Step To Sell A Home
Step 1: Reason for Selling
You first need to determine why you are selling and how soon you need close on the sale. These two factors along with many physical characteristics of your home could determine the price. The following are some of the items that will determine the list price of your home:
- How Urgent you need to sell
- Location of your property
- Condition of property
- Size of the home you are selling
- Design / Style
- Accessibility to major markets
- Market condition
- Time of the year
Step 2: Determine the Cost of Selling
It is very important to first calculate the expenses that may be incurred while selling your home. This knowledge is absolutely necessary because it helps you to determine a good price for the house, as well as the potential profit that you can realize.
The cost of selling your home may include things like commission to be paid to the agent, taxes, advertising costs or specific reports, such as a property inspection.
Step 3: Determine the Cost of buying another home.
If you are planning to buy another home. You need to determine the closing cost of the new home.
Step 4: Determine the price of your home
The most important factor when putting your home on the market is setting the right price. The price at which your property is marketed can make or break the deal.
Over-pricing of the property may result in:
- A smaller buyers’ pool
- A prolonged stay on the market that will result in lower offers being submitted
Under-pricing of the property may result in:
- You losing money on your investment
- A buyer offering an even lower amount due to a negative perception of the property or area
Many factors will determine the price of your property such as:
- Urgency of selling : You might have to lower the price if you need a quick sale.
- Location:Although you cannot do anything about the location of your property, it plays a very important part in the marketability of your home. So, it is important to take the following into consideration:
- Is your property priced in relation to other offers in your area?
- What type of neighborhood is your property located in – well-established, up-and-coming, transitional?
- Is your property located in an urban or rural area?
- Condition of property: The condition of your property is always a factor in how quickly your home sells. It’s a fact: acquiring the highest market value and elevating your home above the others in the same price range often comes down to first impressions. Here are some inexpensive ways to maximize your home’s curb appeal:
- Keep the grass cut
- Remove clutter out of the yard.
- Apply fresh paint to wooden fences and your front door.
- Clean windows inside and out.
- Wash or paint your home’s exterior.
- Ensure gutters and other exterior fashions are firmly attached.
- Size: The dollar per square foot of the area for a similar condition property could be one of the determining factors of the property listing value.
- Design / style: some home designs/styles are more desirable than others. which would translate to a faster and easier sale.
- Accessibility: Accessibility and proximity to major commercial area such as malls, Major companies, major highways, restaurants and others would help expedite the sale.
- School districts: Some people are interested in well graded school districts which would help in a faster sale.
- Market condition: Ask you Express Realty agent if it is a buyer or sellers market.
- Time of the year:
Step 5: Stag, clean your home and do obvious repairs
Staging your home to look its absolute best is an important factor in the selling process. Well-placed furniture can open up rooms and make them seem larger than they are. Opening drapes and blinds and turning on lights make a room seem bright and cheery. Interior designer often stage the furniture strategically to highlight the subject home best features.
Here are some inexpensive ways to highlight your home’s best features:
- Clean or paint walls and ceilings.
- Clean all flooring
- Clean all fixtures such as lights, fans,etc.
- Repair all plumbing leaks.
- Remove excessive furniture and fixtures such as wall hangings, and extra personal goods.
- Keep walk ways clear
- Turn on all lights and open the drapes during the daytime.
- Play quiet background music and infuse your home with a comforting scent.
- Vacate the property when being shown to prospective buyers.