Are you contemplating selling your Bakersfield home in 2024? Selling a home can be taxing — in more ways than one. However, it can also be your best move with the right knowledge and expectations. From pricing your property correctly, to setting it up for showings, to dealing with the complexities of the real estate market, there is much to ponder when selling a home.
As the real estate market evolves, learning what to expect when selling a home is as important as ever. In 2024, the market is projected to shift towards a more balanced state, with an increase in inventory and flat to slower price increases.
According to the National Association of Realtors, existing-home sales for 2023 will be approximately 4 million, a sharp decline from about 5 million in 2022 (which was a 17.8% decrease from 2021). Rapidly rising interest rates weighed on the residential real estate sector. Many homeowners are currently “locked into” their homes because they enjoy such low interest rates. Selling would mean buying a different home with a higher interest rate.
For the time being, inventory is still relatively low. However, the competition to sell a home will eventually increase and homebuyers will gain some leverage.
In this article, we’ll highlight the essential steps to selling your home, including preparing the home for sale, listing it, setting the right sale price, marketing the home, receiving and accepting offers, closing the sale, and dealing with challenges that may arise. So, let’s get started!
Preparing the Home for Sale
When selling a home, preparation is the first and perhaps the most important step in the process. How you present your home can greatly impact how quickly it sells and the price you achieve. Below, we discuss three key areas to focus on when preparing your home for sale in 2024.
Cleaning and Decluttering
The first step in preparing your home for sale is to clean and declutter. This will make your home appear more spacious, making it easier for potential buyers to imagine themselves living there.
Start by decluttering your home. This means removing unnecessary items that suck up space, like the extra loveseat or unused coffee table. Consider donating or selling items that are still in good condition but are no longer needed.
Once you’ve decluttered, it’s time to deep clean your home. This includes cleaning all surfaces, including floors and carpets, and scrubbing bathrooms and kitchens. If necessary, consider hiring a professional cleaning service to help whip your home into showing shape.
Making Repairs and Improvements
The next step is to make any necessary repairs and improvements. This can include fixing leaky faucets, replacing broken windows, and repairing damaged walls or flooring. It’s also good to update outdated fixtures, such as lighting or plumbing hardware.
Consider making any cosmetic improvements as well. This can include repainting rooms or replacing old carpets with hardwood flooring. These updates can make a big difference in your home’s appearance and increase its value.
Staging the Home for Showings
The final step in preparing your home for sale is to stage it for showings. This means arranging furniture and decor to highlight your home’s best features and make it look inviting.
A little feng shui goes a long way!
Start by removing any personal items, such as family photos or memorabilia. This can help potential buyers visualize themselves living in the home. Consider hiring a professional stager to help you arrange furniture and decor in a way that highlights the best features of your home.
It’s also important to make your home look inviting from the outside. This means cleaning up your yard and adding some curb appeal. Consider planting flowers, painting your front door, or replacing the dangling porch light.
Read more: 14 Steps To Sell Your Bakersfield Home Without a Realtor in 2024
Listing Your Bakersfield Home
Listing your home is where you work with a real estate agent to market and advertise your home to potential buyers. The goal of listing your home is to attract the buying masses and ultimately sell your home for the maximum price.
Choosing a Bakersfield Real Estate Agent
Choosing a real estate agent is one of the most crucial decisions you will make during home selling. A good real estate agent will guide you through the entire process, from preparing your home, to listing your home, to closing the deal. Here are some tips for choosing the right agent:
- Look for experience: Choose an agent with a proven track record of success in your local market.
- Check their credentials: Ensure the agent is licensed and a reputable member of the California Association of Realtors®.
- Consider their communication style: You want a responsive agent who keeps you informed throughout the process, not one who’s MIA half the time.
- Look for a good fit: Choose an agent you feel comfortable working with and who shares your goals and values.
Preparing Your Home for Showings and Open Houses
Before you list your home, you must prepare it for showings and open houses. This involves repairs and updates, decluttering and depersonalizing your home, and staging it to showcase its best features. Here are some tips for preparing your home:
- Clean and declutter: Your home should be spotless and clutter-free to make a good first impression.
- Make repairs: Address any repairs or maintenance issues, such as leaky faucets or peeling paint, or a giant sinkhole in the front yard.
- Depersonalize: Remove personal items like family photos and trophies to allow potential buyers to envision themselves living in their own home.
