Selling your home may eventually become necessary due to significant changes in your living situation. Now that you have young kids, your old home is too small to accommodate everyone comfortably. A move may also become necessary because of your new job.
Regardless of the reason, it is evident that you need to sell your home sooner rather than later. Of course, you still want to turn a tidy profit on your property while completing that transaction promptly. Pulling that off will be tricky, but there are things you can do to increase your odds of completing a successful sale.
Discover the best practices for selling your home by continuing below!
1. Identify the Ideal Price Point for Your Home
The first and arguably most important practice a homeowner must adopt to complete a successful sale is determining the right price for their property. The price you set will make a strong first impression on potential buyers. Whether or not buyers will take a serious interest in your home will largely depend on the price point you set.
A first-time home seller may be tempted to set their price low to attract as many buyers as possible. They may do so thinking that a bidding war can eventually get the number up to where they need it to be. While it is an intriguing idea, there is no guarantee it will work. Set the initial price point too low, and no bidding war may drive it up to a satisfactory number.
So, how do you determine the right price for your home? We have some tips for you to consider.
Hire a Real Estate Agent
Home sellers are urged to partner with real estate agents because they know how to put properties in front of the right buyers and can market their listings in different ways. On top of that, an expert real estate agent can also help identify the ideal price for your home.
Real estate agents can perform comparative market analysis to identify a good price point for your property. This type of analysis accounts for the characteristics of your home, active listings in your area, recent sales completed in your neighborhood, and other factors to produce a number that serves as a fair representation of your property’s value.
Some websites attempt to approximate this service for homeowners but produce lackluster results. That is because they lack the neighborhood-specific data realtors have.
You also want a real estate agent to help with your sale because they know how to negotiate and adjust price points. As you proceed with dealings, your realtor can discuss prices with buyers to determine how much they are willing to pay for your property. Count on your realtor to get the best offers from potential buyers.
Get a Home Appraisal
Getting a home appraisal will also allow you to understand the actual value of your property. Appraisers provide a service similar to comparative market analysis. However, their results are viewed differently because they are a third party.
Some buyers may not accept the number a selling agent presents because they erroneously regard it as biased. That line of thinking will not hold up if the number comes from an appraiser. They must acknowledge that number to be considered a serious buyer.
Whenever you get a lowball offer from a buyer, you can point to the appraiser’s number as to why you will not entertain them. The appraisal will also reduce the number of buyers to individuals who are genuinely focused on your property.
Always get an appraisal before selling your home because you may strike a bad deal otherwise. Thankfully, buyers often pay for appraisals before completing purchases. Take advantage of that to gauge your property’s value.
2. Invest in Home Staging
Now that you can present a price point to potential buyers, you must focus on proving your property’s worth. If you are asking a buyer to pay a hefty sum, you must give them a good reason to do so. That is why home staging is essential.
For those unfamiliar with the term, home staging is about presenting your property in a way that highlights all its strong points. You want to showcase your property so buyers are enticed to make offers.
Is home staging worth the effort and investment? Responses provided by home buyers confirm that staging is indeed worth a seller’s time and money.
According to the 2023 Profile of Home Staging provided by the National Association of Realtors Research Group, 81% of buying agents said their clients had an easier time envisioning living in staged properties. Think about what that can do for your chances of completing a sale. Once a buyer starts imagining life inside your home, you can easily nudge them to make an offer.
Home staging can also positively impact your finances; 20% of buying agents responding to the same survey said that staging helped tease out larger offers. The agents noted that buyers offered about 1-5 % more money for staged homes relative to properties that were not showcased.
The value of home staging is undeniable. So, how should you approach staging a home? The tips detailed below should help with that endeavor.
Beautify Your Home Exterior
Many homeowners make the mistake of focusing solely on the interior portions of their properties while staging them. That is a mistake because buyers will see the outside of your home first. You must make a positive impression using your home exterior if you want to increase the odds of a sale.
Remove clutter from your yard and touch up your greenery to get it in prime condition. Remember to clean your walls, doors, and windows so they do not stand out incorrectly.
Repaint Your Home
Repairing your home before selling it can be a smart move on your part. If you do not have the time or money for that, repainting will do. Refresh your exterior and interior paint to make your home look brand new.
Change Your Dim Light Fixtures
Staging works best when the interior lighting is on point. Examine the lighting inside your home and see if any dim light bulbs need to be replaced. Do your best to remove as many bulbs as possible because their continued presence inside your staged home could harm its perceived value.
Remove Personal Items from Your Home
Earlier, we mentioned that staging makes it easier for buyers to envision themselves living in the properties they are checking out. You want buyers to do that so they are inclined to make offers. Homeowners can make that easier for buyers by removing their personal items.
Store your family photos and other items that hold no value to possible buyers. Turn your home into a blank canvas that can be the backdrop for the buyer’s future.
Rearrange Your Furniture
Lastly, do not forget to rearrange your furniture prior to opening up your home. Move your furniture around to maximize the space available inside your home. You should also move furniture away from the walls so buyers can inspect those areas.
3. Do Not Let Emotions Dictate Your Sale
The final best practice homeowners must adopt during the selling process is related to their emotions. More specifically, you must rein in your emotions so they do not affect how you manage the sale of your property.
Do not be surprised if the process of selling your home leaves you emotional. According to this Zillow survey, 36% of sellers said they cried at some point during the process. Also, 20% of those sellers who shed tears said they cried five or more times.
There is nothing wrong with being emotional. After all, you are selling a piece of property that has been a key element of your life. You and your family have probably made countless memories there.
Beyond that, the process itself can leave you emotional because of how stressful it is. Going back to the Zillow survey, 70% of homeowners said uncertainty about their prices left them stressed out. Other respondents pointed to delays, deals falling through, and home repairs as sources of stress.
You do not want to enter negotiations while in an emotional state because it may cause you to make a bad deal. Out of a desire to get through the process, you may accept an offer well below market value. Others may end up on the opposite end of the spectrum and refuse to accept fair deals because of unrealistic expectations.
Avoid these potential pitfalls of the home selling process by hiring a real estate agent. Allow them to deal with the nuts and bolts of the process and save yourself from unnecessary stress. Speak only to your realtor if the buyer is stressing you out with their antics.
Make sure also to run your decisions by your real estate agent. They will let you know if you are making the right move.
Always hire a real estate agent before selling your home to ensure you get the best deal possible. Contact us at RI Home Store, and we will secure the deal you deserve!