Skipping the estate agent route and selling your home on your own means pocketing the entire profit from the sale – quite tempting, right? On the other hand, bringing in a professional can add value in surprising ways, and you could even end up with more bang for your buck.
There is a tremendous value that a broker can bring as far as pricing, strategy, marketing, and negotiating are concerned. And remember that selling your own property is an emotional experience, which makes it easier to take negative feedback personally.
To make deciding on this easier, ask yourself a couple of questions to not only determine which route to follow, but to decipher whether or not you are, actually, ready to sell your house.
Will you be selling your house in a buyer's market or a seller's market? That one question can make all the difference, as it comes down to supply and demand.
A seller's market is optimal for getting the best price for your house. However, if the state of the market leans more towards the buyer's side, you've got to think and be strategic. A good game plan will not only maximise what you walk away with, it can also help you pay off your old house's loan (while also putting some extra cash in your pocket!).
How and when you sell your house all depends on where you're going next.
Are you looking to upsize or downsize? How much money do you need for the next down payment? Remember that the right time to sell and the right time to buy are not always the same.
Balancing these two prerogatives is challenging, but knowing what you've set your sights on in the future can help you determine when to sell your house, as well as how much to sell it for.
Even though repairs and new paint jobs are crucial, the way in which you market your home could still make the difference between getting multiple offers and none at all.
Try the wonders of social media by uploading your house onto sites like Facebook. Shoot a homemade video that shows prospective buyers the coolest features of your home and neighbourhood.
You never know when a friend of a friend might be interested…
Selling a home is all about presentation. And a cluttered house is nothing but a huge distraction to a potential buyer.
As soon as someone walks into your home, they need to be able to imagine themselves living there. A professional stager can help you rearrange your furniture for a simple fix, and will help you determine whether to take down personal pictures of your kids and pets or put some of your items in storage.
Whether you're looking for an upgrade or downgrade, the emotional and personal aspects of selling a home are just as important as the technical ones.
Take the time to sit down and seriously consider the reasons you are selling your house to make sure you are making the right move. You could be looking to put some extra money in your pocket for your kids' university fees, or you could be moving in with a new significant other.
Whatever the case, listen to outside guidance and mentoring about whether this is the right move for your life before you put up that ‘for sale’ sign.
Renovations aside, many factors go into calculating the cost of your home, including the square footage, location, and what you want to buy next. However, in the end, pricing your home comes down to how well you can market it.
Remember that selling real estate is a mind game. Energy creates movement, which can generate a good sale.
In addition, ensure that you do your research on the prices of other homes in the area and develop a range for the list price with your agent.
Scope out the other homes for sale in the area and evaluate their price and marketing strategy. What do they offer that you don't? How can you max out the competition?
Listing your price at 10 – 15% below that of similar homes in the area could do the trick. And even though low-priced foreclosures and short sales are tempting to buyers, as an individual homeowner, you can use the condition and great design of your home as a major selling point.
Does your house need to be sold ASAP, or can you hold off until the time is right? Having a bit of flexibility in your moving timeline could reap huge monetary rewards later on.
And even if the market isn't to your advantage right away, don't panic. Check back a few weeks later, when the market could be telling an entirely different story.
Is your house a fixer-upper or move-in ready? Depending on how recently you have updated your space, it could be worth sprucing it up before you put it on the market. Doing so could lead to receiving a quicker offer and adding value to your property.
Either way, modernising what you are selling will definitely make it more appealing to new buyers.
One of the best ways to set your home apart from the others is to leave behind personal items – property that is above and beyond what the average home buyer could afford.
Think stainless steel kitchen appliances, a plasma screen TV, or even a piano if you're planning on downsizing. In the end, it's a win-win situation: They get more value for their money, and you sell your home much faster.
Should a makeover be required before you sell that house, have a look at these: Common kitchen renovation mistakes.