These days, selling a property does not simply involve placing a “for sale” sign in the front yard and waiting for interested buyers. In order to successfully sell a property, you need to do some research, come up with a smart strategy, and make good decisions.
One of the best ways to prepare for selling a home is to take time to know more about what goes on in the home selling process. You can search for articles online, ask friends with experience, attend an open house – anything that can give you new information can ultimately lead to a successful sale.
Here’s a quick guide that will show you what you need to do to sell your home:
Do Research on the Local Market
Determine whether the market is “hot” or “cold.” A “hot” market is a competitive market that has more buyers than sellers, while a “cold” market has more sellers than buyers. In a hot market, you can price your home more aggressively, as there will be a lot of buyers competing with each other. On the other hand, you’ll need to set the price a little below market value in a cold market, in order compete with other sellers.
Look at Similar Homes in the Area
Look for a home for sale similar to yours, preferably within the area. By similar, we mean roughly the same features, number of bedrooms and bathrooms, and other amenities. This will give you a better idea regarding your home’s real value, so you can work more effectively with your agent, and make sound decisions during negotiations.
Work With Experienced Professionals
An experienced lawyer or real estate agent can make the home selling process faster and easier for sellers. Real estate agents typically charge about 6 to 7% commission, while lawyers charge somewhere around $200 an hour. Though it seems expensive, a good agent or lawyer will ultimately save you plenty of time and money (not to mention aggravation). Ask for referrals from your friends, and interview several prospects before you decide on whom to work with.
Spruce Up Your Home
It’s very important to make your home as attractive as possible before you put it on the market. If hiring a professional stager does not fit your budget, you can do it yourself, but just bear in mind that it may require more time and effort on your end. The good news is that in most cases, a major remodel isn’t really necessary – a bit of cleaning and a fresh coat of paint can do the trick. Your real estate agent can help advise which repairs or upgrades net you the most money.
Advertise and Show Your Home
Ask your agent for help in order to get your home on the Multiple Listing Service or MLS. Your agent is also in charge of placing an ad, sending out flyers, or displaying your home on their website. You can also hold an open house, an effective way of attracting crowds. Even if not everyone who attends is an interested buyer, there’s a chance they might mention your home to some of their house-hunting friends.
Review the Offers
This is a part where your agent will play a vital role – he or she will meet with potential buyers’ agents and help you decide whether or not a particular offer is worth accepting. Often, a seller will have multiple choices and be accepting the one that will give you the most money isn’t always the best idea. A high bid can come attached with sketchy financing or unfavorable terms, so be sure your agent explains these clearly. The last thing you want is to go into negotiations that will simply waste the time of everyone involved.
