Deciding to sell a home is a major decision and one that comes with great expectations. If you’re a first-timer, you’re probably filled with high hopes that you can sell your property quickly at a reasonable price. After all, the housing market is relatively stable, and buyers are aplenty.
But did you do your homework? Do you know how much your house is worth? Are you prepared to show your house to strangers and meet with their agents? Are you familiar with listings and closings?
Selling a property is an entirely different process, and it pays to be thorough and understand the market accurately. You’re better off prepared to face the realities of selling your home today rather than feel like you’re being shortchanged.
Facts About Selling Your Home Today
Selling your property is more than putting a ‘For Sale’ sign on your yard. Several factors come into play, and it’s worth knowing these realities, so you’re prepared to deal with the entire selling process and all its ups and downs.
Reality #1: Selling Method Matters
The first step in selling a home these days is to determine how you’ll do it. Do you want to go the tried-and-tested route of hiring an experienced real estate agent, or are you considering the For Sale by Owner Route? Selling your home with an agent has its advantages, but you also need to note that they take a commission from the sale, which can affect the price.
If you chose the latter, do you plan to meet with buyers or their agents? You would need to deal with showings, listings, and negotiations on your own, and this can be time-consuming and, at times, stressful.
In case you don’t have the luxury of time to showcase your house, then your next bet is a property investment company, like Element Home Buyers, that can give you an instant cash offer for your home.
The truth is, there are more ways than one to sell your home. Be it with an agent or the DIY route, your preferred selling method will affect how you stage and set the price of your property.
Reality #2: Property Condition Affects Price
Your home’s condition often dictates the price. Before you list, check if your house is saleable as-is, or you can do more to improve its value.
Besides deep cleaning and declutter, you might need to do some repairs to make it look brand-new. Buyers want to see a home where they can envision themselves in, so make sure you take care of essentials such as roof, lighting, plumbing, etc. If not, meticulous buyers will point it out and may lower their offers.
Make your home as inviting as possible so you can attract more offers. Paint walls in neutral colors, remove personal items, and rearrange the furniture. Update appliances and fixtures and include your home’s outdoor space as well. You want to show off all the good things in your home, and you only have one chance to do it right.
Reality # 3: Seasons Affect Demand
Home sales follow a pattern based on demand and supply. They are times when homes sell fast, and there are also lean seasons in between.
Knowing when to sell your home requires that you keep up with market trends in your locality. While it’s generally a good time to sell during summer and spring, you could be up against several other homes at these times. Should you sell your home this fall or come winter, you would need to be prepared for lower offers and longer selling periods.
Reality # 4: Pandemic as Current Reality
Much has changed in the real estate industry due to the coronavirus pandemic. At first, it put all sales to a stop due to lockdown orders. A few months later, realtors and sellers took to the web to host virtual showrooms. High-quality pictures are no longer the norm, as it now includes a virtual tour of the entire home.
Aside from getting creative with your listing and using social media to advertise the sale, in-person house visits also require compliance to health protocols, such as requiring masks for those interested to see the property.
As a first-time seller, you need to know how to safeguard your and potential homeowner’s health as you entertain them in person. You might also need to host several meetings online for buyers who are far away but are very much interested in your home.
Reality # 5: Keep an Eye on The Competition
All the staging effort leads to one final goal—outpacing the competition. You need to realize that your property is not the only one on sale.
Aside from homes like yours, other real estate properties are also selling hot in the market. Condos and rentals are also attractive options for would-be homeowners. Your job is to keep an eye on their staging tactics and use them to improve yours.
Conclusion
First-time property sellers need to align their expectations with the current situation of the real estate market to ensure a smooth selling process. You need to realize that several factors are at play when it comes to selling a home. A well-chosen selling method coupled with preps to ensure home value can give you a fair price that will surely keep your home ahead of the competition.
