There are lots of reasons why people choose to put their home on the market, but whether you really need a bigger place, are looking to move to another area, or want to downsize now the children have grown and left, there are some key things you need to know and consider before selling up. These include:
1. What’s Your Local Competition?
It’s always useful to do some research before you even list your home for sale, and the internet makes this extremely easy to do. Useful information to collect include stats on the number of properties for sale, the price they are listed at and how long they have been on the market. Also, keep a record of which real estate agent is selling them.
It’s easier if you stick to looking at places which are pretty similar to yours, and located within a mile or two, as those are your serious competition. The results of this work should help you decide on everything from a starting price (can you ask what you were thinking of?) to which agent to use. (If a company has had several similar properties on their lists for months how successful could they be with yours?)
2. Decide on an Acceptable Price Range
You already know what others are asking and how that is working out, and if the market is good you can get away with asking more, but only you can know what the absolute bottom line you can drop to is, based on your circumstances and financial situation.
3. Other People Don’t Always See What You See
This applies to everyone from any agent you use to potential buyers. Everyone puts value on different things, and has different ideas on décor. Try to create a healthy distance from the emotional side of home ownership which is often tied up with memories and self-expression. Instead, cast a more neutral eye over your place and be prepared to compromise, say by replacing the bold colors for something neutral, or accepting that your ‘back to nature’ yard is actually an overgrown mess. The same thing applies to your clutter.
4. Be Realistic About the Costs
Yes, back to money again! It’s unavoidable but crucial as knowing what everything will cost could spur you on to do some of the tasks yourself, and at the very least you will know what you can spend on the next place. (Some things to account for are real estate agent fees, title charges, tax obligations, and settlement charges).
5. Home Staging Pays for Itself
This is something to seriously consider if you are looking for a quick sale or entering a market with lots of similar houses for sale in your area. In most cases it secures you a faster sale and for a better price so it’s well worth the investment.
These insights should help you get off to a good start when you are in the first stages of moving home, and help make the entire process get off to a good start.
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