One of the most important elements of a successful sale is the price of the house. Unrealistic and high prices may turn off buyers; a high price may discourage many potential buyers from making an offer. On the other hand, too low prices might attract many potential buyers; however, you might get less money than the property’s value. In either case, you want to make sure that the price is attractive to buyers, considering the location and house conditions. A simple rule of thumb is that your home should be worth at least three times more than you originally thought.
Step 1: Prepare your home for sale.
As with any selling endeavor, preparing your house for sale is vital. Pay special attention to the visuals you use in your listing, and disclose any flaws in the home. It is perfectly normal to get emotional when selling your first home. You may have spent years looking for the perfect place, saved money for the down payment, bought furniture, and made a lot of memories in this place. If you can keep your emotions under control, you will be more likely to sell your home successfully.
Decluttering and making general improvements to the house will increase the likelihood of selling faster. This is an important step because it helps potential buyers imagine themselves in your home. To start:
- Get rid of all your personal items.
- Keep them in storage areas, garages, or offsite.
- Sell your unwanted items.
- Have a garage sale or consider selling them through an online auction.
It’s worth the effort to clear out your home of clutter, but it’s not necessary to overdo it. This includes fixing major problems, such as faulty light fixtures, and repairing minor ones. However, remember to set a budget for these preparations so that you can spend as much as possible on the most important aspects. If you need to hire a professional to paint your house, make sure that the paint is fresh.
Prepare your home well before showing it to the public. Try to make your home look as appealing as possible. It’s possible to make a boring property into an exciting one. Moreover, you should do some research about your market so that you can understand what factors buyers consider when they’re buying a home. A good listing is likely to attract attention and generate an offer.
Step 2: Show your home to potential buyers
Showings are an essential aspect of selling. The more people who visit the property, the more likely you will get an offer. You might need to let buyers visit even if the time isn’t the best. You must be flexible. Try to schedule them conveniently to view the home and decide if it is right for them. Do not make them walk around you.
Step 3: Evaluate the offer and close the deal
If the buyer is interested in the property, they will submit an official, written offer. Then, depending on the scenario, the buyer’s real estate agent will make a formal offer to the seller’s realtor or the owner.
If an offer is accepted, the house is taken off the market, and buyers are allowed to examine the property and determine if they’d like to proceed with the purchase. After a thorough examination, buyers have to get financing for the property, which is called the underwriting period. In this period, the bank will examine the buyer’s financials and the property under contract to ensure that the buyers are good candidates for a mortgage loan.