Planning to sell your home in Missouri? Regardless of where you live, the process of selling a home is essentially the same. If your home is located in Missouri, however, you should be aware that the state’s real estate laws and practices slightly differ. If you’re considering selling your Missouri house, keep reading.
It’s not easy to sell a house, especially if you want to receive a decent deal in a short time. It’ll take time, effort, and understanding on your part to complete. If you’re selling a home in Missouri, you’ll need to think about a few things before proceeding.
1- Are You In A Seller’s Market?
Before making a selection, check to discover if the house is in a buyer’s or seller’s market.
In a buyer’s market, there are more properties for sale than people looking to buy. This gives the buyer an advantage. There are more people looking to buy properties than there are available homes in a seller’s market. As a result, the seller gains an edge.
As of 2022, the majority of Missouri is currently in a seller’s market. This indicates that demand exceeds supply. As a result, property values are increasing. In the following years, home prices in Missouri are predicted to rise. This gives you an advantage as a seller.
i- Best Time To Sell Your Home In Missouri
June is the greatest month to sell a home in Missouri. Last year, Missouri homes sold 12 days faster in June.
- Spring: Buyer demand often peaks in the spring. The inventory does as well, with an increase in competition.
- Summer: Competition is still fierce. People with children are eager to move before the school year starts.
- Winter: This is the quietest and slowest season for many markets. Homes sell at lower prices.
2- Get A Knowledgeable Real Estate Agent In Missouri
One way to sell your home in Missouri is through FSBO: For Sale By Owner. For that, you’ll need ample amounts of research, time, and effort. It’s advisable to go with an experienced real estate agent in Missouri.
A good agent will assist you in pricing your home, marketing it to buyers, negotiating with buyers, and completing the transaction. Use the Missouri Real Estate Commission’s Licensee Search to double-check the licenses of Missouri real estate agents.
3- Prepare For The Listing Agreement In Missouri
Once you’ve chosen a real estate agent, you’ll sign a “listing agreement.” It provides the agent with the authority to promote and sell your home in Missouri. It is important to know the following basic points of a listing agreement:
- As a seller, you’ll pay a commission. The commission will be divided between your real estate agent and the buyer’s agent. It often varies from 5% to 6% of the house sale price.
- The listing’s type. Most agencies will require you to sign an exclusive right-to-sell agreement. The agreement requires you to pay the agent a commission regardless of who brings in the buyer.
- The listing is for a certain amount of time. The contract will be for a specific period of time, such as 60 to 90 days.
- The cost of the listing. Your agent will determine the proper selling price by comparing prices of recently sold similar homes “comps” in your area.
4- Doing the Seller’s Disclosures
Missouri home sellers are required to offer details regarding the physical state of the home to buyers. When it comes to disclosures, Missouri, unlike many other states, has few legal requirements.
- The law requires sellers to report whether the property has been used as a meth lab, has a solid waste disposal site, or has a demolition dump.
- Lead-based paint and other sources of lead must be disclosed to prospective buyers by sellers of homes or condominiums built before 1978, according to federal law.
- It is illegal to use “deception, fraud, false pretense, false promise, misrepresentation, unfair practice” with the sale of any merchandise, including existing homes. This is a requirement from the “Missouri Merchandising Practices Act.”
5- Proceed Towards The Closing Of Your Home
Once the buyer makes an offer with the price, you can accept it or counter-offer it. Once you’ve accepted the offer, it proceeds to escrow. The time between signing officially and closing is known as escrow. The seller and the buyer will choose an escrow or title agency, a neutral third party who will oversee the transaction.
All final documentation and monies will be handled between the buyer and seller during the closing. You receive the purchase price from the buyer, as well as a deed and other transfer documentation, as well as clear ownership of the property or apartment. You repay any existing debts on the property and pay the real estate agent’s commissions.
Regentology Can Help You Sell Your Home In Missouri
Regentology‘s network of skilled and experienced agents can assist you in selling your Missouri home quickly and for the highest possible price. Allow us to match you with the most competent agent in your region.
Fill out our short form, and we’ll connect you with a qualified real estate agent for a free consultation.