Selling a house is a complicated process and it ca be very difficult if not handled properly. These five simple steps will help you in your efforts when you are ready to sell your house.
In real estate, timing can influence your home’s selling price. For example, you do not want to sell during a “buyer’s market” when many homes are for sale and there are not enough buyers. Factors like how quickly you need to sell and seasonality all play a role in your home’s final selling price; typically there are more homes sold in the spring rather than the winter season.
You can also increase the value of your house by enhancing its appeal. Depending on the number of monetary resources available, you can do renovations like pot lights, newer floors or a new coat of paint. Even just keeping your front lawn tidy can make a big difference. Buyers love seeing green grass and flowers outside because it feels warmer and inviting to them.
Home inspections are also something that you can do to prove the value of your home. Buyers will usually ask for a home inspection, so if you do it ahead of time it will definitely impress them. It also gives you a chance to prevent unpleasant surprises and make any major repairs.
The agent who helped you buy your home is a good place to start but you have to pick carefully. They will be acting as your representative and you will need someone to look out for your best interests. You will need someone that you can trust and someone who understands what you want. They have to be a trained professional who knows your area inside out. A great agent is someone who offers you quality services to help you accomplish your goal.
It’s always a good idea to meet with at least a few different real estate professionals before selecting the one you’d like to work with. When you have your shortlist of representatives ready, consider asking these questions to help determine who will be the right representative for you.
- What is your experience and education?
- What is your approach to the buying or selling process?
- What services will be included?
- Do you work on your own or as part of a team?
- How many other clients are you working with at this time?
Now that you have decided on the perfect real estate agent, it is time to sign the listing agreement authorizing the sales representative and the brokerage to market and sell your home. It is time to determine your home’s asking price. The right asking price will attract buyers and pay you a maximum return. Setting too low a price means you miss out on thousands of dollars and setting too high a price will scare away buyers. Your goal is to find fair market value.
Prepare your home for sale. First impressions matter and now is the time to see your home through a buyers eyes. Get rid of the clutter, clean and repair as much as you can and weigh the costs of all improvements versus the potential financial return. Let your sales representative do that they do best; market your home to potential buyers. This happens with a “For sale” sign, open houses, newspaper ads, a listing on the MLS and various marketing channels on the internet.
Not all offers are equal and that’s where your real estate agent comes in. They will help you get to know the terms and conditions regarding the price that the buyer wants to pay, financing conditions, or other things like inclusions and exclusions that the buyer wants to make.
You will see every offer since it is required that your agent show you every offer that is submitted. You have three options: you can accept, you can reject or you can “sign back” or “counter”. Ask your agent what these terms mean. Happy Negotiating!
You were successful and have drafted a legally binding agreement. Are you done? Not quite yet. Contact your lawyer, contact your lending institution and consult your sales representative. Immediately start satisfying any conditions of the agreement that require action on your part. On closing day, your lawyer will finalize all the details and give you a cheque for the net proceeds.
Congrats! You have officially sold your house!