Selling your house in Burlingame is an exciting prospect, especially given its high ranking for livability. The Bay Area city is an attractive destination for potential homebuyers. When selling a house in Burlingame, preparation is key, and this article outlines several strategies to prepare your home for sale in today's market. Read on for actionable tips for turning your house into a highly marketable asset.
Understand the real estate climate in Burlingame
Before diving into how to prepare your home for sale, it's crucial to understand the current market trends in Burlingame compared to trends throughout San Mateo County.
As of July 2023, the average and median sales prices for single-family homes in Burlingame were $2.9 million
and $2.8 million
, respectively. Those figures topped county averages by a significant margin; the median sales price in San Mateo County was “only” $1.8 million during the same timeframe. Burlingame homes spent an average of 28 days on the market, reflecting its relatively high proportion of luxury properties. Local inventory is limited to 28 houses (or 1.7 months). By sales volume, Burlingame homes accounted for fewer than 5% of all money spent on single-family homes in San Mateo County.
As a Burlingame seller, you stand to benefit from the city’s limited inventory and prized bayside location. Burlingame sellers received 98% of their list price, on average. Crucially, that data point has many interpretations — for instance, if you listed your home at 7% over its estimated value, a 98% return would be a net positive. By working with an expert real estate agent
, you can price your home appropriately and negotiate successfully.
Plan your sale process
Establishing a sale timeline can help each homeowner organize and efficiently carry out all the necessary steps to prepare their house for sale. This includes setting aside time for cleaning, renovations, staging, and allowing potential buyers to view the property.
Engage an experienced real estate agent
Enlisting the services of a real estate professional who understands the Burlingame market is essential. They can provide insight based on market trends and steer pricing, negotiations, and closing procedures, reducing the stress of selling a house.
Choose the right upgrades
Not all home improvements necessarily increase the home's market value. Knowing which upgrades to make and which to avoid can save money and increase your home's appeal to potential buyers. This is where the expertise of a knowledgeable real estate agent can be invaluable.
Price your home sensibly
The listing price should be competitive and realistic, reflecting the home's value and the current market conditions. A way-overpriced home can languish on the market, while underpricing can result in a loss of potential earnings. The best agents tailor their pricing strategy to your home in a way that fits its context.
Present your home with high-quality photos
First impressions are crucial. High-quality professional photos can highlight your home's best features, stand out in online listings, and attract more potential buyers. Ask your agent to recommend a professional who specializes in real estate photography. These images will capture your home at its best and raise its profile in the eyes of buyers searching for homes online.
Assess and negotiate offers
Reviewing offers involves more than just looking at the proposed purchase price. It also involves understanding any contingencies or conditions put forth by the buyers. For example, the buyer may want to have the property inspected or need to sell their own home before they can buy yours. They may also agree to pay a higher price if you agree to make certain repairs. Skilled negotiation can help ensure a profitable and smooth sale.
Consider closing costs and tax consequences
When selling a house, it's essential to understand the financial implications, including closing costs and possible tax implications. Closing costs can vary significantly, so factor them in when pricing your home. Tax consequences can also vary, so consult a tax professional to minimize your liability.
Weigh legal assistance
While not always necessary, hiring a real estate attorney can be beneficial, particularly in complex transactions or situations involving unique legal considerations. An attorney can provide legal advice, ensure all necessary documents are in order, and help navigate the complexities of real estate laws and regulations. This can save you time, money, and stress in the long run.
Organize necessary paperwork for closing
Closing a home sale involves a lot of paperwork. It's essential to have all the necessary documents prepared and organized well before the closing date to prevent last-minute delays. Working closely with your real estate agent can help ensure everything is in order.
The following documents may be required for closing:
- Original purchase agreement
- Property disclosures
- Inspection reports
- Title insurance policy
- Mortgage statements
- Other relevant documents
By staying organized and prepared, you can make the closing process go more smoothly and avoid surprises.
About Carmen Miranda
A mid-peninsula native with close to three decades in the San Francisco Bay Area real estate sector, Carmen Miranda has been recognized in San Mateo County as the top choice for area sellers. More than her awards and sales volume, client referrals define Carmen’s success, based as they are on integrity and mutual trust.
You will find Carmen an expert negotiator, savvy marketer, and insightful advocate at various points of your sales process. She keeps abreast of market dynamics, technological advancements in the industry, and relevant legal considerations, drawing from her academic background in Business and Computer Science.
Outside her professional sphere, Carmen is an outdoor enthusiast who enjoys activities like hiking, SUP boarding, camping, kayaking, and fishing. Committed to her community, Carmen contributes part of her commissions to LifeMoves and dedicates time weekly volunteering at second harvest food banks in San Mateo County and Marin/SF.
If you want to buy or sell a home or have questions about the Burlingame real estate market, contact Carmen Miranda
*Header photo courtesy of Shutterstock