Even with rising mortgage interest rates, the current market puts you in a good position if you’re considering selling your Connecticut house. This is because the inventory of available houses for sale in the state is still well below the buying demand.
While selling your Connecticut house is similar to selling in other states, Connecticut does have its own unique local practices and real estate laws to contend with. Becoming familiar with the process early in selling your home can help you avoid complications down the line.
We’re here to guide you through the ins and outs of selling your Connecticut house, making sure you don’t get hit with any shocks along the way. Of course, even the best Connecticut properties will struggle to sell if you don’t price it properly, do a poor job marketing it, or don’t know how to handle the negotiations. Read on to learn how to successfully sell your home in Connecticut. From working with a listing agent to legally required disclosures, we’ve got you covered
Find the Right Connecticut Real Estate Agent
Having the right real estate agent on your side can mean the difference between selling quickly for top dollar and wondering why you aren’t getting any offers. Selling a home isn’t easy. It’s a complicated transaction and requires substantial time and expertise to get a good outcome.
Realtors® have the knowledge to help you determine when to list, how to draw prospects to your open house, and what motivates buyers to submit offers. While you’ll have to pay for their expertise, typically 3% to 6%, it’s a wise expense to include in your budget.
The best Connecticut real estate agents know what local buyers want and how to reach them. They’ll offer expert advice, guidance, and support every step of the way, from the initial listing all the way through closing.
Deciding When to Sell
The market moves in cycles. At certain times throughout the year, sellers will have an easier time selling, and during others, buyers will have an easier time buying.
As far as selling your Connecticut house for the highest price goes in some areas, the best time to put your home up for sale is typically between May and July. The pleasant weather makes prospective buyers more inclined to go to open houses, and the sunny days tend to make homes look more appealing. The more people that go to open houses, the more competition there could be for your house and the more offers you should receive. However, working with a seasoned agent means that you can take advantage of their market knowledge. They will know when it is the best time to sell in your particular neighborhood based on the current market trends.
Competitively Price Your Home
As the market is changing quickly these days, you’ll want to base your pricing strategy on the very recent past whenever possible. Therefore, paying close attention to the sales from the past 30 days is essential.
Your real estate agent will draft a Comparative Market Analysis (CMA). The CMA will assist in establishing a price for your home based on the price of other similar homes that were either recently sold, are currently up for sale, or are pending closure. The CMA’s purpose is to price your house competitively to help you get the highest selling price possible. An experienced local real estate agent will have their finger on the pulse of the market and be able to price your home advantageously.
Preparing, Marketing, and Showing Your Home
To attract buyers, you’ll want to prepare your home to look as attractive as possible. Taking professional photos, completing presale repairs or improvements, and properly staging your home can all help make your house stand out. Make sure to highlight any features that may be especially important to note for your area, such as a new heating system for the winter. Your agent is very instrumental in this area. They will know which repairs are the most essential to make, and which repairs you can skip. They will also have access to professional real estate photographers who can photograph the house and showcase the best features. They will also likely have connections to home stagers that they can recommend and give you a professional opinion on whether or not this step is needed.
Handling Offers and Negotiations
Once a buyer has decided they’d like to purchase your home, they will make you an offer. This includes the price they are willing to pay, an earnest money deposit, and any other terms they want to set. Upon receiving their offer, you can accept it, reject it, or make a counteroffer. The buyer can accept your offer or make yet another counteroffer, continuing the negotiations as often as necessary until an agreement is reached. This is where an agent can truly bring the most value to the process. Your real estate agent should be skilled and experienced in negotiating, so that when offers come in, they can negotiate the best possible outcome. Through their experience and knowledge of the complex ins and outs of real estate laws and transactions, you often get a better deal than going it alone. Once terms are agreed to between both parties, a purchase and sales agreement (P&S) will be written up. This is a contract that identifies the conditions that must be met for sale to reach completion. For example, a buyer could say that they will only buy the home if it passes an inspection without issues, or they must be able to secure a mortgage. If those conditions are outlined in the P&S, and one of them doesn’t come to pass, the buyer has no legal obligation to buy your house.
Appraisal and Inspections
After the P&S is signed, the buyer will give their earnest money to an escrow agent, and the inspection and appraisal process will begin. Depending on the terms of the purchase agreement, if a problem turns up during inspection, the buyer may walk have the option to walk away from the purchase or try to negotiate with you further.
A licensed appraiser chosen by the lender will also perform an appraisal. This will give an accurate fair market valuation of your home, and it plays an important part in the mortgage process for the buyer. Depending on the inspection or appraisal results, the buyer and seller may re-enter negotiations at this point. For example, a buyer may ask the seller to pay to repair a problem that was identified during the inspection.
Documents and Disclosures in Connecticut
In Connecticut, home sellers are required to complete the state’s property disclosure form to share their knowledge of any problems and defects with the buyer. The disclosure form has 38 questions regarding the current state and condition of your home before closing the sale. These questions range from inquiries regarding who has rights to the property to the condition of specific household appliances. By law, sellers must complete this form to the best of their knowledge and disclose any known issues with the home.
Aside from disclosures, a lot of paperwork goes into selling a house. While it’s good to be familiar with all the documents you might need to close on your home, always consult your real estate agent or attorney before signing or filing any paperwork.
Additionally, if your property is part of a homeowners association, be prepared to hand over documents about the health of the association’s reserves, bylaws, and any upcoming special assessments.
Once the buyers’ mortgage has been approved and all other negotiated terms met, it’s time to close. Now you just have to keep your house in great shape for the buyer’s final walk-through and make sure you’ve budgeted for all the costs of selling a house.
Cost of Selling Your Connecticut House
One of the biggest item in your budget will be the real estate agents’ brokerage fee. As we stated earlier, you can expect to pay around 3-6% of the sale price, depending on your contract with your agent. Then, it’s time to total up the other costs of selling a home in Connecticut, including*:
- Conveyance taxes: In Connecticut sellers are responsible for covering conveyance taxes. These range from 1 to 2.75 percent of the purchase price, including state and local municipality taxes. Properties that sell for less than $800,000 are subject to the lowest state tax.
- Unpaid property taxes: Depending on the time of year, you may need to cover a portion of your unpaid property taxes.
- Attorney fees: These will vary based on their rate and the number of hours they spend on your deal. It’s safe to budget for at least $1,000 for this cost.
- Concessions: If the buyer’s home inspection uncovers any problems with the home, be prepared for a request for some concessions to help cover a portion of the repair costs. This is a normal part of the process, and you can accept, decline, or negotiate accordingly.
- Miscellaneous fees: Be prepared to deal with additional expenses when you sell, such as recording and administration fees. These are typically small costs for dealing with printing and sending documents and settling the transaction.
*Mentioned commission is split with buyer’s agent.
Whether you want to list your Connecticut house now or later, it’s never too early to start looking for an agent, getting advice, and making a plan.
The Spectrum Real Estate Consultants Team is the top producing team of Realtors® at Keller Williams Realty Leading Edge completing over 900+ successful transactions since 2015. Our mission is to provide our clients with world-class service while simplifying the Real Estate transaction.
Our team members are licensed and serve their local communities throughout Connecticut, Rhode Island, and Massachusetts. Our knowledge and professional experience allow us to identify opportunities and prevent unnecessary setbacks, saving you time, money and frustration.
You can click here to look at our current listings of homes for sale in Connecticut or download our mobile app for instant, anytime access. And, if you’re ready to move forward with selling your house, let’s connect.