Selling your home is similar to selling a new product in the market. You have to advertise in order to attract potential buyers to your home.
You can not just stick a for sale sign in your yard and expect the home to sell in a day. You need to take stock and answer a few questions before you can sell your home.
Here are the questions you should be asking yourself before selling your home:
Do I need to do repairs and repaint before selling?
This is a very important step in the sale process, yet many sellers avoid it. Before putting your house on the market you will want to make it as appealing as possible. By performing small repairs, and giving a fresh coat of paint, you will attract more potential buyers than if you just let everything sit as is. Peeling paint and leaking faucets or squeaking doors do not appeal to prospects looking to purchase a home.
How do I price my house?
This is perhaps the hardest question you will need to ask before placing your home on the market. There are a variety of factors which affect how much you should sell your home for. You need to take into consideration similar properties in the area, current housing market conditions, and even how quickly you would like to sell the home. In order to know the current value of your home you will need the help of a licensed real estate professional to draw up a CMA (comparative market analysis) for your home. Once you have the current market value of your home (give or take of course as all CMA’s are best guesses), you can then figure out a suitable price to list your home.
How to find potential buyers?
The next step once you have successfully listed your property is to find potential buyers for it. If you have a good real estate agent they will explain the selling procedure to you, and explain how exactly they are going to get potential buyers into your home. With a good licensed real estate agent by your side, you won’t need to worry about getting prospective buyers into your house, that is the agent’s job. You just need to listen to their advice and make arrangements to get the house fit for viewing.
How do I advertise my home?
Again, as long as you are using the services of a licensed real estate professional, you shouldn’t need to worry about advertising your home. The licensed agent should have a plan of action which includes all relevant media and utilizes the most up to date methods. If you wish to give a helping hand, you could always post your home for sale on Facebook, Twitter, or Myspace, and let the word spread through your families and friends. However, that is not necessarily the most effective way to advertise your home, and likely wouldn’t see many tangible results.
Do I need to use a Licensed Real Estate Agent?
No. You do not NEED to use a licensed real estate agent, however it would be foolhardy not to. You need someone who fully understands all the intricacies of real estate law, and will look out for your best interests. You can bet that anyone seriously contemplating buying a property is going to be using a buyers agent, so you will want to be able to tell if you are getting what is best for you as well. People who sell their homes without the use of a licensed real estate agent generally wind up getting less money than those who use the services of a licensed real estate agent.
Things to Consider:
- Wait for the right buyer: You will want to wait for the right buyer to come along, one that has all their paperwork in order, and can actually purchase the home. You don’t want to accept an offer on your house and then 3 weeks down the road find out they don’t have the cash, or can’t qualify for financing. This will mean you will need to put your home on the market and go through the entire process over again. So make sure the potential buyer has everything in order.
- List your home for more than you think you can realistically get for it: Your licensed real estate agent may advise you to put your home on the market for a little bit more than you can realistically expect to get for it. This is because people tend to make offers below the list price, so if you are lucky, someone will come in and bid exactly the price that you are looking for for your home.