Selling a home
Step 1: The Cost of Selling
It is very important to first calculate the expenses that may incur 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 from selling your home. The cost of selling your home may include items like commission to be paid to the agent, taxes, advertising costs, or specific reports such as a property inspection. Your Home Encounter agent will be able to go over these expenses in great detail to keep you informed.
The reason you are selling your property will be an important factor in determining the incurred cost over the selling process. If a sale is urgent, it will have an impact on the price of the home and your priorities as the seller.
Step 2: Improve the Condition of Your Property
The condition of your property is always a factor in how quickly your home sells. Acquiring the highest market value and elevating your home above the others in the same price range often comes down to first impressions. While there may me some extensive maintenance concerns you have for your property, Home Encounter has a large amount of vendors to choose from in addition to our in-house maintenance team, Home Encounter Property Services. However, in most cases very minimal work needs to be done to attract more buyers. Some inexpensive ways to maximize your home’s visual appeal are:
- Keep the grass cut and yard clutter to a minimum
- Apply fresh paint to any wooden fences and your front door
- Clean windows inside and out
- Pressure-wash your driveway and exterior siding
- Ensure gutters and other exterior fashions are firmly attached and clean
Step 3: Know Your Location
Although you cannot do anything about the location of your property, the location plays a very important part in your buyer target audience. When considering your home’s location, it is important to consider the following:
- 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 in a community association?
- Is your property located in an urban or rural area?
Step 4: Staging
When selling a home, people often forget the impact staging can have on the listing. Well-placed furniture can open up rooms and make them seem larger than they are. Something as simple as opening drapes and blinds and turning on lights make a room seem brighter. Staging your home to look its absolute best is an important factor in the selling process.
Here are some inexpensive ways to highlight your home’s best features:
- Clean all flooring and fixtures—lights, fans, baseboards
- Repair all plumbing leaks
- Remove excessive wall hangings, furniture and extra personal goods
- Turn on all lights and open the drapes during the daytime
- Play quiet background music and infuse your home with a welcoming sent
- Vacate the property when and if it’s being shown to prospective buyers
Step 5: Accessibility
Accessibility can be a hurdle to overcome depending on the region surrounding your home. While you can’t do anything about your home’s accessibility to specific places or services, it still plays a role in the price of your property and is important to buyers. Your agent will work with you to highlight the places of interest that are most accessible to your home.
Here are a few important services and places to consider:
- Public transportation
- Interstates and toll roads
- Shopping centers
- Schools and colleges
- Outdoor areas—public pools, playgrounds, trails
- Entertainment—movie theaters, theme parks, sport stadiums
Step 6: Set the Right Price
Once you have taken all 5 steps in to consideration, you can now determine the most important factor for selling your home: the listing price. The 5 previous steps are imperative to consider before selling a home because the price needs to reflect your home accurately. Your listing price may make or break a potential buyer if you over-price or under-price your home.
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:
- Losing money on your investment
- A buyer offering an even lower amount due to a negative perception of the property or area
Your Home Encounter agent will be able to advise on the factors of rental rate to set the best rate for your home. Contact us today to aid in selling a home!