It’s always a good idea to do your research before you start selling your house. You might think that the process is straightforward and easy, but there are many things you need to understand about the sale in order for it to be successful. What to know when selling a house? Here are seven things you should learn before trying to sell your home.
Look Into the Local Market
The first thing you need to do is find out what the general situation on the market is. Prices tend to vary and depend on the season – usually, the market is hot in spring, and it cools off in winter. Of course, you should also take into account the economic conditions in your country or city. This information is usually open to the public and is provided by regional real estate boards. Other things to consider include the number of days that houses for sale are listed and the average price other people ask for their houses. All of this applies not only to your neighborhood but your city in general, as unreasonable home prices in one area may make people turn to other, more affordable options.
Research the Competition
The next step is to estimate where your offer stands with possible buyers. Research similar house listings in your area and compare the prices, lot sizes, the number of bedrooms and bathrooms, backyard sizes, and other parameters that may be of importance to home buyers. When comparing prices with houses that are not in your neighborhood, you need to keep in mind that they may differ because of the schools in the vicinity, the convenience of commuting, and the neighborhood’s prestige. Browse Multiple Listings Services in your city – platforms like REsmile or Zillow – to find what’s on the market right now and what chances you have to sell your home successfully.
Get Professional Advice
This is the stage where you need to decide whether you will fall back on a real estate agent or you are ready to go all the way by yourself. If you get a realtor, that’s one way, an easier one. Otherwise, you will need to research a lot and consult several professionals to make sure you’re doing everything right. You may need help from a closing attorney to deal with the ownership of the property, a home inspector to evaluate your house’s condition, or a tax laws specialist that will explain to you all the pitfalls when selling property in your area. Doing all of this is not impossible, but if you want to make things just a tad easier, ask a good real estate agent for guidance. Consult several of them and get all the references before making the final decision. Their job is ultimately to help their clients sell homes, so don’t be shy about asking if they have any tips or tricks.
Set a Reasonable Price
After you’ve considered all of the factors above, you’re ready to set the selling price for your house. The major issue here is to bottle up all of the emotions and follow just the facts. You may love your home with all your heart, but that shouldn’t affect your judgment. Think about the house’s condition – is there a roof leakage, a window that won’t close, or a basement that has survived a couple of floods? Or, on the contrary – have you just changed the floors, redone the master bedroom, or installed a new anti-burglar alarm? These will all deduct from the house price or add up to it. However, here’s what to consider as well: a price too high may push away many potential buyers, while a very low price will make them suspicious.
Make Your House Look Good
First impressions are everything, and this concerns property too. Here are two stages you need to keep in mind: preparing your house for a photoshoot for the listing and getting it ready for actual tours. Clean everything and try to fix as many things as you can. Many buyers become very picky when it comes the time to tour the house, and they would like to make sure they’re not wasting time and money on a fixer-upper (unless they’re looking for it). Hide all the personal stuff and memorabilia – family photos, dog toys, and dirty laundry. You may leave, however, a couple of things lying around to make the place look homey and lived-in. Think of hiring a photographer to get you professional photos or videos for the virtual tour. A professional home photographer will help you stage each room and get pictures that will boost your chances of selling your house faster.
Get Social Media Exposure
No matter how good your house is, you can’t just sit and wait for someone to come and look at it. You need to get as much exposure as you can. Start with real estate websites to get the most of the audience. Then go to social media – Instagram, Facebook, Pinterest – and promote your offer there. Word of mouth works great, but you may not find the right audience among your friends and followers and their followers. Not only does posting a listing on a specialized platform give you better exposure, but it also comes with the help of professional realtors and transparent negotiations.
Estimate Profits and Losses
Finally, you need to estimate how much the sale of the house will cost you. You will need to spend a certain sum of money to get your property prepared and sold. Take a look at this list – it includes some of the possible expenses in the selling journey:
- Landscaping, painting and fixing the house
- Home inspection
- Services of a professional photographer
- Real estate agent’s commission
- Closing fees
- Paying off mortgages
- Property taxes
Additionally, you need to consider the amount of money you can spend on buying a new home and include its price in the list of expenses.
Selling a property may not be an easy task. However, with proper preparation and research, you will be able to get it done much faster. Make sure you set a reasonable price, get your house ready for the sale, and ask for the help of professionals if you’re not feeling confident.