Setting the right price up front is key. Overpriced homes generally don't sell and earn a reputation quick.
Don’t worry too much about setting a price that’s on the low side, because in theory this will generate multiple offers and bid the price up to the home’s actual market value. In fact, underpricing your home can be a strategy to generate extra interest in your listing, and you can always refuse an offer that’s too low.
Online evaluations like Zillow’s ROBOT and the county tax record assessments simply does not provide complete information. A home’s value is determined by much more than just online data produced by a ROBOT. Factors such as hyper-local market conditions, seasonal buyer demand, and changing mortgage interest rates will also determine how much a buyer will offer for your home.
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Any smart buyer will negotiate, and if you want to complete the sale, you may have to play ball. Most people want to list their homes at a price that will attract buyers while still leaving some breathing room for negotiations—the opposite of the underpricing strategy described above. This may work, allowing the buyer to feel like they are getting good value while allowing you to get the amount of money you need from the sale.
It’s easy to get emotional about selling your home, especially your first one. You spent a great deal of time and effort to find the right one, saved up for your down payment and furniture, and created many memories. People generally have trouble keeping their emotions in check when it comes time to say goodbye.
Once you decide to sell your home, start thinking of yourself as a businessperson and salesperson rather than just the homeowner. In fact, forget altogether that you’re the homeowner. By looking at the transaction from a purely financial perspective, you’ll distance yourself from the emotional aspects of selling the property.
Also, try to remember how you felt when you were shopping for that home. Most buyers will also be in an emotional state. If you can remember that you are selling a piece of property as well as an image and a lifestyle, you’ll be more likely to put in the extra effort of staging and doing some minor remodeling to get top dollar for your home. These changes in appearance will not only help the sales price; they’ll also help you create emotional distance because your home will look less familiar.
Although real estate agents command a hefty commission—usually 5% to 6% of the sale price of your home—it’s probably not a great idea to try to sell your home on your own, especially if you haven’t done it before.
It can be tempting, especially if you’ve seen all those “for sale by owner” signs on people’s front lawns or on the internet. So does it pay to hire an agent?
A good agent generally has your best interests at heart. They will help you set a fair and competitive selling price for your home, increasing your odds of a quick sale. An agent can also help tone down the emotion of the process by interacting with potential buyers and eliminating tire kickers who only want to look at your property but have no intention of making an offer.
Your agent will also have more experience negotiating home sales, helping you get more money than you could on your own. And if any problems crop up during the process—and they commonly do—an experienced professional will be there to handle them for you. Finally, agents are familiar with all the paperwork and pitfalls (legal risk) involved in real estate transactions and can help make sure the process goes smoothly. This means there won’t be any delays or glitches in the deal..
Sellers who do not clean and stage their homes throw money down the drain. Don’t worry if you can’t afford to hire a professional. There are many things you can do on your own. Failing to do these things can reduce your sales price and may also prevent you from getting a sale at all. If you haven’t attended to minor issues, such as a broken doorknob or dripping faucet, a potential buyer may wonder whether the house has larger, costlier issues that haven’t been addressed either.
Have a friend or an agent, someone with a fresh pair of eyes, point out areas of your home that need work. Because of your familiarity with the home, you may be immune to its trouble spots. Decluttering, cleaning thoroughly, putting a fresh coat of paint on the walls, and getting rid of any odors will also help you make a good impression on buyers.
If someone wants to view your house, you need to accommodate them, even if it inconveniences you. It's better that you NOT be there.
And yes, you have to clean and tidy the house before every single visit. A buyer won’t know or care if your house was clean last week. It’s a lot of work, but stay focused on the prize.
It’s more than reasonable to expect a buyer to bring a pre-approval letter from a mortgage lender or proof of funds(POF) for cash purchases to show that they have the money to buy the home. Signing a contract with a buyer may be contingent on the sale of their own property, which may put you in a serious bind if you need to close by a particular date.