Selling your home can be a bit of a challenge nowadays especially if you are looking at making money from the deal or “trading up” to your next home from the proceeds of the sale. For beginners its easy to assume that when you put your house on the market, all you have to do is put up a For Sale sign in your front yard and the buyers will come running . For those who make this mistake the first time it can be a steep and sometimes costly learning curve.
Knowing how volatile and competitive the real estate industry is, you can’t afford to have your house stay too long on the market. Whether it is your first time selling your home or not, it still wise to pay attention on essential aspects that will give your property an edge, up the price a bit and even make the process less complicated.
Here are the six things you should do when selling your home:
Create a plan base on your goals.
The most simplest of plans help you understand what you want to achieve. Why do you want to sell your home? What do you want to get from it? Will the profit be used to finance a new home? Having a goal can help you come up with a timeline and of course flesh out the plan. Going into a sale of your home without a plan means you’ve got an intention to take action but no idea why or what result the action should achieve.
Do some research and know what’s going on.
It would be beneficial if you do some research on similar properties and their prices in your area. Talk to your neighbors and attend a few open houses nearby. This will give you an idea if it is the best time to sell, what pricing around is like or what else you can do to ensure that your initial price is around what the market is dictating. Remember that your potential buyer might also be looking around and it certainly doesn’t hurt to see what else is available to them and compare the various features of your home versus the others for sale.
Home staging for better profits.
Home improvements can greatly impact a potential client’s impression and also can up your asking price if done properly. When a buyer tours the house and sees that they need to improve a specific room because of its condition, they will normally think they will need to budget or spend a lot to accomplish this. This can and will make price negotiation a bit difficult on your end. Your just giving them leverage to bargain with you. You don’t have to necessarily renovate your place to accomplish this. If you can afford it you can organize a home staging expert to decorate your place to help better achieve a quick high priced sale.
Likewise a lick of paint, fresh carpet and removing clutter all helps provide better first impressions. Know which room to work on and you can increase your profit as much as 96.6% of what you spend on that improvement.
Finding the right real estate agent.
As much as gathering info about selling your home, it can do you more good to have someone who knows the ropes of the real estate business and who can bring more potential buyers to your home. Choose someone who is experienced, have a strong local knowledge and comes highly recommended. Not only can real estate agents help you but you can learn a lot from them that you will find useful when talking or negotiating to your possible buyers.
Those who are looking for new homes are usually hardworking people with careers and responsibilities. This means they don’t have all the time in the world to wait for you to be available to show them the house. Sure its a pain to keep your home clean and to make the time for the place to be available for viewers but if you are more accessible than your competition this cant but help improve your chances of a sale. Also when you or your home are easily accessible it will create a good impression and reputation as a seller with potential buyers and your real estate agent.
Understand the legal terms and process.
Contract and negotiation talks should not confuse you and the way to prevent this is to ask loads of questions before and during the sales process. Same as the legalities surrounding the buy-and-sell process. Getting lost in the middle of an important discussion might lead to making the wrong call and result in either turn a smooth deal into a stressful one.
Your asset here are friends and families along with your Agent who you can call on who have been through this before. Ask them to sit with you or sit in on negotiations so you can call on their experience. Last but not least don’t hesitate to pay for the right legal and contractual advice. Spending some money on the right advice here could save you in the long run.
Selling your home should be as easy as possible for you and your buyer. Closing the deal should bring smiles to the faces of both parties and should be a win for both parties. This can /should happen if you follow the six things you should do when selling your home.
Know someone selling? Planning to sell in the future? Leave us a comment and don’t forget to share with your friends.
***Photos thanks to Chris Corwin and Images Money of Flickr.***