- Stage your home: Use furniture and decor to create an attractive and inviting atmosphere that highlights your home’s best features.
Setting the Right Price
With the real estate market changing like the tides, it’s important to research and work with a real estate agent to determine the right price. Below, we’ve discussed the importance of pricing your home correctly and how to do it.
Researching Comparable Homes in the Area
One of the first steps in determining the right price for your home is researching comparable home sales in the area. These homes are similar to your own in size, location, and features. By looking at what similar homes are currently selling for, you can determine the fair market value of your home.
There are a variety of online tools available that can help you research comparable homes in your area. These tools allow you to see what homes are currently on the market, what they’re selling for, and how long they’ve been listed. You can also peruse recently sold homes for sales prices and time it took them to sell.
Working with a Real Estate Agent to Determine the Right Price
While online tools can be a good starting point, they don’t always provide the full picture. That’s where a real estate agent can shine. A good agent will possess a deep understanding of the local market and can provide valuable, hyper-local insights that you may not find online.
When working with a real estate agent, they will typically perform a comparative market analysis (CMA). This involves looking at similar homes and analyzing factors such as square footage, location, features, and recent sales. Based on this analysis, your buyer’s agent can help you nail down the right price for your home.
Understanding the Importance of Pricing the Home Correctly
Pricing your home correctly is paramount to achieve a successful sale. If you price it too high, you may turn off potential buyers, and your home may sit on the market for an extended period. On the other hand, pricing it too low could leave money on the table.
When you price your home correctly, you’ll attract the right buyers and increase the likelihood of a quick sale. Additionally, pricing it correctly can help you avoid the stress of constantly adjusting the price in response to the market.
Read more: Pricing a Bakersfield Home For Sale: Avoid This Huge Mistake
Marketing the Home
With the right marketing strategy, you can increase your chances of a slam dunk home sale. Trust in the right marketing techniques and experts to make your home shine and sell quickly in the competitive market of 2024.
Marketing Your Home to Potential Buyers
Marketing the property effectively is imperative to attract potential buyers when selling a home. Like bears to honey, you can attract a large pool of potential buyers and increase your chances of a successful sale. Here are some tips on how to effectively market your home in 2024.
Hire a Professional Photographer
The first step in marketing your home is to ensure it looks its absolute best. Professional photography is essential for creating stunning images that will grab the attention of potential buyers. Make sure your photographer captures your home’s unique features, including any upgrades or renovations you’ve made.
Utilize Social Media
Social media is a powerful tool for marketing your home. Post high-quality images of your property on your social media accounts and use relevant hashtags to increase your reach. You can also use paid advertising on platforms like Facebook and Instagram to target potential buyers in your area.
Host an Open House
Open houses are a great way to attract potential buyers and create a sense of urgency. Make sure your home is clean and clutter-free, and create a welcoming atmosphere with fresh flowers and a nice, clean scent.
Use Virtual Tours
In 2023, virtual tours will be an increasingly popular way to market homes. Using 3D technology, you can give potential buyers a realistic sense of your home’s layout and features. This is particularly useful for out-of-town buyers who may not be able to see the house in person until they can break away.
Partner with a Bakersfield Real Estate Agent
A Bakersfield Realtor can help you market your home effectively and attract the right buyers. Through the Bakersfield MLS, they have access to a wide network of potential buyers. They can use their marketing expertise to present your home in the best possible, glorious light.
Utilizing Online and Offline Marketing Strategies
In today’s digital age, online marketing is more important than ever. However, traditional offline strategies can still be highly effective in attracting potential buyers. Here are some tips on effectively marketing your home using online and offline strategies.
Online Marketing
Online marketing is essential for reaching a large pool of potential buyers. Here are some online strategies to consider:
- Post your home on online real estates websites like Zillow and Redfin, which will automatically be done if you’re using a Bakersfield Realtor.
- Use social media to promote your home, which most real estate agents do.
- Invest in paid advertising on social media platforms like Facebook and Instagram.
- Use virtual tours to showcase your home.
- Utilize email marketing to reach potential buyers.
Why Bakersfield Real Estate Apps Are Better Than National Apps
Offline Marketing
While online marketing is important, offline strategies can still be highly effective. Here are some offline strategies to consider, which many real estate agents employ:
- Host an open house
- Create and distribute flyers and brochures in your neighborhood
- Advertise in local newspapers and magazines
- Post signage in your yard.
