted by the aspect of pricing. Pricing your home too low can get you buyers but your profits will be curtailed. If you hype up your listing price, on the other hand, you won’t attract many buyers. Want to get this element right? Get a Comparative Market Analysis done. Flat Fee MLS services like Houzeo, Redfin, etc. will be able to help you out with this service for a fee.
Most sellers do not list their homes in an ‘as is condition. To get necessary approvals one needs to make repairs which are essential to make your house ready for sale. It is important to give a correct and attractive description in your listing, highlight the house’s salient features and make the whole look very presentable so that the property gets buyers in no time after getting listed on MLS. One can hire a home inspection team and an expert to review.
Marketing your house extensively and aggressively is one of the key points to making a successful sale. In addition to social media marketing, it is important to get a professional photoshoot done. Get help for this because this photoshoot will go a long way in attracting buyers for the property. Apart from this customized signage, lockbox, and For Sale yard signs are essential. Flat Fee MLS sites like Houzeo provide this as per the package taken.
Disclosures & Paperwork
Washington law is particular about the seller possessing certain disclosures before the sale clearance. Property condition, lead paint, sewer system, title, Homeowners Association (HOA), structural repair, and water systems disclosures are mandatory to sell a house in Washington.
Apart from this, sellers also need to look into the Closing Disclosure which has all the details of the pricing. It also has the details of mortgage and loan payoffs from the buyer’s end. A legal professional should look into it to avoid further discrepancies.
4: Flat Fee MLS in Washington
FSBO sellers need to look at various different Flat Fee MLS Washington services to finally select one. Houzeo, Flat Fee Realty, and MLS4Owners are the three best companies you could work with. The cheapest is MLS4Owners which starts at $75 and gives you a basic MLS listing and the facility to download forms. Houzeo has a package at $349 which has services like MLS listing with 24+ photos, syndication to Zillow/Trulia and other popular sites, an option to download the paperwork, and at $999 it provides services of a virtual full-service agent.
Flat Fee Realty also has a wide reach but it does not offer any closing assistance which is difficult for first-time sellers.
Selling a house in Washington state can be lucrative if you are particular about the pricing, and the time of sale and are smart with the whole marketing and staging strategy. Also, since buyers are always looking for good housing at competitive rates, it shouldn’t be difficult to go for FSBO selling rather than paying a hefty commission to the agent.
FSBO sellers have to closely understand the process of selling in Washington which is not very simple. To find a middle path between paying a huge commission to a realtor and going for a completely DIY approach, Flat Fee MLS services come in handy.
Also Read: Quran Ijazah Course 10 Qiraat Course.