Selling Your Home? Consider These 3 Questions
By: Kylie Spearin
Making the decision to sell your home might be right for your family but it isn’t a decision to make lightly. Before you approach selling your home, you will want to invest some time into the real estate process and beef up your knowledge. The real estate market can be a bit confusing, so understanding certain key concepts can help you to have more success when it comes to selling your home. This is why we wanted to help you to get started with three important questions that every new home seller should ask themselves before they get started.
How Does The Market Look Right Now?
When people talk about real estate, you will often hear them comment on the state of the real estate market. In most instances, people will focus on whether it is is a ‘buyers’ market or a ‘sellers’ market, but it really isn’t that simple. The real estate market is incredibly fluid, which means it changes on a constant basis, and that can influence how effective you will be at selling your home.
The first area to consider is to focus on market predictions. Even if the market is in a good place for you to sell your home right now, there might be a big change coming just around the corner. Understanding what changes might be coming can let you know if it is a good time to sell right now or if you should wait for a short while before diving in. Rely on experts in the field to help you navigate the state of the market and guide your decisions. When in doubt, it is a good conversation to have with a real estate agent.
How Do I Get My Home Ready To Sell?
In order to find success when it comes to selling your home, you will need to prepare your home for sale. While most people assume that their home just needs a simple clean, that likely isn’t true if you want to sell your home for what it is really worth. Before a sale, you will need to focus on subtly upgrading your home in a way that enhances its perceived value.
Preparing a home for sale starts with the actual home and ends with design changes. To begin, you will want to focus on cleaning your home up. This means scrubbing the floors and baseboards, dusting those hard to reach places, and cleaning up any damage that you have been ignoring. Consider the state of the yard, the appearance of the paint, and the overall appearance of the home. You want your home to look like someone’s new home instead of like your old home.
Mild renovations can go a long way in improving the value of your home and in some cases, they aren’t really optional. Simple quirks of your home can actually decrease the value by quite a bit, particularly if your home was first built a long time ago. Small changes might include investing in a more modern lighting option or purchasing a newer microwave for the kitchen. These easy renovations can boost your home value significantly and often require minimal investment.
The final preparation step for selling a home is to prepare it for tours. This means keeping your home in good order at all times and making it look less lived-in. When a buyer is looking at your home, you want them to be able to envision themselves there. Most realtors recommend removing personal items like family photos and suggest that you keep decor to a minimum. This can help those who visit see it as a home to buy instead of making them feel like guests.
How Are List Price and Sale Price Different?
When you sell your home, it is almost always a negotiation. However, it starts with what is known as a list price. The list price is the price that you are committed to selling your home for. In most cases, it is a price that is determined based on the overall value of the home in that area.
In order to find the perfect list price, you will want to work with an established professional. A good realtor can help you to find the best possible list price for your home by highlighting areas of value as well as the overall home price. In some cases, you might change your list price while it is listed to encourage more sales or after investing in some upgrades.
The sale price, on the other hand, is the amount of money that is agreed upon by both parties. It can change substantially with negotiations. In some cases, you might end up selling for lower than your list price because of certain home features. For example, a buyer might want the price lowered because of a need for renovations. On the other hand, you might agree to renovate a specific feature to match the higher asking price.
Real estate is a field that requires discussion. Ultimately, it is the job of everyone involved to find an agreement that is beneficial for both parties. You want to find a figure that creates a good sale for the seller and a good investment for the buyer. Though the final sale price may differ from the list price, both parties should still leave satisfied with the exchange.
There are countless reasons that you might want to sell your home. You might be looking at a new home in a new area or find yourself needing to make the change because of a family situation. In the end, you want to be prepared to demonstrate why the home you are leaving behind is worth someone else’s investment. Make sure to consider the state of the market and talk with a real estate professional so that you can effectively manage the sale. The more prepared you are, the better your end result will be, so take some time to learn what you need to know!