Whether you want to upgrade, move to a new city, or have financial needs, selling a home is a stressful and challenging experience. It requires more than placing a ‘for sale’ poster on your front yard or posting a few pictures on social media platforms. Read on for seven things you need to know before selling your home.
Researching local housing market is crucial
You should conduct in-depth research on the housing activities in your area to determine the local economic conditions and what your competition looks like. Find out how many houses have been listed for selling and how long they stay in the market. Pay more attention to homes with closer proximity to your house and with similar features, such as the number of bathrooms, bedrooms, pools, and lot size, to mention a few.
Hiring a real estate agent is vital
One way homeowners opt to reduce the costs when selling a house is by failing to hire a real estate agent and selling the home themselves. While you can sell your home by yourself, especially if you have excellent negotiating skills, it may take longer to close a deal.
Realtors understand the real estate market better, and can help you sell your home faster and negotiate for a higher price. However, all realtors are not the same. You should ensure that you ask the right questions when interviewing prospective realtors to determine their efficiency. Alternatively, seek recommendations and referrals from friends, colleagues, and relatives who have sold houses before or read online reviews for leads to reliable realtors with a proven track record.
Timing is key
While you can sell your home at any time of the year, there are specific periods when there is a surge of buyers in the market. For instance, most people will opt to stay indoors during the winter seasons. This means fewer buyers will be in the market, so you may sell your home at a lower price than intended, or the house will stay in the market longer.
You should consider speaking to your realtor to determine the best time to sell your home to get maximum profit. Sell your home at a convenient time for your individual needs, regardless of the market condition.
Pricing your home right can make a significant difference
While getting the highest possible offer for your home is the ultimate goal, you should ensure that you set a realistic asking price. Buyers often conduct a comparative market analysis to determine fair pricing before they table an offer.
You could seek the help of your real estate agent to determine and set a proper asking price for your home. If you are not looking to hire a real estate agent, consider checking the pricing of similar houses in your locality, then use your finding to set a realistic price. Avoid deciding the listing price based on the previous home value or being emotional when making the pricing decision.
Preparing your house for sale is important
Preparing your home for sale helps you create a positive first impression among your buyers. A well-prepared home could help you attract the highest bidders, allowing you to make maximum profit from your sale. To prepare your home for sale, you should:
- Clean and declutter the home
- Depersonalize the space
- Handle obvious repairs
- Repaint the home
- Upgrade kitchen appliances
- Improve the home’s curb appeal
Hiring a real estate attorney is vital
If you decide to avoid realtor commission fees and sell the home on your own, consider hiring a real estate attorney. A real estate attorney can help review documents and contracts, complete paperwork, and identify issues with your titles that could hold up your sale.
A pre-listing inspection is necessary
Homebuyers often make their offers based on a home inspection report. You should have your home inspected by a reliable and experienced home inspector before putting it on the market to attract more buyers. Ensure that you hire a home inspector who is a member of the National Institute of Building Inspectors (NIBI) or the American Society of Home Inspectors (ASHI) to get a detailed report you could provide when hosting viewings. Be sure to address the issues the inspector notes during an inspection before listing your property to increase your chances of selling the home faster.
Selling your home does not have to be a daunting experience. Before selling your home, familiarize yourself with the above things to guarantee a faster and more successful process.