Selling your home is one of the most important steps in your life. This nine step system will give you the tools you need to maximize your profits, maintain control, and reduce the stress that comes with the home-selling process:
1. Know why you’re selling, and keep it to yourself.
The reasons behind your decision to sell affect everything from setting a price to deciding how much time and money to invest in getting your home ready for sale. What’s more important to you: the money you walk away with or the length of time your property is on the market? Different goals will dictate different strategies.
Your agent needs to know your goals and plans to work with you to achieve them. However, don’t reveal your motivation to prospective buyers or they may use it against you at the negotiating table. When asked, simply say that your housing needs have changed.
2. Do your homework before setting a price.
Settling on an offering price shouldn’t be done lightly. Once you’ve set your price, you’ve told buyers the absolute maximum they have to pay for your home, but pricing too high is as dangerous as pricing too low. Remember that the average buyer is looking at many homes at the same time they are considering yours. This means that they have a basis of comparison, and if your home doesn’t compare favorably with others in the price range you’ve set, you won’t be taken seriously by prospects or agents. As a result, your home will sit on the market for longer than average and may result in more price reductions being necessary if the market drops further.
3. Study the comparables.
(In fact, your agent should do this for you). Find out what homes in your own and similar neighborhoods have sold for in the past 3-6 months, and research what current homes are listed for. That’s certainly how prospective buyers will assess the worth of your home. A proper analysis includes looking at square footage and upgrades and takes location into account.
- The 7 Deadly MistakesMost Home Sellers Make
1. Failing to analyze why they are selling.
2. Not preparing their home for the buyer’s eye.
3. Pricing their homes incorrectly.
4. Selling too hard during showings.
5. Not hiring a “killer” agent.
6. Making it difficult for buyers to get information on there home.
7. Failing to obtain a pre-approved mortgage for ones next home.
Check back soon for the continuation of this article.