The decision to sell your home is an important one not to be taken lightly. The process can be overwhelming and frustrating at times, but in the end, it is very rewarding. You must go into the process knowing things won’t happen overnight. You will need patience and persistence. Pay attention to the considerations discussed below to ensure you understand the home selling process and what to expect.
💲 Asking Price vs. Selling Price
You must recognize the difference between your asking price and the actual selling price of your home. Some people get these terms confused, but they have very different meanings. When you list your home for sale, you will set the asking price. This is what you are hoping to get for your home. However, buyers will rarely ever make an offer for the price you are asking. They will try to haggle and negotiate your asking price to get it as low as you are willing to go. You must determine how much of a price cut from your asking price you are willing to take and stick with that. It is best to be upfront and tell the buyers you’re not willing to go any lower. The final offer becomes the selling price which is what you sold the home for.
🏠 Determine Your Home’s Value
You will want to accurately determine the value of your home. This is the step where your research skills will come in handy. As a starting point, go online and look up your home’s tax assessed value. If online records are not available, you may have to visit your county court house to view the assessor’s records. If a visit is out of the question, you can always call the assessor’s office and ask them for the appraisal amount of your home. Remember, the tax assessed value is a starting point. You will likely price your home higher than the assessed value. You should also view homes in your area currently for sale. In addition to this information, your real estate agent can provide you with recent comparable sales in your area. Once you’re equipped with this data, you should have a good idea as to what the value of your home is.
🙋♂️ How Your Real Estate Agent Can Help
Your real estate agent is a valuable person who will help you get through the process of selling your home. Don’t make the mistake of thinking you can do this on your own. Those who embark on the home-selling journey without an agent forego the value that an agent adds to the transaction. Your agent is a key player in ensuring you have a successful transaction. They will provide you with expert advice regarding:
- Determining your home’s value
- Staging your home to sell
- Listing your home for sale
- Negotiating with buyers
- Market research
- Home repairs that should be made prior to listing your home
The value that a good agent brings to the transaction far outweighs any commission costs that you will pay. Make sure you choose an agent with whom you are comfortable. They are going to be on the front lines acting as your representative and negotiating the deal in your favor. Therefore, it’s important to choose someone that has your financial and personal interests in mind.
💵 Set the Right Price from the Beginning
You want to set the right selling price from the very beginning. If you price your home too high, buyers will simply move on. The market determines the selling price for a property and you must price your home competitively. If there aren’t many homes for sale in your area when you decide to sell your home, you may command a higher price for your home. However, if you’re selling your home during a time in which the market is saturated with homes, your only option will be to price your home competitively. It’s the only way you’ll get prospective buyers.
The journey to selling your home can be a long and frustrating process. As mentioned at the outset, if can also be very rewarding when it is all said and done. Follow the expert advice that your real estate agent provides to you so that you can look forward to a speedy conclusion to a successful closing on your home. Remember, if the price is right, you will probably receive many offers. Your real estate agent will walk you through the negotiations and be by your side until the closing. Once you close, you can put the process behind you and breathe a sigh of relief.