You’ve been offered a job – congratulations! You finally landed that corner office in a big city high-rise. There’s one problem, though. You own a house. And, that shiny new position is located in another city.
While a new career opportunity and chance to relocate is exciting, there are various hurdles you’ll jump through in the process. It can be difficult gauging how long it’ll take for your house to sell in any given market. But, if you prepare it properly, distribute listings into the marketplace and begin showing it to prospective buyers early, you just may stay ahead of the game.
In today’s blog, we’ll cover the process of selling a home in Norman when you’ve landed a job out-of-state.
Evaluating the Selling Market
In most relocation scenarios, the goal is to sell your home as quickly as possible. Because let’s be honest, it’s a headache trying to sell a home from afar while adjusting to the demands of a new job. However, you’ll also want to conduct research on your local real estate market. This information will not only help you sell your home in Norman quicker but also at a price you’re comfortable with.
Various factors can impact the selling process, but success will largely depend on the state of your local market. For instance, it may take you longer for you to sell your home if you’re in a buyer’s market. This is a scenario where there are many listings competing for a limited number of buyers. Whereas, you’ll sell it more quickly if you’re in a seller’s market – where there are many buyers competing to win the bid on a limited number of properties.
To gain insights into your local market, we recommend a comparative market analysis (CMA). A CMA is a report that your real estate agent puts together the average price of similar homes and compares it with the amount of time the properties are remaining on the market. A CMA can be an especially valuable tool when it comes to a relocation timeline.
If there’s flexibility, the combination of market trends, CMA insights and feedback from your agent can help determine when it’s the right time to sell. A big question that you’ll need to consider during this time is, “Will I be making enough money on the sale to buy the new home I want?”
Preparing to Sell Your Home
Whether this is your first time selling a home (or your fourth) you may be wondering what you’ll need to do in order to sell it more effectively. Consider these tasks in order to make your home pleasing to the market.
Schedule an Inspection
While a prospective owner will conduct one as part of the buying process, it’s helpful to know repairs that need to be completed. Forgo them and you run the risk of potential buyers lowering their offers.
Make it look professional.
In order to compete with similar homes, we recommend having professional real estate photos taken of your home. Staging your home can be as simple as decluttering and repositioning furniture. Small details like these highlight your property’s best features and helps potential buyers imagine what’d it be like living there.
Call in the reinforcements.
In addition to working with a trusted local real estate agent, we recommend hosting open houses. They’re a great way to increase foot traffic and draw in potential buyers. The more people that view your home, the better chances you have of selling it quicker before the relocation.
Considering Your Rental Options
Another option to consider when selling a home in Norman is not to sell. That wasn’t a typo. In some cases, it can be more beneficial to keep the home and rent it out. Before you look at us like we’re crazy, you don’t have to deal with the landlord stress from afar. You can hire a property management company (like Rieger Realty) to handle all the transactions.
If you’re in a strong rental market, you may be able to charge more rent than your mortgage costs – giving you an extra source of income. Rental property owners also enjoy tax breaks for any home improvements.
If becoming a long-term landlord doesn’t interest you, you can still offset some costs by renting your home to travelers through AirBnB or Home Away between places. Listing it as a vacation rental can help you ride out the market slump until you’re able to sell it!
Hiring a real estate agent you trust.
Lastly and most importantly, it may not be possible to sell your home within the desired timeframe without the help of a trusted real estate agent. An agent familiar with area and market can create a selling strategy, expedite the selling process and help you land a price you’re comfortable with.
Trying to sell a home in Norman while relocating to a new job can be challenging. But, a trusted real estate agent can advertise your property to qualified buyers who are ready to make an immediate decision. To learn more about selling a home in Norman or relocating, we invite you to reach us today at (405) 310-2796.