With the dense cloud of uncertainty that currently covers the economy, most people are in a dilemma. Will 2020 be a good year for home sale prices or will house marketing crash? Far from all the skepticism, choosing to sell your house is often a successful endeavor. You can opt to DIY, hire a real estate agent, or use a Multiple Listing Service (MLS) like Movoto to help you reach bigger audiences to sell your house. After all, wouldn’t you want to attract a bigger resale value to get your first luxury beach house?
However, let’s face it; selling a home does not happen at the snap of a finger or wave of the realtor’s wand. The decision to sell is usually also not an easy one. Whatever your reason for disposing of the property, there are certain things one should consider to have a successful sale.
Factors To Consider When Selling Your House
1. To hire or not to hire an agent?
If you have never sold a house before, you may find it surprisingly challenging. You may not be used to strangers popping into your home at all odd hours, some even unannounced. Moreover, you may be emotionally sensitive to the criticisms about your carpet, closets, and foyer decor. Most importantly, if you lack the required skills and expertise on how to traverse the real estate arena, then outsource outside help. Hire a real estate agent to reach more buyers. Professional assistance, however, comes at a cost so be ready to splurge a little. Credible realtors have been conditioned through years of experience, so carefully pick one from a list of thousands.
It is important to note that realtors have been in the game for years, (if not decades) and will always know the right buyer for your property even before inspecting it. We also recommend that you deal with real estate agents because of professional indemnification. For instance, you’ll need to do a lot of paper work for property transfer and transactions. That business will only be flawless if it is conducted by an experienced personnel.
Selling your house is no joke. So, hire an agent who has your best interests at heart. Selling a home can be full of pitfalls for the unwary so hire someone competent enough to negotiate sales and handle the paperwork.
2. Location and condition of the house
Competition in the real estate arena is intense. Sellers are head-to-head in a bid to lure buyers. Where your house is located plays a crucial role. Most buyers opt for dwellings situated in clean and crime-free neighborhoods. The house has to have fully functional basic amenities like bathrooms, electricity, and plumbing. More so, the house has to be show-ready at all times. You never know when a potential buyer will click your ad to schedule a viewing. If these amenities are lacking, it will be best if you hire someone to do the renovation. There are simple renovations that will improve the looks and condition of your house without breaking the bank. Moreover, it should interest you to know that renovations such as plumbing and painting increases the resale value of your home.
3. Current market dynamics
Specific market trends regulate the best time to sell. They tell you when to sell and how to price your property. In the United States, the spring months of March, April, and May are said to be the best time to sell. You can consult with your real estate agent to pick the perfect time to list your house. Nonetheless, you can employ the services of an MLS to reach more people. Your listing will be optimized for online searches even during market downtimes. The main reason why we recommend online platform is because 90% of successful property purchases in the USA begin with an online search. Before finding the right listing platform, you might also want to consider the prevailing circumstances such as political stability or pandemics. Most people minimize their movements during this time and, so, you’ll hardly have anyone coming up to check for the property.
4. Legal framework
Selling your house is a sort of transfer of ownership rights of a property from one person to another. The process must follow the stipulated laws in your state. Failure to do so will attract an unnecessary lawsuit or a hefty fine. Thus, it would be best if you familiarized yourself with your state’s legal framework about property ownership. The advisable way to go about this is to hire an attorney. Remember that not all real estate lawyers are the same. Therefore, conduct adequate research and choose the one most likely to satisfy your high expectations. Ask around for referrals from friends and family. Compare the qualities and skills of different recommendations, and run interviews before you pick one to work with.
Nevertheless, gather all the necessary paperwork and documentation like certificates of compliance and municipal permits before putting up your house for sale. Have all information ready regarding the mortgage plan and any outstanding balance.
Far from popular belief, selling your house will require a certain amount of financial input. Whether it is hosting an open-house event, or hiring a professional realtor, be ready to spend money to get money. Do not forget that you may have to get the house upraised to make it suitable for sale.
When it comes to selling a residential piece of property, one may have to hire a realtor to assist with the process. You will probably also require the services of a lawyer to take care of the legal aspects that come with house sales. Both these services demand a hefty commission charged as a percentage of the sale price for the house.
Food For Thought
In the first place, purchasing your home was a significant investment on your part. So whether you are selling your house for the first or tenth time, hiring a realtor will make the sale process convenient and successful. A real estate agent usually has several interested buyers lined up way before you even decide to list.