Selling your property may be a critical financial real estate decision in your life. The decision to put your home on the market may leave a lasting impression on your financial independence. Home equity can be one of the most significant investments on your personal net worth statement. However, beginners and veterans in the real estate industry may have difficulties in selling their homes. So, here are the five things that you should know about preparing to sell your home.
1. Consider the Timing
Timing is an essential factor in selling real estate. First-time real estate vendors might be too hasty in selling their homes or establishments that the returns aren’t as satisfying as when you advertise at the right time. It may be a lengthy process, and it may require you to stretch your patience, but proper timing and preparation may help you land the best deals.
The time it takes for a potential homebuyer to purchase your house requires you to consider the total timeline affected by specific factors and needs. Even if you use an online portal like Gumtree Real Estate, don’t expect several potential buyers to see your property overnight.
Consider the current condition of your home, the behavior of the market, and your ability to reach potential buyers when thinking about the right time to sell your property. Transactions may close after several weeks or many months after putting the property for sale.
2. Complete the List of Documents
As soon as you notice the right time to sell your property, it’s time to gather all the necessary documents. Secure these key documents before you put your home or establishment up for sale:
- Original sales contract
- Records of home repair and maintenance
- Homeowners insurance records
- Past utility bills
- A report from a professional appraiser
- Mortgage statement
- Homeowners Association (HOA) documents
- Any proofs of warranty of appliances and devices included in the sale of the property
Potential buyers won’t just look at the home décor in real estate, shake hands, and complete the transaction. To have all the necessary documents on hand before selling the property helps ensure smooth transactions.
3. Use a Reasonable Asking Price
Avoid making any emotional decisions when putting a price on your property. Certain real estate vendors may make the mistake of placing an expensive price tag on their dwellings or establishments because they need the money.
Consider the area of the property when thinking about the price. Specific locations may be a hotbed in the real estate market, which means there are more buyers than sellers. If so, you can put a hefty price tag on your property because of the demand, but it should still be within a competitive range. Properties in a “cold” market mean more sellers than buyers so you may want to price your property lower than others to gain a higher chance of obtaining a sale.
4. Fix and Update the Property
You may want to consider hiring a real estate professional to lend an extra pair of eyes in looking at your home. The expert can help point out major and minor areas of improvement around the property. Make the necessary repairs and updates in these areas to help minimize the chances of potential buyers that will give your property the cold shoulder.
A few things that you may want to repair or update include:
- Repaint the exterior
- Clean the siding
- Plant fresh flowers and plants in the front lawn
- Seal cracks on walls
- Fix any potential leaking on pipes
- Replace old furniture
You can still list your property for sale “as is” if you don’t have the cash or time to make the fixes or updates. Be warned, buyers will smell a bargain if you go this route. Still, selling your property in its current state makes it lose a few points in attractiveness and pricing.
5. Promote the Property on the Internet
The “Property for Sale” sign can only do so much in attracting potential property buyers. Use the power of the Internet and social media to boost your chances of attracting buyers for the dwelling or establishment you put up on the market.
Several buyers use sites like YouTube, Pinterest, and numerous online real estate portals to look for their next place to call home. Facebook and Twitter are also decent options to bring additional exposure to the property for sale, but you may need to apply for their advertising programs to bring the right publicity for your property.
After considering the factors and preparing the right elements in selling your property, you may want to negotiate with the buyer about the asking price. Avoid the real estate selling mistake of closing deals at the first sign of a good sale coming your way. The prospect might be interested in paying for a higher cost than the asking price if you can make a reasonable offer.