Selling your house is a massive undertaking that requires research, tenacity, and a can-do attitude. First-time sellers might reflect on their experience buying a home, attempting to recreate that magic.
So you might be wondering, “If I’m selling my house, what do I need to know?”
In this guide, you’ll find various tips about what you need to know before putting your home on the market.
Hire the Perfect Real Estate Agent
Choosing the right real estate agent is an art form. Trusted real estate advisors should have a proven track record of closing homes and an excellent understanding of the purchasing process. When selecting an agent, look for someone who can sell your home’s unique assets. They should guide you each step of the way—attempting to close the sale at fair market value or above it.
Shop around and interview multiple agents. Their role is of the utmost importance for any seller without formal real estate experience and education.
Know the Local Market Conditions
Identifying market conditions is pivotal when selling your house. Start by checking local listings and market trends such as seasonal performance. Ask your Realtor® to conduct a comparative market analysis to gain insight into average sale prices.
Price Your Home to Sell
When a home’s price is well above fair market value, buyers are cautious about stepping in. Why would anyone buy a house listed $25,000 more than a comparable property? In actuality, highball listings help sell the neighbor’s house, not yours. On the contrary, low listings can leave money on the table. While it’s perfectly legal not to accept an offer at the asking price, it could result in not selling your home at all.
A common tactic, after you and your agent determine a fair market value, is to split the difference between these options to avoid a similar fate.
Declutter and Depersonalize
When a buyer inspects a home, they want to envision themselves living in the space. Sellers should be mindful of the buyer experience. People who want to sell quickly will often store family portraits, excess clutter, and even move out extra furniture. The Realtor® has a much easier time getting a buyer to visualize their personal belongings inside a house that has breathing room.
Make Repairs Before Putting Your House on the Market
Sellers will ultimately benefit from making repairs before putting their house on the market. Understandably, buyers could be concerned if there are issues during the home inspection. If the kitchen appliances aren’t working correctly, what about everything else? These repairs could be the difference between selling and searching for more buyers. Besides, a handful of items in disrepair is excellent fodder for price negotiation.
Also, some buyers insist on professional repairs. If the fix is something you can handle ahead of time, it could save you big before closing day. Both sides want as little friction as possible. By getting a house in tip-top shape, you’ll offer the new owner a priceless feature—peace of mind.
Professional Photography Sells Homes
They know how to command lighting, own quality equipment, and use angles to make the space look bigger. A listing without the proper photography can cost you the sale.
Some Realtors® are skilled photographers, and it’s definitely worth asking about when interviewing. However, if this isn’t the case, the photography investment in these professional services will pay off ten-fold when a stunning first impression sets buyers’ expectations.
Hiding Defects Will Haunt You
Material defects are issues with a house that carry significant, adverse impacts on value. By law, any problems you know about at the time of sale should be disclosed to the buyer. If you had an electrical fire a few years ago, it’s hard to claim ignorance. The rule is, be a good person and let the buyer know of any defects.
Make Sure Your Real Estate Agent Financially Vets Buyers
Figuring out whether buyers have the proper liquidity to purchase a home or qualify for a loan is imperative. According to a recent study, acquiring financing is one of the top reasons for terminated contracts. Issues with financing also made up the second-largest percentage of contract delays.
Your Realtor® should take charge of this by contacting the loan officer who pre-approved a buyer. They can even get loan officers to sign a document stating they’ve verified the income, assets, credit, and employment verification of a buyer.
The Bottom Line
When selling a house, it’s essential to integrate these tips into your strategy. The goal is to sell on your terms and receive top-dollar. A trusted real estate agent should advise you on current market conditions, staging your home, fixing disrepair, and even a referral to an experienced local photographer.
Remember, especially when the process seems tedious, you’ll only sell a house a few times. Being patient and diligent in your efforts will smooth out the process, making it easier and more profitable.
