Things to Know About Selling Your House
Choosing the right time to sell your house is one of the most important decisions that you’re going to make in terms of your finances. For many people, their homes are the single most valuable assets that they own.
They take up the most amount of space on a personal net worth statement, so selling such an asset is a pretty big deal. Consequently, the decision to sell such an asset is also a pretty big deal and it is extremely important to get it right.
Typically, there are specific periods of time where the housing market experiences a boost. This could be determined by major factors such as the economic condition of the state or factors as mundane as the time of the year.
However, some of the tips suggested in this article will get you ready to make a good sale, regardless of these factors.
Do your research
You’re not just going to wake up one day and set a price on your house when you have no idea what the going rate is. Now, some of the responsibility of doing research can be taken by your real estate agent –
they know a lot more about the market than the average person does – but you also need to have an idea of the way these things work.
For instance, if you’re selling a house that you’ve lived in for a while, then you probably know how much houses in your area typically cost. You can use this information as a benchmark for setting the price on your own property.
If there are other houses in the same area as the one you’re selling, check out the prices of these houses and compare them with yours. Features such as the number of bedrooms and bathrooms, the size of the lot, the available facilities can help you make these comparisons and give you some insight into how much your property should be worth on the market.
If you don’t live in the area and are not familiar with any ongoing sales, there are many websites that list properties for sale. You can use
one of these to search for properties within the same area as the one you’re selling.
Set your asking price
Pricing your property correctly from the beginning is crucial. If you’ve done your research/consultation, then you already have an idea how much your property should be worth in the current market. You also probably already have a ballpark that reflects the minimum and maximum limits that you’re willing to accept during negotiations.
Now, you need to set a specific figure. The first thing you need to understand is that property value can be quite volatile. If you made an analysis at some point and decided to sell your property years or even months after that, you need to redo your analysis and resist the urge to price your property based on its previous value.
In many instances, you might even be cheating yourself out of a good profit if you set your price that way – especially if your property is in a “hot” neighborhood.
If the market for your property is not exactly “hot”, buyers are likely to be more selective. You may have to consider setting your price at market value or slightly below to attract a sale.
Meet with a professional real estate agent and other team members
When choosing a real estate agent to work with, you want to make sure that you set up a personal meeting with them. Do your homework – background checks and all of that – and make sure that the person you’re choosing has a decent track record. When you meet and have a conversation, it’s easier to
judge if you can have an effective working relationship with the agent. It’s important that you both agree on the terms and the approach of the sale.
Other team members such as a closing attorney, home inspector, landscaper, photographer, painter etc. may be required at your discretion. It is very possible – and possibly more efficient – for one person to handle a few of these roles.
If you choose not to hire these people and do it by yourself, then you want to make sure that you have a good understanding of the laws of the state regarding real estate sales.
Improve the initial appeal of your property
First impressions are a huge deal, and even though they are unlikely to be the decider for most buyers, it is important to do everything you can to ensure that there’s no reason for your client to be discouraged.
A move as basic as touching up the outdoor areas of your property and making everything look clean and simple can be enough to make a good first impression.
Additionally, if you’re selling a home that you’re living/used to live in, you may want to consider getting rid of the clutter. This includes personal effects such as memorabilia, personal photographs, and other similar items.
The best way to do this is to get someone to help you make the decision about what can stay and what needs to go. That way, you won’t let emotions get in the way of getting rid of things that don’t need to be there. A fresh coat of paint and minor repairs around the house will be great too.
Finally, you may want to consider providing different furniture layout options to your buyers – in the form of pictures. This gives them the impression that the space is very customizable and they begin to imagine
how they could tweak things to suit their own preferred style.
When selling your property, one of the most common mistakes that people make is letting emotions get the better of them. Business is business, and you need to be as detailed and efficient as possible to ensure that you get the most value out of your sale.
Don’t sacrifice the right approach because you’re trying to cut cheap costs – it will reflect in the end. Have a plan, find the right people to help you execute it and ensure that they stick to the plan.