Selling a house can be an exciting and challenging experience. If you’re in the process of selling your home, there are things you need to know before putting it on the market.
There are many things that you learn only when you sell a house for the first time. Things like real estate market conditions, how much similar homes are selling for locally and what kind of repairs or updates will make your home more attractive to potential buyers.
If you think that this won’t apply to you, think again. Selling a house is not as easy as it sounds. Things like staging and timing the listing so it goes on the market during peak selling season can have a huge impact on how quickly it sells and for how much.
Price and repairs
No matter how much you loved the house, no matter how much effort you put into fixing it up and no matter how much you paid for it, it’s almost inevitable that you’re going to have to make some repairs to get it sold.
Also, you can’t control the real estate market, or the economic conditions that exist in your market at any given time. When you have a home to sell, you have no control over things like interest rates, unemployment, the volume of sales in your area and the number of buyers looking for a home. Therefore, you have to be prepared for the fact that you may have to lower your asking price.
Another important factor to remember is real estate commission. You will undoubtedly be using a real estate agent to sell your home. They are professionals with the knowledge and skillset to get your home sold in a timely fashion. They will need to be paid for all their invaluable information, and assistance with all that is involved in the process.
The way realtors are paid can differ drastically. Some real estate agents are paid on a percentage of your selling price, while others may make a flat fee no matter what your asking price is. It’s important to do the research, and figure out which works best for you.
Be prepared to negotiate
Depending on the condition of the house and the real estate market conditions in your area, you may have more than one offer on your house. Once you have a few offers on your house, you need to be prepared to negotiate.
It’s not uncommon for real estate agents to ask the seller to knock a few thousand dollars off the asking price or for the buyer to offer less than the asking price. If you have more than one offer, you want to try and negotiate a deal so both the seller and the buyer are happy with the outcome.
Staging is key
When selling a house, any real estate agent will tell you, you need to stage it first. When people see a house for sale, they want to know everything about it at a glance.
A prospective buyer may not have time to go through the house with a fine-tooth comb, checking for every little detail that may be a potential problem or something that needs to be fixed. Staging a house makes it more attractive to potential buyers. It also makes it easier for potential purchasers to visualize themselves living there.
There are many things you can do to stage a house before putting it on the market. For example, remove unnecessary clutter and rearrange furniture for a more open feel. It’s also a good idea to paint the walls a neutral color. You may even want to change the color of the drapes or curtains.
Marketing is everything
You may think that putting your house on the market and waiting for buyers to come to you is the best way to sell a house. However, real estate agents will tell you that selling a house is all about marketing.
You need to let people know that you have a house for sale. And the best way to do that is with a good realtor. They’ll know the best places to advertise your home and they’ll also know the best times to do so. They will also know how to negotiate with potential buyers, helping you get the most money possible for your house.
Conclusion
When selling your house for the first time, the process may seem daunting. So much to do in what may seem like so little time. While it is certainly rewarding, it can also be stressful.
With a little knowledge and preparation, along with the help of an experienced real estate professional, the sale of your house will certainly go a lot more smoothly.