Updated on March 13, 2020
Now is a good time to be selling a house in Connecticut! According to Zillow Research, property values in the Constitution State rose 0.85% in 2019, and are projected to rise a further 3.72% over the next year.
Of course, even the best Connecticut properties will struggle to sell if you don’t price the home properly, do a poor job of marketing it, or don’t know how to handle the negotiations.
Read on to learn the eight steps to successfully selling your home in Connecticut!
1. Finding a Connecticut realtor
Selling a home isn’t easy. It’s a high-stakes, complex transaction and requires a considerable amount of time and expertise to get a good outcome. If you’re looking to sell your Connecticut home for the best price — and minimize stress along the way — you need to find a top-rated real estate agent in your area.
The best Connecticut listing agents know exactly 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.
In fact, sellers who work with real estate agents net 33% more, on average, than those who list on their own. For a $253,802 home — the median home value in Connecticut, according to Zillow — that’s a premium of $83,755. In other words, hiring an agent is well worth the investment.
2. 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 a home in Connecticut goes, the best time to put your home up for sale is between May and July. The pleasant weather makes potential buyers more inclined to quite simply go outside and attend open houses, viewings, etc.
Sunlight also tends to make homes look more appealing, so the longer days means buyers will have more opportunity to see your home in its most attractive state, especially if they work during the day.
Best time to sell a house across the U.S.
Source: 2019 Redfin Data Center
Best time to sell a house in Connecticut
|Best Month to Sell for Speed in Connecticut||June & July||63 days on market||11 days faster than average|
|Best Month to Sell for Price in Connecticut||July||$286,000 median sale price||11% more than average|
If you're shooting for the fastest sale possible, listing in June or July is your best option. Homes listed in these months spend 63 days on market — significantly quicker than the Connecticut average of 74 days on market.
To get the highest sales price, put your house on the market in July. The median sale price of homes listed then is $286,000, which is around $28,400 more than average.
Learn More: The Best Time to Sell a Home in Connecticut
3. Pricing your home
Your agent will kick off the home selling process by drafting up a CMA, or Comparative Market Analysis. In the CMA, the agent will determine 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.
In contrast to an appraisal, which is carried out by a licensed appraiser, the purpose of a CMA is not to set a hard-and-fast final value for your home, but rather to competitively price it to help you get the most money 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. While some agents charge for this service, Clever Partner agents will do a CMA for free.
4. Preparing, marketing, and showing your home
In order to attract buyers, you’ll need to make your home look appealing. Taking professional photos, completing presale repairs or improvements, and properly staging your home can all help make your listing stand out from the pack.
Make sure to bring attention to any features that may be especially important to note for your area, such as a new heating system for the winter.
Learn More: The Best Paint Colors For Selling A House
5. Fielding offers and negotiations
Once a buyer has decided they’d like to purchase your home, they will make you an offer. In general, this includes the price they are willing to pay, an earnest money deposit, and any other terms they set. Upon receiving their offer, you can either accept or make a counteroffer — asking to sell for more or for a larger earnest money deposit, for example. The buyer can then either accept your offer or make yet another counteroffer, continuing the negotiations as many times as necessary until an agreement is reached.
Once an agreement is finally arrived at between both parties, a purchase agreement will be written up. This is a contract that specifies certain conditions that must be met in order for the sale to reach completion. A buyer could say that they will only buy the home if it passes an inspection without issues, for example, or that they must be able to secure a mortgage. If those conditions are outlined in the purchase agreement and one of them doesn’t come to pass, the buyer has no legal necessity to buy the house.
Learn More: Real Estate Counter Offer Etiquette
6. Appraisal and inspections
After the purchase agreement 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 exit the purchase at this point.
An appraisal will also be performed by a licensed appraiser chosen by the lender. This will give an accurate valuation of your home, and it plays an important part of the mortgage process for the buyer. Based on the purchase agreement that you signed, the deal can fall through based on the results of the appraisal as well.
Depending on the results of the inspection or appraisal, the buyer and seller may re-enter negotiations at this point. A buyer may ask the seller to pay for the repair of a problem that was discovered during inspection, for example.
7. Paperwork and required Connecticut disclosures
Sellers in Connecticut need to fill out a disclosure form with 38 questions regarding the current state and condition of their home prior to closing the deal. 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 agent or attorney before signing or filing paperwork. A licensed professional should walk you through all the paperwork and ensure you have everything you need for your situation.
Learn More: Disclosure Requirements in Connecticut
8. The closing process
Right before closing, a title search will be run to determine whether there are any liens or assessments on the title. If it comes back clear, the buyer’s attorney will draft up the paperwork for the title transfer and both parties will decide on a closing date. Usually, a final walkthrough will be performed the day before closing.
The buyer and seller will then meet together with an attorney to sign the HUD-1 and any other paperwork. The buyer will pay the remaining down payment and required fees, the attorney will record the transaction with the local municipality, and then the buyer will finally take the keys to the home. The property is now officially sold.
Learn More: How Much Are Seller Closing Costs in Connecticut
Next steps: Sell your Connecticut home and save thousands
Whether you’re looking to list your Connecticut home immediately or 6-12 months from now, it’s never too early to start looking for an agent, getting advice, and making a plan.
Clever is here to help guide you through the home selling process — and save money along the way! In fact, homeowners who list with us save an average of $9,000 on home selling costs.
Top ways to sell your home in Connecticut
- Discount real estate agents in Connecticut
- We Buy Houses for Cash companies in Connecticut
- Flat-fee MLS companies in Connecticut