Selling a home is usually more difficult then buying one. Not only do you have to make sure that your pricing your home correctly, but also that you are doing a good job marketing your house to potential buyers or referrals. Home selling is like an open exhibition, where homeowners need to keep their houses in the best shape for as long as the house is on the market.
Since home selling can be a bit overwhelming, with tasks like staging your house, knowing the state of the market and drawing in potential buyers, many homeowners don't always get the best price for their home. To help you avoid the common pitfalls others experience when selling their homes, check out our guide below.
- Know How to Price Your Home
- The first thing to do when selling your home is to determine how you are going to price it. The best approach for determining a home’s worth in the market is to evaluate the general prices in your neighborhood.
Compare the home you are selling with homes that have similar square footage, lot size, construction age, bedroom count, etc. A one-size-fits-all approach won’t work here.
There’s no use comparing the market price of a 3,000-square-foot home with 5 bedrooms to your 2-bedroom, 1500-square-foot home. Also, if your house doesn’t have a swimming pool then it makes no sense comparing the price of a home that does.
If you still don't feel you have a good sense for your home's value, hire an appraiser. It might cost you a few hundred dollars but in the end it will allow you to properly set your expectations and price your home in the ballpark of where it will later appraise for. Since appraisers base their projected values on recent market sales, please keep in mind that by the time your house sells it may be valued more or less based on changes in the market and recent sales. To read more about home appraisals, click here.
Know Your Home
It is also very important for a homeowner to know their home and its unique selling points. Home sellers must identify the qualities of the home that will be most appealing to buyers, and market them well. Does your home have amazing natural light? Open those curtains! Does it have original hardwood floors? Roll up those rugs!
While the house is expected to have some flaws, home sellers must detect them in time and get them repaired before entertaining visits.
Keeping your home in the best possible shape and knowing its strong points will help in getting the most value out of your home. For more tips on staging your home, click here.
- Home Inspection
Most buyers are going to require a home inspection is done before they complete the purchase of your home and depending on the loan they are getting they may even be required. A home inspector will check your home for safety measures, such as proper installation a water heater, smoke alarm and carbon-monoxide detector, and structural conditions to make sure that it is safe to live in the home. This may result in the buyer requesting repairs, which are negotiable in your contract. For more information on what a home inspector will look for, click here.
- Be Prepared for Problems
There is no such thing as a smooth home sales process. Problems will arise, whether it is a request for repairs or an appraisal issue. The key to getting through those problems is the maintaining the right attitude and staying focused on the goal of selling your home.
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Hire a Real Estate Agent
The best way to ensure that you have the smoothest home selling transaction is to do it through a professional real estate agent. The agent will be able to help you with the contracts as well as guide you through the entire process. They will also be able to better evaluate your home’s condition and price it for you. A real estate agent would also inform you about that best time to sell the house.
Hiring a real estate agent might seem like a dent on the wallet, but their experience and skills are unmatched when it comes to cracking the best deal for their clients. And as we like to tell our customers, you never know you need an agent until it's too late to do anything about it. Don't get caught in a situation where you dont have a qualified experienced agent. Find a real estate agent today at HomeByHome.com.
