For a homeowner like you who plans to sell your home, you should first and foremost understand and accept the fact that it is always a tough market for home sellers. Potential buyers are lucky because they have a lot of options to choose from, which means that you’re really at their mercy. In essence, they aren’t required to purchase what you’re selling them. You on the other hand needs to sell your home once you put it up in the market.
So if that day comes that you see it fit to put your home on the market, you need to consider several things first before actually doing it. This article will help you understand what those things are.
According to an article we read from Investopedia.com, exposure is one thing that needs to be addressed. This post, written by Aryeh Katz, talked about your ability to be able to let everyone know you’re selling.
Your first consideration should be whether you can get the word out. Sure, you can put a sign on the lawn and make a number of relevant internet postings, but be aware that you’ll be missing out on the following:
An established real estate brokerage will have a network that reaches far beyond the city or town where you’re located. In most cases, it can source qualified buyers both regionally and internationally and may even be retained by large corporations on the hunt for executive accommodations. These networks are well budgeted and managed, and have a professional staff dedicated to ensure that they generate sales for their clients.
Most brokerages will pay for print advertisements in local, and some national media outlets. They may also target and distribute circulars throughout your city. Consider the costs of doing this yourself.
Real estate firms have in-house marketing strategists who know what buyers want to see and can package your home appropriately, producing color photos, feature sheets and other materials for both brokers and potential buyers.
Not getting enough exposure may result in your property sitting on the market for a long time. If it sits long enough, you’ll likely be forced to sell at a lower price. A home that sits too long on the market can also become stigmatized, leaving you without any traffic.
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Don’t be fooled by what you see in TV and film clips showing homeowners putting up a sign on the yard, saying that their homes are for sale. In the reality of real estate, selling a home doesn’t work that way. You’ll have to consider exposure by hiring a real estate brokerage or seller’s agent to get you the right tools. You’re no real estate expert yourself, so it’s best to leave it to those who have experience in selling homes.
Meanwhile, Forbes.com has this set of wonderful tips you can follow when it comes to the common mistakes home sellers make. See some of them below:
1. Don’t … ask for too much money.
Yes, you know what you paid for the house. But that doesn’t mean that it’s still worth that amount—or that it’s appreciated in value since you bought it. “Your house is only worth what the market is willing to pay you,” says certified financial planner Ellen Derrick of LearnVest Planning Services, who has bought and sold at least eight homes, including investment properties. “It doesn’t matter what’s in it. And it doesn’t matter what your mortgage is.” Your realtor has an eye on the market and knows what kind of prices homes—just like yours—are garnering now. Pricing your home too high will discourage interested parties from making an offer, and your property could sit for months, which isn’t your goal.
2. Don’t … skip the marketing.
You may think that all you have to do is take one photo of the house, stick a “For Sale” sign in your yard and buyers will come pouring in the door. Au contraire. “The only way to guarantee that you’re going to get the highest price for the house is to use all of the marketing options available to you,” says Holly Mellstrom, a realtor in Pelham, NY. “This means Internet advertising, 30 pictures of your house, public open houses and even postcards.” The more people who see your house, the better your chances are of selling it. In an age when buyers start their searches online, counting on drive-bys and word of mouth isn’t enough anymore.
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As we said earlier, it’s always a tough market for home sellers. So if you stand by your initial price firmly, don’t expect to sell your home fast. Yes, you eventually might find someone who’s very interested in your property that he or she no longer bothers to negotiate on the price, but the question is how long can you actually wait?
Finally, in this article called “Should You Sell Your Home? 5 Crucial Considerations” by Michael Corbett written for Trulia.com, there is a mention of five very important things you should first know right before deciding to sell your home. These are rather complicated terminologies for a typical homeowner but you should learn to appreciate their significance and weight in making the decision.
During the housing bust, a huge percentage of homeowners saw their equity evaporate as home values dropped. Many even owed more than their houses were worth. No one wants to sell when it requires writing a check to the bank or listing as a short sale. And owners with equity definitely didn’t want to list knowing that lower sale prices would have eaten it all away.
If you’ve been waiting to sell for this reason, chances are, you now have a bit more positive equity in your home, thanks to recent market upswings. Maybe now is the time to consider that long-awaited sale and hopefully walk away with some equity intact.
Too big for your own good
You’ve grossly outgrown your current home — either it’s way too small after that second or third child or an elderly parent has moved in. If you’re in a home that’s too small for your immediate (and future) needs, this is the time to consider the jump to something a bit larger. Sale prices are solid, and you can take advantage of current interest rates before they start to climb.
Incredible shrinking family
What if you’ve recently joined the empty nester club? Maybe your oldest child has headed off to college, and you’ve realized it’s time to pack up that extra bedroom and ditch all that square footage. Selling now and downsizing has many perks — lower operating costs and less cleaning and maintenance, to name a few — so go for it, and take advantage of a move that enhances your new lifestyle.
Interest rates could light a fire
Interest rates aren’t going anywhere but up, so if you’re wondering when it would be the best time to get a good mortgage rate on a new home once you’ve sold your old one, the answer is now.
Rates are at historic lows and aren’t likely to go anywhere but north in the foreseeable future. Sell now, buy, and get in on those low rates for the long term.
Sell when you need to, don’t chase the market
Not ready? Don’t rush it. The bottom line: List when you need to. If you’re dealing with a job change, divorce, children, health issues, marriage, etc., and you really need to sell your current home right now (or don’t have the time or energy to get your home in market-ready shape), don’t try to chase the market in either direction.
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We believe that the most important tip of the five is the last one. A lot of homeowners fail to recognize or distinguish the need to sell a house and the desire to do it. In most instances, the desire to do it in order to buy another one will result to mistakes that you will regret for the most part of your life.