Whether you have sold a property before or you are a first-time home seller, the process can be confusing and sometimes full of unexpected obstacles. Much like purchasing a home for the first time, the learning curve involved can be surprisingly steep. Here are some essential tips to help you win over potential buyers and sell your house at the highest price possible.
1. Decide the Best Way to Sell Your House
How you choose to sell your house dictates all other aspects of the process, from the preparation required to the selling strategy and the cost of selling. Here are some popular selling options.
Real Estate Agent
A listing agent or real estate agent markets your house, prepares the necessary paperwork and communicates with the agents of potential buyers. Some sellers opt for listing agents because they guide them on incentives, local market expectations and pricing in exchange for a fixed commission. However, there are often other selling costs besides the agent’s commission.
FSBO (For Sale by Owner)
FSBO involves the seller managing all aspects of the house sale, from the paperwork to marketing and scheduling showings. While this option is relatively inexpensive, it requires a lot of effort and time and can be frustrating for first-time home sellers.
Home Buyers
The traditional selling process can be cumbersome, given all the repairs, showings, uncertainty and unsuccessful offers. Selling to a home buyer like Very Fast Home Buyers offers more certainty and convenience compared to other conventional options. You also get to move at your own pace without having to list your home on the market.
2. Set Your Asking Price
The price of your house can make the difference between regular offers and months of futility on the market. Strike a perfect balance between the prevailing market conditions and your expectations.
Online tools that analyze other comparable homes using current market data can provide an unbiased estimate of your property’s value. After getting an estimate, determine what is more important, your time or money. A competitive price may make your house move quickly while a high asking price may dishearten many potential buyers.
3. Prepare Your House
You will likely receive more offers and find it easier to justify your price if your house is in good condition. Here are some steps you can take to prepare your house for sale.
Declutter
Decluttering helps your property look spacious, clean and ready for purchase. Look at your house from a buyer’s perspective and clear any unnecessary items.
Maintenance
Arrange a solid maintenance plan to ensure your house remains in top-notch condition until it gets under contract. Maintenance may include annual upkeep, small fixes and lawn care.
Decor
Decor, in this case, involves making the house neutral. For instance, painting neutral colors such as white provides a blank slate to potential buyers and a chance to picture themselves in the house.
4. Market Your House
If you opt for a real estate agent, they may list your property on the Multiple Listing Service (MLS) database. However, if you choose to handle the process yourself, do the following:
- Take professional photos of the house
- Post signage on your yard
- Schedule house showings
- Organize an open house
5. Negotiate Offers
Buyers interested in your house can make formal, written offers via their agents to your agents, or directly to you for FSBO transactions. Besides the offer price, here are other elements to consider when evaluating home offers.
- Buyer Pre-Approval
Offers should come with pre-approval letters and proof of funds to indicate the buyer’s ability to close the deal. - Closing Costs
Consider whether the buyer needs any closing assistance in the form of closing fees. - Cash Versus Financing
All-cash offers are more convenient in multiple-offer scenarios since they do not require bank financing. - Timeline
Selecting buyers whose timelines coincide with yours can minimize inconveniences and prevent periods of uncertainty.
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October 05, 2020 at 07:08AM
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Selling Your House: Tips for a Smooth Sale - Seacoastonline.com
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