- Real Estate
Selling Your Home? Here Is What You Should Know
Deciding to put up your home for sale isn’t an easy decision. Once you have made the decision, it is crucial to position your property right in order to get the right returns. Gone are the days when you could hope to attract potential buyers by just putting up a ‘for sale’ board in front of your house or putting out an ad in the newspaper.
Given the flux the realty sector has been through in recent times, home owners today need to do their share of legwork to make a profitable sale. Here are a few aspects people struggle with when pitching their house for sale.
What is the Home Selling Process Like?
Setting a house up for sale can be more emotionally and financially taxing than you can imagine. If it is your first experience, it is best to be informed about things to expect when your house goes for sale in order to avoid unwarranted stress. Your agent will begin by listing home on the Multiple Listing Service in your city and put up similar information on the internet. This will be followed by a ‘for sale’ board in front of your house.
You’ll need to prepare your house by hiding the obvious flaws, doing repairs, increasing curb appeal, and making it look generally appealing before your agent declares it an open house. You can expect traffic of potential buyers as soon as your house goes on the open house list. The traffic is usually high in the first two week and begins to decline gradually thereafter. You need to be patient during this phase, as it may take up to 6 weeks or more to receive an offer. However, if there has been no response even after 6-9 weeks, you need to re-think your marketing strategy.
What is the ‘best’ time to sell my house?
Sale of property depends entirely on the dynamics of demand and supply; therefore, you stand a chance to make a sale at any time of the year. However, weather conditions do play a certain role in determining the ebb and fall in the realty sector. For instance, property sales are seen to rise during spring when the weather is generally pleasant. In extremely hot or cold conditions, property sales may dip or rise depending on the weather conditions.
Similarly, the festive season is often seen to take its toll on the realty sector, as a large number of sellers take their properties off the market during this time. However, it is most advisable to keep your property on the market until you make a sale, whether or not it is the ‘best’ time.
Should I use a real estate agent to sell my house?
Whether or not to hire a real estate agent is a personal choice. While many choose to avoid employing the services of an agent in order to make big saves, for others the money saved may not be worth the effort it requires to make your property visible to potential buyers. Though it will cost you a considerable chunk of money, an agent can be of great assistance in increasing the visibility of your property, getting the right price, and taking care of legal aspects of making a sale.
How long will it take to sell my house on average?
The question often solicits an unsatisfactory ‘it depends’ reply. However, the answer is not entirely far-fetched. The time taken to make a sale depends on a variety of factors such as the price, location and condition of the property. You can expect to receive offers after nearly 20 buyers have been through the property. If you are in luck, you’ll find a suitable buyer in the first three to four offers that come your way. Based on these assumptions, you can hope to make a sale within 6 weeks of putting your property for sale.
How much should I list my home for sale?
It is important to keep your expectations realistic when putting up a property for sale. The price of the property should not be based on your perception of the value of your house. The current market rates play an important part in determining how much you should list your house for. You must carry out a thorough market research and a comparative analysis of similar properties, preferably in consultation with your agent – if you hire one – to arrive at a profitable yet realistic figure.
What factors affect the sale of my home?
Price is the most pre-dominant factor in determining the sale of your home. An over-priced house will sit around the market for a long time, until you are finally forced into slashing the prices. However, this often gives the buyer an impression that there is room for negotiation. Therefore, it is best to price it right and realistically at the onset. The other factors that determine the sale of a house are its location and attributes.
What should I do to get my home ready to sell?
When buyers come to see your home, they should instantly get a sense that the property is worth their money. Your endeavor should be to enhance the curb appeal and interiors of your home at minimum possible cost.
To enhance the curb appeal, keep the lawn maintained, fix broken shingles on the roof, paint the house fresh, keep the gutters clean, and garage uncluttered. Similarly, clean and remove clutter from every room of the house, fix lighting and plumbing fixtures to make sure everything operates well, and work towards making your home look large, well-kept and spacious.
Unless you are selling your home at a throw-away price or the property is truly exquisite in its terms of design, aesthetics and location, you will have to be patient and put a considerable amount of effort in making a sale. The right price, desirable appeal, and your timing of hitting the realty scene play an important role in determining how fast you make a sale and how much profit you raise from it.