The real estate market is hot in Detroit, and there are no signs of it cooling down any time soon.
Selling a home, however, can come with its challenges. There are lots of things to consider before accepting an offer, or even putting your home on the market.
We spoke to the experts at Opendoor to see what challenges you may face when selling your home. Here’s what they had to say:
1) Understanding the value of your home. A lot goes into figuring out the value. You have to price compare with similar homes in your area that have sold. You need to consider upgrades you have done, and what still needs work. With the market as hot as it is, home values can change quickly. It’s good to be up to date on them. You want to have a good idea of what your house is worth, so you can properly price it in order to get a strong offer.
2) The time-consuming inspection process. Now, inspections vary, based on the buyer and the municipality you are in. Some cities require more rigorous inspections than others. The buyer may also want their own inspection of the property. These things take time to schedule and get the results back from, so be prepared for that.
3) Negotiating an offer. Great! You got an offer on your home! You’re done, right? Well, no. Now begins the process of negotiating that offer. Sometimes it’s about the price, but it can also be about things like inspections required, who pays for repairs, and other variables. The offer is really just the beginning.
4) Confirming closing and moving. After you have negotiated and accepted an offer, then comes the closing process. Lots of things can happen in this time, and it typically takes about a month. If the buyer requires funding, this is the time the bank will go through files to officially approve the loan. Any required inspections will happen during this time as well, and there is a lot of paperwork that needs to be done. Sometimes, deals fall through before both parties get to the signing table. If you are also trying to purchase a new home in the midst of selling your old one, there is a lot to juggle to make sure you have the proper funds and the move-in/and outdate work to your advantage.
Opendoor says it helps to solve a lot of those problems, by allowing you to sell your home with a click of a button.
For more information on how their service works, watch the video above. If you want to learn how Opendoor can help you sell your home, click or tap here.