Are you lucky to be one of the approximately 85,000 people living in Newport Beach? This beautiful coastal city in Southern California offers a luxurious resort-style living experience in any one of the gorgeous Spanish Revival and California Contemporary beach homes. Even if you love where you live, you might find yourself in a position to up or downsize or relocate and will need to sell your house. Selling a home in Newport Beach can be an extensive and stressful endeavor with many things to consider. Let the premier Stephanie Young Group help you make the home-selling process as seamless as possible. Here’s how.
1. Preparing your house to sell
Interviewing real estate agents
Selling a home in Newport Beach can be much simpler and less stressful when you work with a reputable real estate agent. However, there are many qualified realtors, each with distinctive specializations. Ask your friends and family for referrals to realtors they have worked with. Meet these realtors in person and ask them questions to find out if they would be an excellent fit for you.
Determine your home’s value
Because real estate is often a numbers game, you need to know what your home is worth. Work with a home appraiser who will consider the size, age, features, and condition to determine the fair market value. This is an important tool to help you determine a competitive and fair price.
Upgrades to improve your home’s value
Consider simple upgrades such as basic landscaping and repainting the interior to boost your home’s value. Your home will look fresh and new with these small changes.
Good and bad times to sell
The best time to sell your Newport Beach home is during the warmer months when the market is usually competitive with increased buyer demand and rising prices. You will likely receive many offers and can even sell for top dollar. Conversely, selling a home when the market is slow with fewer buyers can often be difficult, though not impossible. Consult your Newport Beach realtor for the latest market trends to find the best time to sell your property.
Staging your home and taking photos
The key to selling a home in Newport Beach quickly is highlighting its best features. Work with a professional stager who can guide you on the best decluttering and cleaning tactics so that the property will appeal to many buyers. With professional staging, you can expect your home to spend 73% less on the market and sell for 25% more. Then, capture the brilliance of your staged home with beautiful professional photography.
2. Selling your home
Listing on the MLS
The easiest way you could potentially reach a large audience as quickly as possible is by having your real estate agent list your home on the MLS. The MLS is a comprehensive database of homes with the aim of matching sellers with buyers. Buyers can search for homes using specific parameters, such as location and price.
Open houses & virtual tours
Sometimes, photos can fail to capture the full brilliance of the property. Buyers need to see the home and neighborhood in person to see if it would be right for them. Consider hosting an open house (or virtual tours for out-of-state buyers) so buyers can walk through the property and ask questions.
Cash vs. traditional offers
You will receive two kinds of offers: cash or traditional. Though cash offers usually go faster and are less likely to fall through, you still should not discount traditional or financed offers. Instead of just looking at the bottom line, consider the entire offer, such as the buyer’s projected timeline and any requested contingencies.
Appraisal
If a buyer is financing their property, the mortgage lender will often require a home appraisal. This is to ensure that the value of the home equates to the asking price.
Escrow
Buyers will often pay a deposit which will then be held in an escrow account. If the sale is successful, then the funds will typically be applied toward the down payment. However, if the sale falls through, the funds go to the seller.
Closing costs
In California, closing costs are approximately 6% of the final purchase price of the home. Closing costs typically include title transfer and insurance fees, as well as the real estate agent’s commission.
3. Frequently asked questions about selling your Newport Beach home
How long does it take to sell a home in Newport Beach?
As for February 2023, Newport Beach homes are taking, on average, fifty-one days to sell. With strategic marketing and eye-catching aesthetics, you can reduce that time.
How can I sell my Newport Beach house faster?
The timing of your listing can affect how quickly you sell your home. Generally, homes listed on a Thursday tend to sell faster than on any other day of the week. This is because buyers tend to start searching for homes toward the end of the week so they can visit open houses on the weekend. With this timeline, homes can then go under contract by the following Tuesday.
How can I get the most money for selling my Newport Beach home?
You can maximize the value of your home by adding small upgrades with the potential to bring a high return on investment. For example, replacing garage doors, adding manufactured stone veneer, and doing a minor bathroom remodel have all been shown to increase the home’s value. Another way you can get more for your property is by pricing it correctly. An experienced Newport Beach real estate agent can help you choose the best offer and then negotiate in your best interests.
Can I sell my Newport Beach home without a realtor?
While it is possible to sell a home without a realtor, it is much more convenient and stress-free to work with one. Selling a home in Newport Beach involves tackling all of the marketing, negotiating, and staging. Plus, you have to understand the local market and then use that to strategize the correct timing for listing.
What if my home isn’t paid off yet?
No worries if you haven’t paid off your home yet. What would happen is you would apply the proceeds from the sale to pay off the mortgage.
What if I have a tax lien to satisfy?
The easiest way to satisfy a tax lien is by simply paying it off. You can also use the proceeds from the sale of your home to pay off the tax lien.
What do I do if my home listing expired?
For whatever reason, your home has not yet sold. You can reevaluate the property as well as the condition of the real estate market. Once you feel ready to try selling again, you can relist your home with your real estate agent.
Are you ready to sell a home in Newport Beach? If so, it’s time to schedule a consultation with the exceptional team at Stephanie Young Group, who can provide expert guidance on everything from current market trends to marketing and negotiating. Stephanie and her team can help you sell a home quickly and for top dollar!