Many people mistakenly believe they understand the process of selling a home. At first, it seems straightforward – simply list it on MLS, place an ad in the local paper, and wait for potential buyers to drop by.
The reality is that selling a home can be much more stressful and complex. Money can be lost very easily, and wrong assessments about the value of your home can be made, creating a whole slew of problems for you to deal with. Knowing the fundamentals of selling a home is the most practical approach to bypass trouble.
You can live in the home you’re trying to sell without concern
You have the right to reside in the property you’re selling. However, that doesn’t mean that it will be a breeze to do. The home needs to be spotlessly clean and free of clutter 24/7. The place must be vacated any time a realtor wants to show your home to a potential buyer, as buyers rarely want to engage with the sellers. All personal items will need to be removed, as buyers won’t be able to visualize themselves living in the property with all your stuff around to influence them.
Residing in the property you’re selling can go wrong even if you do all of the above correctly. Buyers will question if you’ll be out of the home fast enough for them to move in, as they have their own moving schedules to follow.
Whatever you spend on repairs, you’ll get it all back in the sale
Most sellers earn back between 60 to 70% of repair and renovation expenses. Renovating your property for the sake of selling it could leave you in the hole. It is unrealistic to think that repair expenses will be compensated in the overall selling price. Keep in mind that your neighborhood impacts those costs, as well as the existing market and your property’s sale price history. Buyers are not interested in what kinds of modifications you made to the roof.
although you have the right to sell your property in the shape it’s currently in, most buyers think of those repairs as things the buyer should be doing anyways,.
Buyers don’t pay any mind to how much time a property remains on the market
Homes that sit on the market for too long look questionable in the eyes of potential buyers. They begin to believe like there are issues with the house if no one is interested in it. Some buyers mistakenly believe the seller is eager to sell the property due to how long it’s been on the market, it could impact the negation process and make it difficult to close the sale.
Let the real estate agent take care of everything
Several real estate agents are tremendous at their jobs and go above and beyond to sell each home to the best of their abilities.
Other realtors merely post the property on MLS, stick a sign on your front lawn, and assume the process will work on its own.
When conducting business with a real estate agent, keep in touch with them daily to determine if they’re doing what they promised. Ask them how they will promote your property to get it sold.
Consider having a hand in promoting the home on your own by posting ads for it on sites like Craigslist.
Selling your home to conventional buyers is the most ideal way to get the highest price
Properties tend to sell for asking price in a seller’s market. But in a buyer’s market, the home could sell for much less than expected, or the sale may take a long time to finalize. When this occurs, your profits could be substantially lowered since you’ll need to maintain the house, as well as cover promotional and staging expenses.
In several instances, working with a trusted home investor and having the home sold as-is might be for the best. You’ll obtain a cash offer and won’t need to do anything else to the property, eliminating your need to fix the foundation or replace the roof. Further, you’ll have flexibility and time to pack and relocate without rushing.
It’s not always the best way to go, but at times, bypassing the old-fashioned way of doing things works out in your favor.