A good home, without a doubt, is among the most valuable assets for most people; hence it’s important to be smart on how you handle the whole process.
It is advisable for sellers to always do their due diligence on the property market to have a basic understanding of real estate fundamentals. Below are some of the key tips that could save you a substantial amount of money when selling your home.
Choose a smart agent
Your real estate agent must be a pro in property matters in your home area to sell your house efficiently. Proper experience in real estate matters especially in your location as this allows them to catch a fitting asking price that will attract serious potential buyers. Instead of focusing on agents who charge low commissions, it is better to check how experienced the agent is. Various agents have different agreements with different prices so always ensure you shop around until you get that perfect agent who fits your needs.
Should you decide not to work with an agent, do your research well. Also, posting your house on various listing services within your vicinity ensures your house is well marketed to reach potential buyers. Ensure you have enough time at hand to show the house to potential buyers as well as negotiating prices when necessary.
Changes in technology like online real estate agents have lowered agency fees by substantial margins. Before the development of the digital real estate world, information and market statistics could only be accessed through real estate agents but today, sites like WeBuyAnyHome allow quick and free access to market statistics at any time.
It is also important to understand that it is allowed to negotiate your agent’s commission. There is no harm in requesting a reduced fee. Standard rates range between 5% to 7%, so aim for a 4% or even 3%. You will never know if you don’t try!
A good agent should reduce the emotional strain of dealing with unserious buyers by interacting with all buyers before actually showing the house.
Price your home right
Listing your home right is fundamental when selling. When you price your house appropriately you get to save money spent on costs like mortgage fees and bills incurred during the time spent on the market without closing a deal. An excellent property agent will help you understand the importance of pricing your home based on the current market status. An overpriced house will only clog the inventory instead of allowing a quick house sale. Take it upon yourself to research the prices of similar homes and the selling rate within the past few months. Learning the market trend allows you to make a rough prediction of where the prices are headed and if it is a good idea to wait before listing.
Should you get potential buyers slightly below your asking price offers, always allow room for a negotiation to avoid losing a good buyer over a slight price adjustment. Just ensure the negotiation is unemotional and fair to you and the buyer.
If the market demands that you sell your house at a price that is too low, it is always advisable to wait until the market catches up with your target price or refurbish your home to fit the market’s current demand, which leads us to our next tip.
Make smart renovations
A poorly presented house takes longer to sell and could reduce the price in offers by thousands. Although renovating does not necessarily mean an increase in the home’s value, making smart renovations to your house could make it sell faster, saving you money. The trick with renovations is to ensure they are necessary and cheap. Find out what is trending and add it to the house. For example, open kitchens with good lighting have been trending in the recent past. It would be advisable to adjust, especially if most buyers are looking for a specific feature. You might be surprised how much more buyers are willing to pay for a particular feature or added advantage. Some of the smart renovations you could consider doing include:
- Repainting with neutral or trending color themes
- Replacing light fixtures
- Replacing locks with advanced/more secure options
Some home adjustments cost nothing, yet they significantly affect the general house’s look and feel. They include:
- Cleaning the windows
- Washing the driveway
- Planting beautiful flowers in the front garden
- Trim trees and mow the lawn
Set a selling timeline
Depending on market conditions, the process of selling your home could take between two to five months. The first step of the selling process should be to shop around for a real estate agent which could take a month. Your real estate agent will then work with you through the rest of the process, giving advice and help where necessary. The next thing would be getting a pre-sale home inspection. This allows you to make all the required adjustments before listing the house for sale. This stage should take approximately two months. After that, declutter and stage your home. Get information from your agent on what buyers would want to see.
Working with a concrete plan with set timelines makes the selling process cheaper and less stressful. You also get to maximize your agent’s services by involving them in the whole process hence getting more value on the money spent on commissions.
Get a home inspection
A home inspection is a valuable tool that will save you money selling your home. So how do you save money by doing a home inspection? A house that has been inspected allows you to repair key problem areas that could cost you during negotiations. Also, buyers will feel safe buying a house that home inspectors have verified due to health and safety issues. A good home inspection will allow you to fix the problems that could scare away potential buyers should they decide to do their inspection before closing the deal.
In conclusion, always prepare mentally and financially before selling your home. Small mistakes might make your house lose value sitting in the market, especially if it’s a declining market. These tips will save you a substantial amount of money that could get wasted on common mistakes made by selling your first home. Remember, the aim is to get a lucrative and timely sale for your house.