Selling a home is an important financial and emotional decision that should be approached after careful planning. Below is a checklist that can provide a guideline for sellers. Determining a seller’s objectives for selling a home is the first and most important step that will help make the other necessary decisions much easier.
1. Decide why you want to sell your home.
Once you determine your purpose for selling your home, it is much easier to decide on pricing and other important details necessary to meet the goals of the sale. Establishing a clear goal will also ultimately help determine whether to go through with the sale when offers are made. A smart seller will wait for the offer that satisfies important objectives.
2. Prepare a budget for selling your home.
The process of selling a home is not cheap, whether the house sells or not. According to HGTV, there are certain expenses that must be part of the budget. Home repairs, real estate commissions and closing costs are the main expenses necessary for selling a home. It is important to remember that upfront costs such as repair costs may not be recouped if the home does not sell.
3. Develop a Plan of Action for selling your home.
According to Wells Fargo, it is important to evaluate market conditions as a first step to preparing a viable plan of action. Questions that need to be answered include questions about the amount of proceeds that must be earned to meet objective, time parameters and upfront costs. Will you see an agent or sell the home yourself? Is it a buyer’s or seller’s market?
4. Determine the asking sales price.
Review public records of comparable homes sold in your immediate area over the past six months. Homes that sold in your neighborhood that are about the same size, style and age of your home should be considered as comparables for determining price. Real estate agents can provide this data for you.
5. Prepare your home for showing.
Declutter your home and clean it so that it will show well and attract the highest offers possible. One of the main obstacles sellers face is a home that is cluttered and unattractive to buyers. Closets must be cleaned and the house should be immaculate for each showing. The yard should also be mowed regularly. Necessary repairs should be made to obtain the highest offers. Sellers are encouraged to hire an inspector prior to listing to find out what repairs to make.
6. Negotiate Offers.
Keeping sales objectives in mind, negotiate a price that will guarantee that your objectives are met. Focus on net figures after expenses.
Home seller challenges are many. Without careful planning, many optimistic sellers find they fall short of what they want when the smoke clears and the closing is over. The complicated sales process is nothing to take for granted. Smart sellers prepare to win. This guideline can ensure your success as a seller.