Chances are, if you’ve been thinking about selling your home, you are excited about the prospect of moving on and beginning a new chapter in your life. Putting your house on the market for sale is a process and can be overwhelming and time-consuming if you’re not prepared. Before you try to sell your house, you should ask yourself a few questions that, by being honest with yourself, will help make your home selling experience much more positive.
Here are the questions you should ask…..
Your motivation to sell is the determining factor as to how you will approach the process. It affects everything from what you set your asking price at to how much time, money and effort you’re willing to invest to prepare your home for sale So be honest with yourself when answering this question. What is the true reason you want to move? Is there something wrong with the house? Or maybe with the neighbors? The reason may be as simple as you need more space for your growing family or less space if you are downsizing. Whatever the reason, keep it to yourself and consider your motivation when you decide to sell.
2. Are there any major problems with the house?
Potential buyers will usually add a due diligence period to the contract which allows them time to have the home inspected prior to closing. Are you aware of any major issues with the house? What problems will the inspector find? If you know of any problems you need to disclose them to the potential buyer on the seller’s property disclosure statement. You may consider doing the repairs before putting your house on the market in order to get the highest price possible.
3. What are the other houses in the neighborhood selling for?
How is the market in your area and neighborhood? Are the homes selling or sitting on the market for extended periods of time with little to no activity? If homes are selling, what are they selling for? Looking at the housing market around you will give you a good idea of what you could expect to sell yours for. Real estate is all about supply and demand. The more homes that are on the market for sale the more options buyers have to choose from making it a buyers market. When the number of homes for sale decrease the buyers options are more limited, therefore it becomes more of a sellers market. Determine your price by the facts of the market not by what you want to sell for or even what you need to sell your house for.
4. Should you hire a real estate agent?
When you decide the time is right to put your home on the market for sale, you will also need to decide if you will do the advertising for your home or if you will use a real estate agent. Some homeowners choose to market and promote their homes themselves while others prefer a real estate agent to help drive buyers to their home. If you choose the service of a real estate agent, choose wisely and make sure the agent you choose has an aggressive and pro-active marketing plan. An aggressive and knowledgeable agent will make the home selling process easier and will help you sell your home faster and for more money.
5. What should potential buyers know about your home?
Finally, you need to ask yourself, what do potential buyers need to know about your home to help them make an educated decision to choose your home. You should follow the golden rule here… “Do unto others as you would have them do unto you.” In other words, if there is something that you would want to be disclosed before buying the house, you should give the buyer the same consideration. It is a best practice to disclose any potential defects or serious problems you know of with the house or neighborhood. Always be honest and upfront about anything you feel could be a cause for concern… Rule of thumb – Disclose, Disclose, Disclose!