First-time home sellers can find it challenging to make the right decisions when it comes to selling off their property. There are so many intricacies involved, that it becomes a mess if you are not experienced with it. It’s common to wonder about the best practices experienced sellers follow to make it simple for themselves. Are you a first-time home seller preparing to sell your house? Here are 5 best practices that you must follow.
Price the Property Accurately
When you plan to sell a house, the first step is to price it accurately. This price should match that of the prevailing market price. Your source of advice in this situation has to be a real estate agent. They have MLS access, which helps them run comps and analyze properties with precision. The real estate agent should be experienced, and one who also sells a decent number of listings in your area would be an ideal choice. Your agent will conduct a Comparative Market Analysis (CMA) to produce an estimated value for your home. It is also imperative for you to study comparable sales. However, these sales must match your home’s specifications. The home features include age, area, size, and condition. Your agent can help you study these and suggest the best price for your property. Denver real estate investor Shaun stated “It doesn’t matter how well you renovate a house. If you price it to high it just want sell. Trust me, we buy denver houses regularly. Often the homes that we buy have been sitting because the home owner started to high.”
Timing is Everything
Home sellers need to know when to list their homes. There are certain times in the year when the market is on an all-time high for house sales. You need to capitalize on these days. According to researchers, most homes are sold in Spring, somewhere in the first week of April. It is the best time to list your home. However, you can even choose certain days in Fall when the market demand is high. You can ask your agent for advice on when to sell your home. Experienced agents know exactly when you can earn the maximum profit from your sale. “When buying houses in Denver, Colorado we target the winter months. Typically it is harder for home-owners to sell theirs houses in winter so we can get a better deal” said Shaun.
Complete All Pending Repairs
When a prospective buyer enters a new home, there may be repairs that they want completed before actually buying it. A worn down, ill-maintained house will not appeal to any buyer. You must get all pending repairs done before listing your property to avoid scaring off any potential buyers and shooting yourself in the foot! A few examples of repairs that you should take care of are plumbing issues, electrical defects, lighting issues, and drywall wear and tear. The upkeep of a house plays a huge role in its sale.
Prepare Your Home for the Market
So, what exactly should your home look like to buyers? The answer is: New! You need to boost your property’s appeal to increase its selling power. Our top tip for you is to repair any broken structures, remove old furniture, and get your house professionally cleaned. You can even get your house photographed professionally for a greater appeal online. This is a sure-shot way of attracting more buyers.
Review Your Offers
When selling a house in California, it will often times receive multiple offers. Don’t judge an offer by the buyer alone. The actual terms of the offer should be reviewed before deciding on one to go with. A few factors to consider include:
- Type of financing (traditional loan or cash)
- Down payment amount (if they are paying with a loan)
- Speed of closing
Ideally, as a seller, you can find buyers who can close the deal quickly and not spin your wheels when you are near the finish line!
Selling a house can be an emotion process with multiple steps to go through to get your house sold. The idea, however, is to understand the market and make the right choices to prepare your home. As first-time sellers, do your due diligence ahead of time and it will pay off later! Utilize real estate professionals that have the tools and knowledge to make these processes easy. Following these practices can help you get the best price for your home. Curious what your property is worth? Give us a buzz at (215) 769-9875 and receive your cash offer today.