Receiving and Accepting Offers
One of the most exciting parts of selling a home is fielding offers from potential buyers. However, it can also be overwhelming and confusing. Here’s what you need to know about understanding, negotiating, and accepting offers when selling your home in 2024.
Understanding the Different Types of Offers
When selling a home, you’ll likely receive one of three offers: full price, below asking price, or above asking price. A full-price offer means the buyer will pay the exact amount you’ve listed the home for. A below-asking offer means the buyer is offering less than the asking price, and an above-asking offer means the buyer is offering more than the asking price.
Negotiating with Potential Buyers
Once you’ve received an offer, it’s time to negotiate with potential buyers. Don’t be afraid to counteroffer if the initial offer is too low or the terms are onerous. However, rely on your Realtor® to feel out the buyer’s agent before making a counteroffer.
Negotiating is all about finding a compromise that works for both parties. Keep in mind that the terms of the sale, such as the closing date and contingencies, are also negotiable.
Accepting an Offer and Entering Into a Contract
When you’ve found an offer that works for you, it’s time to accept it and enter into a contract with the buyer. Make sure you carefully review the terms of the contract before signing it.
Working Through Contingencies
Once your home is under contract, the meat of the deal is working through the contingencies, of which the the main points are:
- Inspections will be done to determine and negotiate repairs.
- An appraisal will be done to support the purchase price for the lender.
- The financing contingency stays in place until all the lender’s conditions are satisfied.
Closing the Sale
After preparing your home for sale and negotiating with potential buyers, the closing process is the final step to selling your home. This can be an exciting but stressful time for any seller. Below, we have discussed the important aspects of closing the sale of your home in 2024.
Understanding the Closing Process
The closing process is the final stage of the home-selling process, when the home is transferred from the seller to the buyer. All parties involved in the sale, including the seller, the buyer, the real estate agent, and the title company, will meet to sign the necessary paperwork.
Review and Sign Paperwork
While buyers sign copious amounts of paperwork at closing, seller’s have it easier. The transfer deed and a few other documents must be signed. It’s pretty straightforward but still important to take your time and review each document before signing.
Transfer Ownership and Receive Payment
Once all the paperwork is signed, the title company will transfer ownership of the property to the buyer. You will also receive the net proceeds for the sale of your home. The payment is usually made through a cashier’s check or wire transfer.
It is important to note that additional fees may be associated with the sale of your home, such as closing costs, real estate agent commissions, and taxes. Make sure that you understand these fees before the closing.
Dealing with Challenges
If you’re planning to sell your home in 2024, you may wonder about the obstacles. Selling a home is a complex process that requires patience, perseverance, and strategic planning. Below, we’ve mentioned some common challenges home sellers face and how to overcome them.
Potential Challenges and How to Overcome Them
One of the most significant challenges you may face when selling your home is pricing it correctly. Overpricing your home may lead to it staying on the market for longer, while underpricing it may result in a lower profit. To avoid this, research and check out the prices of similar homes in your area. Hire an experienced real estate agent to help you price your home accurately.
Another challenge to emphasize again is preparing your home for sale. Your home should be in the best possible condition to attract potential buyers. You may also need to make repairs or renovations if you have the money. Decluttering, cleaning, and organizing your home will help maximize the cash coming for the sale. To tackle this challenge, create a checklist and consider a professional home stager to make your home irresistible to potential buyers.
Dealing with Difficult Buyers or Real Estate Agents
You may encounter insolent buyers or real estate agents during the selling process. These individuals may make unreasonable demands or try to lowball your home’s price. To handle such situations, remain calm, professional, and objective. Don’t take their behavior personally and let your Bakersfield real estate agent find a solution that benefits both parties.
Addressing Issues with the Home Inspection
A home inspection is nearly always a requisite part of the selling process. If the inspection reveals any issues, don’t panic. Work with your real estate agent to find a solution. You may need to make repairs or offer a credit to the buyer.
Note that it’s not necessary to have your home inspected before listing it. A seller is not typically asked to repair everything that turns up on a home inspection. Moreover, the most obvious repairs can be identified without paying hundreds of dollars to an inspector. Find a good handyman and spend the money on repairs instead of an inspection!
Signing Off
With proper planning and guidance, selling your home in 2024 can be a painless experience . It’s important to just take one step at a time, and rely on your real estate agent to do the heavy lifting — except maybe moving your furniture.
We are committed to matching home sellers with top-notch services. Get a custom home value or chat with a top Bakersfield Realtor.
