Selling your home in Georgia may appear to be a difficult endeavor, especially if you’re new to the real estate market and unaware of its many complexities. There may come a moment in your life when you must make that decision, particularly if greater possibilities arise elsewhere.
Whether it’s a move for better work possibilities or a desire for more living space due to a growing family, selling real estate in Georgia is not only physically demanding but also legally complex.
Keeping in mind the thriving real estate market and increasing property prices, selling a house in Georgia has become all the more beneficial.
With prices jumping by 27.3% in the previous year, selling property in Georgia has never been more enticing.
As a result, the purpose of this post is to take you through a tried and tested process that makes selling a house in Georgia a lucrative yet easy-peasy process.
Without further ado, start taking notes…
Choose the Best Option for Selling a House
While there are plenty of ways to sell your house, all of them might not be catering to your specific needs. We have shortlisted some of the ways you can successfully sell your house in Georgia. Select the one that suits your needs the best.
Hiring a Traditional Real Estate Agent
Hiring a full-service traditional real estate agent can assist you in selling a house in Georgia. The agent will assist you with everything from listing to closing. You will, however, be responsible for the entire 2.5% to 3% listing agent commission. You’re still liable for the entire commission even if you locate an unrepresented buyer.
Selling your home For Sale By Owner in Georgia is one method to avoid paying expensive Realtor commissions (FSBO). It’s a do-it-yourself method that excludes the use of a listing agent. Sellers have complete control over the transaction, but they must handle all documentation without supervision.
The notion of selling your Georgia home FSBO has several disadvantages. You will have to handle everything — listing, marketing, negotiations, closings, and so on – on your own, even if you save money on commissions.
Discount brokers operate on a lesser commission than the standard 5.5-6% fee. Real estate commissions have been steadily decreasing with the development of the flat fee and commission-based models.
This makes inexpensive brokers with minimal commissions more appealing to sellers all around the country. Some of them, for example, provide full-service packages for 1 or 2% brokerage. This includes everything from the first listing to the final closure.
FSBO with Flat Fee MLS Listing Company
In Georgia, the typical realtor commission is between $15,000 and $20,000. You may avoid paying a commission to a listing agent by using the services of several Flat Fee MLS Georgia companies.
This way you save money as well as have control over the entire process at every step of the way. Houzeo.com is one such Flat Fee MLS Georgia company backed by sophisticated technology, better MLS exposure, and round-the-clock assistance till your property isn’t sold.
Time It Right
In Georgia, the average time period property sits unsold on the market is approximately 40 days. However, depending on the season, the number of days on the market varies greatly.
If you are looking to improve your chances of selling a house in Georgia, June is the best month to consider.
However, after a lot of trial and error, it is favorable to sell during the summer, with June being the best month to sell.
This doesn’t include the time it takes to close on your property, which can take anywhere from 30 to 40 days on top of the days it’s been on the market.
Price the House Competitively
Developing a comparative market study is one of the most important things a real estate agent does (CMA). In order to price your house effectively, a CMA compares it to current, expired, and sold properties in your region.
To calculate the worth of your house, examine a variety of factors, including:
- Total Number of bathrooms and bedrooms
- Total Carpet area in square feet
- The state of the house
- Renovations and upgrades
- Trends in the local real estate market.
- The surrounding area
All these factors will be taken into account by your realtor to ensure that your house is priced appropriately for your objectives and timetable.
Prep Your Home
With the right marketing approach and neat and tidy property, the chances of attracting a big number of buyers increase.
If you’re thinking of selling your property without a realtor, you’ll need to take care of a few things. Here’s what you should do:
Remove the Clutter
Start by making sure you remove everything that gives the impression of customization from your point of view, i.e., you want the purchasers to see themselves in the space. This entails clearing out your personal things and other items before the exhibition.
Spruce Up the Curb Area
Even out the grass because the first impression is the deal-breaker. Add some fresh flowers, or attractive artwork to liven up the space.
If your house requires any repairs, make sure they are completed before you begin the selling process. If your home, for example, has a roof problem, you must address it as soon as possible. This may come in handy once the inspection is over.
Touch It up A Fresh Coat of Paint
Repaint your house with neutral colors to enable the potential buyers to visualize how they would like the interiors as per their tastes and preference.
Install HVAC System
Installing a new HVAC system or replacing an existing one if you live in Georgia is an added advantage, especially when Georgia summers are hot and humid.
Hire Professional Stager
Hire a professional to assist you in setting up your house, such as organizing furniture to make the space appear larger and more organized.
Nearly 95% of home buyers scrutinize reviews. Hence, online presence is very important. Here are the various marketing tactics you can use to market your property:
- List on the MLS to sell approximately 17% faster. You will need the assistance of a Flat Fee MLS listing service.
- Leverage the power of social media and create various posts. Ask your contacts to share the post for a faster sale.
- Erecting a yard sign still drives sales. It’s the best way to attract passersby.
Once you’ve received an offer on your house, you’ll have a specific length of time (usually 72 hours) to either counter or accept the buyer’s offer. When you make a counteroffer, the clock begins ticking again.
This will continue until the offer is accepted in its entirety by both the seller and the buyer. When there are many offers, this looks a bit different.
Then, until a specific date, all buyers must make their best offer for a seller to consider and approve.
You should consider the sale price, closing date, kind of funding, and any other particular requirements made by the buyer while negotiating an offer to determine what is best for you and your needs.
You’ll want to make sure you balance your wants while also countering in a way that doesn’t entirely turn off the possible buyer.
To proceed, both parties must sign a purchase agreement and close the transaction.
Sort the Paperwork Out
Although Georgia house sellers are not required to fill out a formal disclosure form, they are obligated by law to disclose any faults in their property to potential buyers. A licensed expert should go over all of the papers with you and make sure you have all you need for your scenario.
This is some of the paperwork which needs to be sorted when selling a house in Georgia:
- Bill of Sale for a Deed
- Affidavit of Title
- Information on Loan Repayment
- Forms and Guidelines for Homeowners Associations
- 2 forms of identification
- copy of the purchase agreement and any addendums
- Signed Closing Statement
- Home Inspection Results or Affidavits of Survey Results
- Repair Proof
- Property Disclosure Statement from the Seller
- Statement on Flood Zones
- Disclosure of Lead-Based Paint
- Information on Home Warranty
- Copies of any relevant wills, trusts, or letters of power of attorney
- Affidavits that are relevant (Name Affidavits, Non-Foreign Affidavit under IRC 1445, etc.)
- Closing Disclosure
- Termite Letter
You’ll deal with a certified Georgia attorney to close on your property, who will typically represent the lender, buyer, and you. By law, the attorney must treat both the buyer and the seller fairly and thoroughly explain all paperwork.
You have the option to engage your own attorney (as does the buyer), but you are not obligated to do so.
Your property will be formally transferred to the buyer on closing day. The buyer and the lender work together to discuss the loan conditions and closing charges.
Any documentation will be signed by the buyer, and any expenditure specified in the purchase agreement will be paid by the buyer. The vendor isn’t always needed to be present.
That isn’t to say you shouldn’t read and comprehend all of the documentation involved in a house sale.
Before signing or filing any papers, always speak with your agent or attorney or simply consider a company like Houzeo which helps you sell your house on your own terms and at your own pace without burning a hole in your pocket.
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