Selling a house is a major life decision, and it is not a decision that should be taken lightly.
Before starting the process of selling a house, you first need to understand the different aspects that relate to it, and you will need to ask yourself a number of different questions in order to sell your house more efficiently and more easily.
Ask Yourself: Am I Ready?
Deciding on selling a house is not a call that you make on-the-spot. Before selling a house, you should make sure that you are ready for the challenge that is ahead of you. Having a drawn out plan for the next 5-10 years might be a great idea, as the process of selling your house and moving into a new one can and may affect all aspects of your life, and you should be 100% certain that it is the right move and the right time for it.
Do you plan on selling to simply upgrade your residence? Or are you planning on selling a house for an investment? Make sure you know exactly why you’re selling and what you’re going to get in return.
How Much Will It Cost?
While selling a house might immediately lead you to think you’re simply going to be making a profit, there are several costs that are associated with selling a house, and you should make sure you have the finances to cover the process before you close the deal and reap the rewards.
From real estate agent fees, through marketing and advertising the sale, to closing fees, there are many costs that can pile up during the process of selling a house, and if not planned correctly, they might result in you losing more money than you had thought.
What Is My Selling Strategy?
There are many reasons why home owners might consider selling a house. You might just want to upgrade and move into a better property, or you could be downgrading and selling the house for some extra cash to invest in a different real estate property. Whatever your reason is, you should have a complete understanding of your selling strategy and the advantages as well as disadvantages related to it.
How soon do you want to sell the house? Where do you intend to list it? Do you intend to hire a real estate agent or to sell it on your own? These and others are questions that can help you decide on the best steps from here ahead in order to achieve your goal from selling the house.
Related: Selling Rental Property is Easy with These Simple Tricks
What Is My Home’s Value?
Selling a house means that you’re expecting something in return. What you’re expecting in return, however, might differ from what prospective buyers might believe you deserve in exchange for the real estate property for sale. Make sure you know the exact worth or market value of your real estate property in order to understand what offers to expect and what price range you should be aiming for.
If you’re selling a house, then naturally you will want to gain the highest returns from your sale. But you’re also restricted by the current state of the housing market and how your property for sale compares to other similar properties in the area. This means that in order to achieve your desired results or home value, you might have to renovate the house and make changes to it in order to increase its market value which will help you sell it for a higher price.
How Do I Advertise My House?
There are several ways to market and advertise a real estate property. From “For Sale” signs, through newspapers and online listing sources, to the MLS (Multiple Listing Services), you will have a wide range of mediums to choose from.
Most mediums might require you to pay some money to advertise and list your property for sale. This is why you need to have a good understanding of your target housing market and the best methods to use there in order to reach this target market and sell your property more easily.
Related: How to Sell a House Fast for a Profit in a Buyer’s Market
How Do I Prepare the House?
Naturally, it isn’t a good idea to sell your house while it’s in the same state as if you are still living in it. Before selling a house, it is usually a good idea to prepare the house and stage it to make it look more desirable and attractive to prospective home buyers.
Remove all of your personal belongings and any clutter that might look unpleasant to the buyer. Organize the property and make it look in a ready-to-move-in state both from the inside and the outside.
Showing the House
After preparing the house and staging it, it is time to host prospective buyers who are interested in visiting the property for sale and checking it out. Choose the best times of the day for an open house display. For example, if your house relies on natural light sources during the day time, then it might be a better time to do an open house display during the time of the day when the sunlight is giving the house the natural light that is sure to make the house look more appealing and attract buyers.
Reviewing Purchase Offers
After hosting an open house, advertising, and marketing the property for sale, you will start receiving purchase offers. Make sure to review each and every purchase offer that you receive to gain a better understanding of your house and what the prospective buyers’ opinions about it are.
At this point, you will have a better idea of what to expect and how much you’re willing to sell the house for, and naturally, you will be eliminating most purchase offers that do not meet your goals for selling the house.
Negotiations
From the several purchase offers that you might receive, you will have chosen a few that work better for your goals, but typically these offers will not be perfect. At this stage, once you’ve chosen a few offers that more closely meet your expectations, it is time to negotiate these offers in order to come to an agreement that makes both you and the buyer happy.
If you’ve hired a selling agent to help you in selling the house, then your real estate agent will be more suitable and more capable of doing the negotiations, which will typically include a buyer agent as well. Make sure that your agent fully understands your goals for selling the house and the value that you’re trying to achieve from selling it in order to be able to negotiate more effectively and help you reach your goals.
Related: Buying and Selling An Investment Property: Dos and Don’ts
Bottom Line
Selling a house is a major life decision. It is not a decision that is made on the spot and carried out immediately; otherwise, it will result in failure and in you selling the house for a lot less than it might be worth, or worse yet, not being able to sell the house at all.
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