October 14, 2019 | 4 Minute read
For those who are new to the world of real estate, the decision to sell your home can be quite daunting. As with any large transaction, there’s a lot that goes into the process of selling a residential property. Since the unknown can easily seem overwhelming, getting an insight into what home sellers should expect can help bring you ahead of the game.
Knowing what to expect when selling your home can help avoid any unnecessary issues, alleviate the stress, and enable you to make the best moves. It’s time to play smart, so make sure you’re aware of all the ins and outs of the selling process.
Here are a few considerations to make when selling your home:
While many motivators drive people to decide to sell their homes, every case is unique. The first step that sellers need to take is to identify their circumstances. Why are you choosing to move forward with selling the property? What exactly are you looking to get out of the deal? How do you feel about the change?
By gaining a deeper understanding of one’s motivators, sellers are then able to embark on the process with greater clarity. Remember to take some time to explore the reasons why you want to sell so you can be completely positive that this is the right move for you.
This should include addressing any emotional attachments you have to a home, inquiring about the financial balance remaining on a mortgage, and contemplating your next steps. Figure out your time frames, budgets, minimum selling price, and any other non-negotiable terms before moving forward.
Research, Research, Research
This is one of those situations where knowledge truly is power. As a seller, the more you know, the better off you are. Due diligence is required to get the most out of selling your property. Find out information on your local area’s real estate market and begin coming up with a strategy. This will help sellers to determine the most advantageous time to sell, compare price-ranges of similar properties in the region, and gain a better understanding of the market.
F.S.B.O or Agent?
Once you feel you’re stocked up on all the information you can get, it’s time to get down to business. First things first, sellers need to decide their selling strategy – mainly, how they’re going to represent their listing. This is the time to choose whether they’re going to hire an agent or represent themselves as ‘for sale by owner’ (FSBO). Each method comes with benefits and challenges, so it’s all about finding the route that best works for your current situation.
Fix Up the Place
Before you begin marketing the property, sellers need to ensure that their home is in its prime condition. This is the time to make improvements, renovations, and any other fixer-uppers that can help your property attract buyers and increase in value. These upgrades can vary from small tasks to large-scale projects, so it’s important for sellers to hone into their target audience and find what buyers in the area desire.
Pricing the Property
Pricing a property isn’t always easy. To ensure that you’re hitting it right on target, consult a diverse collection of sources. Look into comparable properties and their prices, consult reputable online sources, talk to your agent, or hire an appraiser. Explore all the available outlets of information to come up with your property’s listing price.
Jump into the Market
This is one of the most important parts of the entire selling journey. Your marketing plan needs to be effective, and that means reaching as many potential buyers as possible. First, sellers need to stage or photograph their homes. Visual representation of a property is vital since many shoppers will encounter the listing online. HD imagery, videography, and staging piques the interest of potential buyers and show off a home’s best attributes.
Try to extend your home’s advertising reach as far as possible, so use all accessible platforms. Market on multiple channels, schedule showings, set tours, and spread the news by word of mouth. When it comes to marketing, there’s never too much — and your agent can help you select the right methods.
Close the Deal
Once you’ve found the perfect buyer, it’s time to move out and close the deal. The finalization process can include some unexpected twists and turns, and sellers need to remain diligent until the very end. However, once you’ve passed all inspections, signed the paperwork, and received your financing, it’s time to hand over the keys and seal the deal.
Congratulations! That’s a wrap – you’ve just successfully sold your home.
Thinking about selling your home soon?