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decide to sell
Deciding to sell your home is a big decision. The first step in this process should be to understand your motivations, expectations, financial considerations, goals, and what you plan to do with the sale of your home. Many people start the sales process with unrealistic expectations or unclear goals. Then it becomes difficult to meet your goals because these goals have never been clearly defined. You need to start looking at your house, not as your home anymore, but as an investment property that you want to market.
set the price
Of course, one of your toughest questions is the listing price of your home. What price should you ask? This is an important part of the sales process. If you set the sale price too high, you may scare off buyers. Agents who think your home would not be a good investment may not even show it. After the house is on the market for a while, people start to feel that there is something wrong with it because it has not sold. Even if you could sell your home for an inflated price, many times a lender will not approve a loan on a home that is not appraised for that amount and the sale could fall through at the last minute. If you price the house low, you won’t realize the full potential of your investment.
Lots of people do a quick price per square foot comparison, but that doesn’t take into account several variables and can sometimes be misleading. Consider many different factors, including other comparable listings, special features of your home, local school and neighborhood information, current market conditions, mortgage and insurance availability, home supply in your area, and the price range and recent sales.
Marketing plan
Decide the incentives to offer buyers, determine the best places to advertise, and determine how to show the home. Remember that that goal is to sell the house for the highest price, in the shortest amount of time, with the least amount of hassle.
Prepare the house for showing
There are two important ways you can make an impact in making your home attractive to buyers: the condition of the property and the listing price. After deciding on your listing price, schedule an appointment with a decorating company. They will give you some suggestions to make your house look its best. This process is called “staging.” Suggestions can be simple, like cleaning up messy countertops. Or they may be more involved, such as painting front doors or repairing obvious defects.
The mounting company will look at your home from room to room and offer tips on how to make each room look great. They will also notice the curb appeal of the street, backyard, and garage. They have lots of tips that can make your house shine. After this meeting, you will have a list of what you need to do to prepare your home for sale. Following these suggestions in a timely manner will ensure that your home shows up at its best.
Remember that “staging” is concerned with the appearance of the home and not necessarily with other issues, which may become apparent during an inspection. An inspection will uncover most defects that will eventually need to be repaired. This way, you can get repairs done before a potential buyer’s inspection uncovers a defect that might cause the buyer to change their mind or want a substantial repair allowance deducted from the price. It is a signal to buyers that you are a reputable and responsible seller. It also allows you plenty of time to schedule any work that needs to be done.
Offer a residential service contract to buyers. This guarantees the main appliances in your home, as well as other systems and structures. You can also include coverage for your home while it’s on the market so you don’t have to pay for unexpected repairs.
house marketing
Now the fun begins. Here are some ideas that can be used to promote your home.
- Arrange a professional appraisal and staging of the house
- Offer a Pre-Inspection
- Offer a Home Warranty
- Make the necessary repairs
- put a sign in the yard
- Put a “safety box” in your house
- take digital photos
- Put listing in MLS
- Prepare color brochure
- Send the newly listed cards
- Prepare virtual tour
- Organize visits from real estate agents
- Send flyers to other real estate agents
- Place ad in the buyer’s guide
- Place advertisement on paper
- Consider holding an Open House
- Email alert sent to potential buyers and other real estate agents
- home showcase on internet sites
It’s important to you to keep your home in perfect condition every day because buyers or agents can show up at any time. Keep the kitchen clean, make your bed every morning, and keep clutter out of sight. It is especially important to keep pets and pet odors under control. Some wonderful added touches are fresh flowers and potpourri or freshly baked cookies.
As potential buyers and agents begin to visit your home, either virtually online or in person, try to get feedback from buyers. Make changes to display status, condition, and price as you see fit.
offer and negotiation
You have an offer, now what? Sometimes the buyer will offer you the asking price and have no special requests. In this case, you sign that you accept the offer. Sometimes the buyer’s offer is a lower price and may have other requests. You should consider what is best for you and make a counter offer. Consider your response carefully because if you counter-offer, there is no guarantee that the buyer will respond again. Also remember that once agreed upon and signed by all parties, an offer becomes a legally binding contract. Never get involved in oral offers and negotiations. If you verbally accept an offer, the buyer is not legally required to buy the home and may want to continue negotiating with you to see what price you will accept.
No matter how well you have prepared your house and how fairly you have priced it, there is always the possibility of receiving a low offer. It could be a limit to the purchase capacity of the buyer. Don’t take it personally and don’t react angrily. This is business, not personal. You can reject the offer or make a counter offer. Try to find out as much as you can about why the offer was low. Certainly, if other offers are too low or if your home is not showing or receiving any offers, consider adjusting the price.
Once the buyer and seller agree to the terms, the buyer will have the home inspected. If problems are found during this period of time, the buyer can withdraw from the contract. The buyer may require you to complete certain repairs prior to closing or to contribute a certain amount of money at closing to cover these repairs. If this happens, try not to let the contract fail. After the limited time period ends, the buyer is legally obligated to purchase your home unless financing is denied. In case of cancellation, the buyer would lose any security deposit. An exception to this is in the event that the buyer does not receive financing from the lenders. In that case, the buyer is not responsible. For this reason, always ask the buyer’s agent for a letter showing that the potential buyer has been prequalified for a loan, and once the contract is signed, ask the buyer’s agent to keep you informed about the progress of the loan application. buyer loan.
Closure
The exciting day is finally here! Check in advance that all documentation is in order. Request a copy of the HUD1 statement sheet so you can read it before closing. Feel free to ask any questions either before or during closing. Usually this is when you relinquish possession of the house, so take the keys to give to the new owner.