Helpful Home Selling Tips
Your home may be the largest investment you every make, so making the decision to sell has BIG implications. Ensuring you protect and capitalize on that investment is KEY. To better understand the home selling process, I have compiled a list of some tried, tested and true ways to ensure you are getting the MOST out of your investment.
These MUST DO sale tips will also help to keep you in control of the process and remove any stressful anxiety that comes from opening your home to potential buyers.
Why are you selling your home? This will determine the right pricing and marketing strategy for you. If you need a quicker sale, pricing will be key. Everyone's WHY is different so one way doesn't necessary apply to all. It is also important to keep your motivation to yourself and not reveal too much to potential buyer's as any information may be used during negotiations.
Do Your Homework, Know Your Competition
When you are pricing your home take a look at other similar properties in your neighbourhood. How do they compare? Where are they priced and where are they selling? Attend a few open houses, get the lay of the land. You want to price your home at the highest price possible however that price needs to make sense. If you list too high you run the risk of being overlooked by buyer's and their agents. If you price too low, you run the risk of selling for less than your property is worth.
Will My Property Assessment Determine My Pricing
Not necessarily. A property assessment is done to determine the amount of taxes that should be applied to a parcel of land and the buildings on the land. There is a formula applied based on a number of criteria to each property to determine their yearly tax amount. A home can sell for more or for less than the assessed value based on neighbourhood, condition and a whole array of other factors.
Appearances Matter In Real Estate
First impressions last, no matter what you have been told. When prospective buyers enter your home, you want it to look and feel it's best. Real Estate is emotional, and we want that emotional response when someone opens the door. We want to draw them in and make them want to stay. So, no dirty dishes in the dishwasher and no clutter on the floor or in living spaces. We want a clean, comfortable, inviting space to show off the best features of your home. If it is too messy or if there is a lingering odor, that is what people will remember.
If It's Broken, Fix It
That squeaky closet door, or that loose railing down to the basement will get noticed. If you notice, a buyer will notice. People are coming into your home to not only see if the space feels right but to also determine if there are any repairs or updating that would need to be done. Then to determine if they are willing to do said repairs and updating. Don't leave that broken door on, change it. It will ensure you are maximizing your ROI to its fullest potential.
Funky Odors = Deal Breakers
A residual odor will kill a deal...literally. If prospective home buyers enter your space and there is a heavy odor, things have already started off on the wrong foot. Some people are more sensitive than other's when it comes to pet smell or that hockey equipment you have hanging downstairs to air out. Even though there is nothing wrong with your home thoughts of strange things growing start to creep in! Smoking in a home is usually a DEAL BREAKER for most people. No and if's or BUTTS about it. If there is a lingering smell from anything, food, animals or whatever it may be. Ensure you air out your home before showings.
Disclose, Disclose, Disclose
If you are aware of any deficiencies in your home or repairs that will be expensive to fix, disclose them to potential buyers. This is a requirement for home sales and will remove any future liability and prevent any need for legal action down the road.
Get To Know Your Buyer
We have worked out your WHY, but what about an interested buyer? By learning what your buyer's motivation is you can use it to your advantage. This will help you to keep control of the negotiation process and be prepared for objection handling. For example, if the buyer is moving to town for a new job and needs a quick possession, this could be your strongest negotiating point.
Can Or Does The Buyer Have A Pre-Approval?
The most important factor when selling your home is attracting QUALIFIED buyers. Have they been pre-approved? Determining if a buyer has the ability to purchase your home will allow you to narrow down inquiries.
Remove Deadline Pressures
The real estate market is in constant transition and change. If you put a deadline on yourself to have your home sold but a certain date you are putting more stress on yourself than necessary. Everything sells, but not every buyer wants every property. That is why it puts you at an advantage to work with an agent. Through target marketing and strategic exposure, the right buyers will see your home.
Be Mindful of Closing Dates
Never close on your next home before you have sold your current one. Ensure you have enough time for funds to transfer from each transaction so that you don't get yourself into a bad situation.