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August 16, 2017
|Finance||Selling Tips to Sell Your Existing Home|
Think Like a Buyer
Start Taking Notice
As soon as you have decided to sell your home, start paying attention to little details. No matter how careful you are, houses endure wear and tear. The more small improvements that you can make before showing your house, the better. Making minor repairs will not only increase the marketability of your home, but will put a buyer at ease about the overall condition of the home.
Clean Up, Pair Down
The least amount of personality the house exudes, the better. Unnecessary items and decorations could impair the buyers vision of his/her own things in the home. It may be best to try pairing down. Chances are, you have to do it when you move anyway. It is a good idea to keep the place clean while you are trying to sell.
A Word About Disclosures
Sellers and their agents are to disclose any issues that may affect a buyer's decision to purchase your home. Make sure you understand what you need to disclose and decide whether to make any repairs or adjust your asking price.
Compare & Decide on a Price
The asking price of your home can be affected by controllable forces as well as market factors. In the case of a buyer’s market or you need to move rather quickly, you may have to ask market value or below in order to make a sale. On the other hand, if you are in a sellers market, multiple offers could drive your price up.
A comparative market analysis should take into account repairs, improvements, and annual costs (such as property taxes) of your home, in addition to its size, features, and amenities. Expect to get an analysis of recently sold, comparable homes in the neighborhood, as well as a list of comparable homes currently for sale.
Accept an Offer, But Not Just Any Offer
You may not have to wait long for your first offer. If you are lucky, you may get one the day you list. Though in most cases it can take a few weeks for an offer. Here are a few things to keep in mind:
Consider all offers carefully, and make sure that the terms are as favorable to you as they are to the buyer.
Negotiate, if You Aren’t Happy
Counter offer--there is nothing wrong with asking, especially of you feel the offer was a bit low.
Close the Sale
You are responsible for keeping your property in the same condition it was when the buyer saw it last. Remember the house is still yours until you receive a check. Always set a realistic closing date and include it on the sales contract.
Get Ready to Go.
Here are some tips that may help you plan ahead for your move:
Save all Documentation
File all closing and settlement papers; include receipts for any home improvements you made while you owned the house. You will need these figures for your next tax return.
Make Calls & Notify the Post Office
Let your bank and other creditors know your new address and change your address at the post office as soon as you know your move date. Sometimes it can take weeks for the address change to go into effect.
Notify Your Utilities Companies Make sure your utilities are switched off at your previous address and switched on at your new address around the date of the closing.