7 Factors to Consider When Selling Your Home


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Buying a home is one of the most significant and expensive investments you have ever made. It is, therefore, crucial to ascertain that your home selling process runs smoothly to maximize profits. Here are seven factors to consider to ensure a quick sale.

1) Your situation

Take time to analyze your current situation to determine an ideal selling process tailored to your needs. If you are selling your home to move to a new city for a job offer or have inherited a new home and cannot manage two properties, you’ll likely want to sell your house fast. You could consider selling to investors like the Leave The Key Homebuyers who buy homes for cash.

Selling your home for cash reduces the chances of sales falling through because a buyer developed cold feet at the last minute. This means that you get your money shortly after closing the deal. You will also sell the property as-is, so you do not have to invest your time and money handling repairs or making the house more sellable.

However, suppose you are not looking to make a quick sale or have enough capital to finance repairs and renovations to make your home appealing to the highest bidder. In that case, you could work with an experienced real estate agent.

2) The condition of your home

If you decide to sell your home the traditional way,  you have to ascertain that it is ready to be listed in the market. Liaise with your real estate agent to determine areas that need fixing before placing the property on the market. Below are a few tips to prepare your home for sale:

  • Handle minor repairs, including repairing door knobs, fixing leaks, and caulking doors and windows
  • Depersonalize the space by removing family photos and other personal items
  • Adding a fresh coat of paint
  • Deep cleaning and decluttering
  • Improving curb appeal by maintaining the lawn, planting flowers, replacing the mailbox, cleaning sidewalks and walkways, and investing in outdoor lighting
  • Staging the home

3) Pricing

One of the most significant factors to consider when selling your home is pricing. Often, most home sellers overprice their properties because they overvalue any improvements and upgrades made, especially those tailored to their personal preferences. Others will set a higher asking price to give room for negotiations. This turns potential buyers away, extending the period your home stays in the market.

Pricing the home too low also leads to losing money. It could also give the impression that your home has severe damage or is not in excellent condition, especially when the asking price is significantly lower than comparable homes. You should consider working with your real estate agent to create a realistic price for your home. An experienced realtor will perform a competitive analysis on previous home sales in your locality to ascertain that you list your property at the correct price.

4) Timing

It is critical to time your home sale primarily when your house is not in a highly sought-after area. This enables you to get an offer quickly while getting the most out of your sale. Be sure to sell your home on the seller’s market( when there are more buyers than homes for sale) to get your total asking price or even higher. Here are signs that it is a seller’s market in your locality:

  • Reduced number of “for sale” signs
  • Properties selling via word of mouth even before listing
  • Homes staying in the market for shorter days
  • Increased number of For Sale By Owner (FSBO) signs as home sellers feel that they do not need to hire a realtor to close a home sale.

However, unless you have inherited a new home and do not need to purchase another one, you should remember that the market condition for selling your property will be similar when hunting for a new house. This shows that you should ascertain that the conditions favor you either way.

5) Marketing

Listing your home is not enough. You further need to help prospective homebuyers find your listings and be captivated by them. Consider liaising with your real estate agent as they understand the market trends and can help give your home maximum exposure. A real estate agent can help you hire an experienced photographer who can take high-quality professional pictures that stop potential homebuyers in their tracks when browsing online.

6) Your availability

Before listing your home in the real estate market, ensure that you check your schedule to determine your availability. This will prevent you from turning away a showing. Most potential homebuyers are often time-constrained, so turning down a showing could lead them to move on to other properties in the market, and you will miss an offer or sale. Keep in mind that your home sale is a temporary process, so consider clearing your schedule to accommodate the showing. After all, your sacrifices will pay off once you sell the house quickly!

7) Sentimental value

Before listing, determine what selling your home means to you, especially if you have inherited the property. Properties passed down through generations have sentimental value. This is because they contain your family’s identity, history, and memory. Be sure to consider the consequences of selling a home with sentimental value before listing the property to avoid any regrets in the future.

Endnote

Whether due to a job transfer, a financial need, retirement, or you want to downscale or upgrade, selling a home is a critical decision. Keep the above factors in mind to make implementing your decision less stressful and complicated.


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