Selling your home for the first time is not easy. You maybe living in your home sweet home for ages and being attached to it because of great memories with your family as you celebrate christmas, new year, birthdays with friends and relatives are truly hard to forget. But you have to make this decision, either you are moving to a bigger home, relocating to a place near your work or children’s school, migrating to another country or for whatever reason.
You may try to avoid an agent because that will save you tens of thousands pesos in real estate commissions but take note that it will take a lot of work and know how such as taxes, appraisal, current market value of your property and a lot more.
Here’s some of the things you need to consider before converting your real estate property into cash.
- Staging before holding an Open House
Staging is a process of preparing a house by de-cluttering, depersonalizing and neutralizing technique such as understanding what improvements will help you sell your home, letting go emotionally by calling it a property instead of of a home,identifying your target audience and determining what buyers want.
Get rid of any unnecessary junk to make your home look more spacious. Let your buyer feel like they’re purchasing sufficient space and see themselves in your home filling in their stuff.
Consider major factors that home buyers are looking for such as value for money, move-in ready conditions and emotional connection with the home.
Know what type of buyer you’re targeting like if for instance, you live in a neighborhood of young and hip then you’ll expect certain high-end features and upgrades.
- Set the price of your home
You can’t set the price of your home as high as you want. Your property should be evaluated properly.Use comparable when arriving at a realistic assessment of your home’s value.Compare what other similar homes in your are selling for or how much they have sold it last month. You may have a professional, third-party assessment of your home to provide a solid reference point to avoid setting the price too low or too high.
- What is your Selling Point?
Selling point is a quality, feature or any characteristic of your property that will persuade people to buy it.
Is your home near at the heart of everything such as good school, shopping malls, hospitals, park, convenient stores, etc. You can also say ” privacy is yours with this home being located on a quiet town road with large yard and lots of trees.”
- Right time to sell your home
Parents are reluctant to have their children change schools in the middle of the school year. Summer season shows noticeable uptick in business on the real estate sector. Be aware of the trend your neighborhood is going through. The value of your home will increase if your neighborhood is undergoing a boom of strong residential sales.
If you live in a high traffic neighborhood, you can stake a “For Sale” in your yard.
Use your Social media sites and mention that you are selling your house.
Put up fliers but prepare first the needed local ordinances permit,
Remember the power of word of mouth. Let your friends, relatives, colleagues and almost everybody you know that you are selling your house and that you may even offer a referral fee, gift voucher or any reward as a token of appreciation.
- Know when to lower your asking price
You can set a time line on how you’ll lower the price of your home If you keep your home too high for too long and continuously pay for property taxes, maintenance and upgrades. Take a walk around the neighborhood and put yourself in the buyer’s shoes and yourself if you would want to buy your home or another home given the same prices. If you concluded that others are better options, then it’s time to lower your asking price to make your home more appealing.
If you notice some signs like a second visit to the kitchen or extended time in the space, positive body language of a couple or see them excited in talking about furniture replacement or future upgrades, then there is a chance that your potential buyer is interested in buying your home. Try to close the transaction as quickly as you can once the buyer is making offers and negotiating. Prepare your counter offer. Provide all the necessary documents and consider taking the offer to a lawyer for professional evaluation. Move out as quickly as you reasonably can once everything is settled.