There are many reasons that can push a homeowner to selling his/her home. This is a very challenging and exciting process and requires a lot of patience, dexterity and hard work. Must homeowners have two main objectives when selling a home: selling fast; and making profit.
Smart Strategies to Implement When Selling a Home
- Clean the home thoroughly
The state of a home before sales could dramatically influence the outcome of the value to the eyes of the person(s) wishing to purchase the home. Cleaning the room thoroughly would increase the chances of having potential buyers and affect purchase price. Don’t forget cleaning areas of the house that are seldom cleaned such as gutters, under the carpet,
- Inspect the home electrical and plumbing systems
Before putting a home on sale ensuring that the electric and plumbing systems of the home work perfectly. Their functioning and proper operations can depreciate the value of the home.
- Maintain and repair all defective systems or units
Inspecting and putting to order all other system that could be defective will augment the worth of the house in the eyes of the potential buyers.
- Making the home attractive to potential buyers
- Limit pieces of furniture in the home to the strict necessities.
- Paint walls with a neutral colour such as white to brighten the home. This also gives the potential buyer the possibility to redecorate to their taste
- Limit the appliances in the kitchen and baths to the strict necessities as well
- Personal items especially photos should be avoided
- Style your home as per the potential buyers i.e. it is a bachelor or a family looking to purchase
Put oneself in the shoe of the buyer
To establish the looks of the home especially the outside, have the home ready in a way that someone could move in immediately.
A smart strategy when putting a home on the market is to ensure that the home is in a condition that one potential homeowner could move into the home immediately. Potential buyers don’t appreciate homes that require too much work before one can move in.
- Inspect the home worthinessand evaluate value
Inspecting the home for worthiness before putting into the open market is elementary. It’s just like ensuring a product serves the purpose it was intended for. Evaluating the value of one’s home is a very important step in selling a home. This process requires a little witty strategy because people hoping to sell their homes always think that the worth in their eyes is automatically the value others will have for the property. So home owners usually make the error of over pricing the homes (superior to what the market has to offer) they are putting on the market. Some strategies to evaluate the offering price of a home are:
- Get the opinion of a third party assessor or a professional. This will also serve as a reference for either potential buyers and or realtors.
- The current real estate market is not usually determined by the property tax assessment, hence do not solely rely on the latter for the evaluation of the selling price of the home or property
- Always compare the demanding price of the home with those in the neighbourhood. This will give the homeowner an insight on the actual value of their home.
- To get a more accurate estimate of one’s property, it is advised to hire the services of a certified residential appraiser. The latter will estimate the value of the home after a visit of the premises. Their estimations a usually very accurate and they often work in collaboration with financial institutions or banks.
- Prepare a list of sell points
Many potential buyers don’t just want to purchase a house but equally own a home, which means having a mastery of others sell points could tip the sale in the favour of the seller. Points such as insulation, traffic, proximity to good schools, medical services, law enforcement services, street safety etc.
Knowing when to put a home on the market is equally important. Many potential buyers especially families wouldn’t want to move in the middle of an academic year, others prefer to move in warm seasons rather than in wet seasons etc. observing the trends in the neighbourhood will greatly influence the asking price. In a growing neighbourhood the value of a home increases but inversely in a neighbourhood that has seen many decline in business and foreclosures, the value of the homes there will be devalued.
- Marketing or advertising the home
- Put up a ‘For Sale By Owner’ sign especially in a high-traffic neighbourhood
- Advertise online and why not on social media as well
- Publish ads in the local newspaper
- Put up fliers
- Try fishing out potential buyers
- Inform friends, family and business companions that you're selling your house and that they should spread the word.
- Offer an incentive if necessary to aforementioned as a motivation for their help if recommended buyer makes an offer.
Some persons under-price the home below that on the real estate market hoping to get many people involved hence launching a bidding war between to the potential buyers. As a result the seller could eventually sell the home at a price significantly superior to the actual value of the home. The drawback here however is that if the seller doesn’t know the market and the strategy blows back, the home will be sold for the under-price.
Mistakes to Avoid When Selling a Home
- Getting too emotionally involved
- Not contracting an experienced professional
- Going under the assumption that one must hire an agent
- Exaggerating and expecting to receive the asking price
- Inadequate insurance
- Hiding significant problems
- Not preparing the home for sale
- Not accommodating potential buyers
- Signing a purchase contract with an unqualified buyer