1. Understand Why You Are Selling Your Home. Your motivation to sell is the determining factor as to how you will approach the process. It affects everything from what you set your asking price at to how much time, money, and effort you’re willing to invest to prepare your home for sale. For example, if your goal is for a quick sale, this would determine one approach. If you want to maximize your profit, the sales process might take longer thus determining a different approach.
2. Keep the Reason(s) You are Selling to Yourself. The reason(s) you are selling your home will affect the way you negotiate its sale. By keeping this to yourself you don’t provide ammunition to your prospective buyers. For example, should they learn that you must move quickly, you could be placed at a disadvantage in the negotiation process. When asked, simply say that your housing needs have changed. Remem ber, the reason(s) you are selling is only for you to know.
3. Before Setting a Price - Do Your Homework. When you set your price, you make buyers aware of the absolute maximum they have to pay for your home. As a seller, you will want to get a selling price as close to the list price as possible. If you start by pricing too high you run the risk of not being taken seriously by buyers and their agents and pricing too low can result in selling for much less than you were hoping for.
If you live in a subdivision where the homes are comprised of similar or identical floor plans, built in the same period, simply look at recent sales in your neighbourhood subdivision to get a good idea of what your home is worth.
If you live in an older neighborhood — or an area with more custom-built homes there can be more variation between homes. Because of this, you'll probably find there are not many homes that are truly comparable to yours. In this case, you may want to consider seeking a Realtor® or an appraiser to help you with the pricing of your home.
If You Decide to Sell On Your Own — A good way to establish the value, is to look at homes that have sold in your neighborhood within the past 6 months, including those now on the market. This is how prospective buyers will assess the worth of your home.
4. Do Some “Home Shopping” Yourself. The best way to learn about your competition and discover what turns buyers off is to check out open houses. Note floor plans, condition, appearance, size of the lot, location, and other features. Particularly note, not only the asking prices but what they are actually selling for. Remember, if you’re serious about getting your home sold fast, don’t price it higher than your neighbor’s.
5. Getting an Appraisal - An appraisal is a good way to get an objective and unbiased opinion of the value of your home. However, an appraisal does cost money, has a limited life, and there’s no guarantee you’ll like the figure you hear or that your home will even sell for the appraised value.
6. Tax Assessments - Some people think that tax assessments are a way of evaluating a home. The difficulty here is that assessments are based on a number of criteria that may not be related to property values, so they may not necessarily reflect your home’s true value. Tax assessments are typically outdated as they reflect what the City or municipality thought your home was worth 6-12 months ago. They also do not take into consideration the condition of your home or the upgrades you may have done to your home.
7. Deciding Upon a Realtor® According to the National Association of Realtors, nearly two-thirds of the people surveyed who sell their own homes say they wouldn’t do it again themselves. Primary reasons included setting a price, marketing handicaps, liability concerns, and time constraints. When deciding upon a Realtor®, consider two or three. Be wary of quotes that are too low as those that are too high. All Realtors® are not the same! A professional Realtor® knows the market and has information on past sales, current listings, a marketing plan, and will provide their background and references. Evaluate each candidate carefully based on their experience, qualifications, enthusiasm, and personality. Be sure you choose someone that you trust and feel confident that they will do a good job on your behalf. If you choose to sell on your own, you can still talk to a Realtor®. Many are more than willing to help do-it-yourselfers with paperwork, market evaluations, contracts, etc. and should problems arise, you now have someone you can readily call upon.
8. Ensure You Have Room to Negotiate. Before settling on your asking price make sure you leave yourself enough room in which to bargain. For example, set your lowest and highest selling price. Then check your priorities to know if you’ll price high to maximize your profit or price closer to market value if you want to sell quickly.
9. Appearances Do Matter - Make them Count! Appearance is so critical that it would be unwise to ignore this when selling your home. The look and “feel” of your home will generate a greater emotional response than any other factor. Prospective buyers react to what they see, hear, feel, and smell even though you may have priced your home to sell.
10. Invite the Honest Opinions of Others. The biggest mistake you can make at this point is to rely solely on your judgment. Don’t be shy about seeking the honest opinions of others. You need to be objective about your home’s good points as well as bad. Fortunately, your Realtor® will be unabashed about discussing what should be done to make your home more marketable.
11. Get it Spic n’ Span Clean and Fix Everything. Even if it seems insignificant, scrub, scour, tidy up, straighten, get rid of the clutter, declare war on dust, repair squeaks, the light switch that doesn’t work, and the tiny crack in the bathroom mirror because these can be deal-killers and you’ll never know what turns buyers off. Remember, you’re not just competing with other resale homes, but brand-new ones as well.
12. Allow Prospective Buyers to Visualize Themselves in Your Home. The last thing you want prospective buyers to feel when viewing your home is that they may be intruding into someone’s life. Avoid clutter such as too many knick-knacks. Decorate in neutral colors, like white or beige, and place a few carefully chosen items to add warmth and character. You can enhance the attractiveness of your home with a well-placed vase of flowers or potpourri in the bathroom. Home-decor magazines are great for tips.
13. Deal Killer Odors - Must Go! You may not realize but odd smells like traces of food, pets and smoking odors can kill deals quickly. If prospective buyers know you have a dog, or that you smoke, they’ll start being aware of odors and seeing stains that may not even exist. Don’t leave any clues.
14. Be a Smart Seller - Disclose Everything. Smart sellers are proactive in disclosing all known defects to their buyers in writing. This can reduce liability and prevent lawsuits later on.
15. It’s Better With More Prospects. When you maximize your home’s marketability, you will most likely at- tract more than one prospective buyer. It is much better to have several buyers because they will compete with each other; a single buyer will end up competing with you.
16. Keep Emotions in Check During Negotiations. Let go of the emotion you’ve invested in your home. Be detached, using a business-like manner in your negotiations. You’ll have an advantage over those who get caught up emotionally in the situation. If you would like more tips and strategies on selling your home you can visit www.Dwights27tips.com.
Your Home Sold Guaranteed or We’ll Buy It*!
Dwight Streu, Associate BROKER®
I’m a full time Realtor® in Edmonton AB and have been since 1987. I’m married and have 3 grown daughters (one of whom works with me) and a female havanese who’s 10 but still acts like a pup.
OTHER REAL ESTATE VIDEOS THAT MAY INTEREST YOU:
Who decides what your property is worth? https://youtu.be/vS932MLC3GQ
How to get your house ready to sell https://youtu.be/E8JRqL6GiRY
5 Reasons not to Trust the City Tax Assessment https://youtu.be/AGFxKaKVk18
LET'S BE FRIENDS!
*Guarantee by MaxWell Polaris #Edmontonrealestate #Edmonton