In today’s real estate market, selling your house can be a very lucrative yet complex undertaking. For lack of proper planning and preparation, it might take some homeowners several months, and sometimes even years, before they are finally able to close a deal. Now, to help you avoid such common pitfalls, we’ve put together a comprehensive guide detailing 7 essential steps that will allow you to sell your house fast, and for the right price.
1. Research Your Local Market
For starters, it’s imperative that you take the time to conduct research on your local real estate market. If there have been lots of sales over lately, this indicates that it’s the right time for you to sell. Otherwise, it might be wiser to hold back until the market picks up some activity again. Studying the market will also enable you to find and compare your home with similar ones, and to align with neighborhood prices.
2. Work With a Real Estate Agent
While wanting to sell your house on your own is admirable, it may not be the best approach if you want to make a quick sale — unless you’re willing to go way below market value, which nobody wants. In that regard, working with a realtor expedites the process on multiple fronts; getting your property sale-ready, marketing it, and handling visits and negotiations with prospective acquirers. Real estate agents will earn a commission on the sale, which is the price to pay for convenience, security, and speed.
3. Undertake Some Repairs
If you feel confident in your ability to sell your property by yourself, then, by all means, do so. Nevertheless, it’s imperative for your house to be in excellent condition to be able to sell it quickly. As the experts behind https://socalhomebuyers.com/sell-house-that-needs-repairs/ explain in-depth, a renovated home will hold a much greater appeal than a property that needs a lot of repairs. Start by determining the scope of the renovation (paint job, kitchen or bathroom repairs, electrical installations, etc.), and put together a plan of action by consulting specialized guides online. Alternatively, you can hire a home staging company to get it ready for the sale.
4. Nail Your Online Listing
Once your house is all polished and presentable, the next step is putting it on the market. Your online listing will mean everything to potential buyers. As such, be as thorough as possible with the description, dimensions, amenities, and other relevant details. Hire a professional or freelance photographer to take pictures that will showcase your house in a positive and inspiring light. Together, this will make for a powerful online listing that’s bound to get people interested.
5. Set a Fair Asking Price
One of the greatest mistakes homeowners make when selling their property is valuing it such that it allows them to finance future projects (buying a new home, growing their savings, investing, etc.). That’s the surest way to overprice your home and delay the sale. Instead, as mentioned, study the market thoroughly and seek help from a competent real estate agent to determine an asking price that’s realistic and won’t scare off potential acquirers. You may also solicit the services of a professional appraiser.
6. Leave Room for Negotiation
Practically speaking, your odds of getting an immediate offer with your initial asking price are infinitesimal. Consider every offer you get, except lowball ones, behind which are often house flippers (people who buy properties for cheap and resell them at a profit). Determine a price you will not go under. At the same time, boast the merits of your property and explain why it’s priced as such; if it doesn’t need major repairs and is ready for new residents, then there’s no real reason for you to be overly compromising with potential acquirers.
7. Make a Deal
Once you and the buyer have shaken hands over an agreement, it’s time to seal the deal. Needless to say, you should have all the important documents and paperwork ready. Let your real estate agent or lawyer work out the specifics of the deal, such as payment method, installment plan, delivery date, etc. Lastly, if you’re really pressed for cash, you’ll find a good number of companies willing to buy your house as-is for cash; the trade-off is it will probably earn you slightly less, but it’s by far the fastest and most convenient method.
All things considered, closing a house sale can be a real hassle. Regardless of its size and amenities, one of the most crucial steps you need to take is to price it strategically in a way that will earn you a maximum return while still allowing you to sell it fast. Strike that delicate balance, and you’ll get yourself a deal in no time!