5 Things to Know Before Selling a House in Massachusetts
Selling a home might seem like a complicated and intimidating process, but it doesn’t have to be! Here are some things to know before selling a house in Massachusetts to better prepare you for what to expect and help set you up for success.
Prepare Your Home for Selling
Appearance can make a big difference when showing your house. Here are some things that will go a long way toward helping you sell:
A deep and thorough clean and declutter
Fresh coats of paint inside and out
Repairs and renovations like patching damaged walls and replacing leaky faucets
Aesthetic upgrades like new kitchen cabinets and bathroom features
High quality photos for the listing
Some of these will be simple fixes while others can be quite expensive (a new roof, for example). Your realtor can help you decide what upgrades are worth doing before going on the market.
Disclose Condition of Home Systems
Lead with your best foot forward by promoting newer features like a renovated kitchen and any unique aspects of the home like a wine cellar or rooftop patio. At the same time, be upfront with potential buyers about any older features that may need to be renovated. Disclosing that the water heater will likely need to be replaced in a few years means they’ll be less likely to ask for discounts when they discover that fact in their inspection.
When to Sell Your Massachusetts Home
In general, homes tend to sell better in spring and summer, but try to avoid listing over holiday weekends like 4th of July when potential buyers are more likely to be traveling. According to data provided by Redfin, a national real estate brokerage, the best time to sell a home in Massachusetts is in June, when median sale prices are their highest and average days on market are their lowest.
MA Real Estate Tax Implications
It’s a good idea to work with an accountant when selling your home since they’ll be able to make you aware of any potential tax implications and help you avoid any surprise bills. In particular, Massachusetts has a real estate sales tax called a Tax Stamp. In most of the state this is $4.56 per $1000 of the sale (so if you sold your home for $500k you’d be obliged to pay the state $2,280). Some counties are more expensive however - Barnstable County charges $6.12 per $1000 and Dukes and Nantucket Counties add a 2% land bank fee to support public land.
Understand Your Competition
Study the housing market in your area to know how to position your home appropriately. Here are some specific things to look for:
The amount of homes up for sale (a lower supply means asking prices can be higher)
The average sale price of similar properties (don’t compare your quaint colonial to the massive mansion on the other side of town)
Houses that sell quickly (what did they do correctly to land a buyer so fast?)
Old listings (what are they doing wrong to still be up after several months?)
Knowledge is power! The more familiar you are with the current state of the local market, the easier it will be to correctly present your property to buyers, set accurate expectations, and get the most for your home.
If you’re interested in working together to sell your home, contact Sage.