20-Nov-2017

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Selling your home can go horribly wrong if you do not know the nitty-gritty of real estate. You could list your home for months and you may not receive a single offer. Some of the basic things that you should be thinking about before you list your home can be as simple as: What price am I expecting; how do I set the price; am I ready to sell yet; or should I hire an agent? Here are a few tips to ease the process:

Home Sale Tips

Decide if you need to hire an agent

Selling can be a long and complex process and you should be prepared to have patience if you are selling it yourself without an agent.  Below is the summary of historic sale methods split by age groups according to 2017 National Association of Realtors (NAR):

Method Used to Sell Home

Keep your house clean and attractive at all times

There can be frequent visits from buyers and often within short notice. Every time a buyer walks in, the house should look the best. Little things can make a lot of difference. Strategically lighting your home, can create a comfort and highlight positive attributes of each room. In addition, renovations can help boost the house price.

See your house from a buyer’s eyes

Walk into your home as if you are the buyer and criticize things you do not like. Make a list of the changes you would want in your house as a buyer and get those changes done before you list your house for potential buyers. A clean, organized space is a welcome sight for buyers and can help them make a quick decision.

Create that first impression

Even before the prospective buyer enters the house, the outer setting of the house influences half of her mind. It is essential for the buyer to feel welcome and safe as they approach the house. Spending a bit on exteriors like inexpensive lights, shrubs and flowers will always add to the ambience.

Organize your closets and show the empty space

Most of the buyers look for the storage capacity of the house. It is very important to remove the clutter and show the basic house. This means taking out the “home” feeling from your house. The personal things that made your house a home need to be taken out and rest of the stuff needs to be neatly organized.

Price it right

It is always good to get a value analysis of the house and reduce it by 5-10% to increase the attractiveness of the property. With the increasing numbers of buyers interested, you can always bid-up your price. In many cases, the bid-up price is higher than the market value of the house. Have a look at the National Association of Realtors (NAR) report below which shows the percentage distribution of sales price as a percent of list price:

Sales Price Compared with Listing Price

Legal issues

Always have your agreements in place and document everything well. It is the safest to enlist the help of a legal expert to avoid any unexpected outcomes or legal issues/ lawsuits.

You can sell your own home. However, if you make the commitment, do it right. Just don’t dive blindly into it and think that you might end up with more money in the bank and fewer headaches by leaving the job to an agent. Even when you have an agent, keep your eyes and ears open and make decisions objectively.

Manasi Gandhi

Manasi Gandhi

Contributing Writer at InsuredMine
Manasi is an MBA in Finance from Willamette University. She has worked with companies like Intel and General Mills as a finance analyst. She loves writing blogs and creating paintings. Some of her other hobbies include travelling and discovering new cultures.
Manasi Gandhi

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