Planning to sell your home is a big decision. You’ve made dozens of memories there and spent time and money to make it a place you love.
There are many procedures to prepare your home for sale, from obtaining a mortgage to locating a buyer. Before the process starts, get the information you require.
Do Your Research
Research is one of the most crucial things you can do before selling your house. Whether you hire an agent or do it yourself, this step will help determine how much to charge for your home.
A seasoned real estate agent can provide expert price guidance by considering your area’s current market and comparable sales (comps). They can also help you determine how your home compares to others on the market and how it stands out from the rest of the pack.
It’s also a good idea to consider the cost of repairs, property taxes, and insurance when determining how much your home is worth. This information will help you calculate a net proceeds estimate, which is an excellent way to calculate your home’s best possible selling price.
Get Pre-Approved for a Mortgage
Being pre-approved for a mortgage is one of the initial steps in the process of selling your home. This may seem counter intuitive but you will need somewhere to live once you sell your home so you need to make sure you qualify for a good mortgage on your next house before selling your current home. It provides buyers leverage when negotiating with sellers by letting them know they have the financing they need to buy a house.
It also helps lenders verify a borrower’s income and debt-to-income ratio, a critical factor in the mortgage approval process.
A mortgage lender will review a potential borrower’s application, ensuring they meet the loan program guidelines, and then provide a pre-approval letter.
This information includes the maximum loan amount, mortgage terms, interest rate, down payment, and closing costs. It also has an estimate of property taxes and homeowners insurance. It is typically valid for 60 to 90 days.
Make the Necessary Improvements
Before planning to sell your home, you’ll want to ensure that any necessary improvements are completed. It includes minor repairs that might seem trivial but could considerably impact buyers’ perception of your property.
A brilliant suggestion is to keep your house as tidy and clutter-free as possible. It will improve its curb appeal and give potential buyers a better impression of the home’s condition, which can lead to a faster sale.
Before beginning any project, conducting some research is a good idea. For example, look at the cost vs. value report for your neighborhood and other properties to see which improvements will increase the value of your property when you sell it.
Set the Price
Determining the correct price for your house can be challenging, especially if you have strong emotional ties to it. That’s why setting aside your emotions and focusing on market research is essential.
The fair market value of your house will be ascertained by licensed real estate agents using a comparative market analysis (CMA). They compare your property to others recently sold in your area.
Pricing your home right can make the difference between getting a quick sale and putting your home on the market for months without any legitimate offers. You can avoid this by pricing your home competitively according to the local market conditions.
Find a Good Agent
Finding a good agent is an essential part of your home-selling journey. The right real estate professional can make the process easier and smoother while saving you time and money.
A great agent can help you get the highest price for your home in a reasonable amount of time and at a fair commission rate. However, finding one that’s perfect for you takes a lot of work.
Start your search by asking friends, relatives, and coworkers for referrals. You can also drive or walk around your neighborhood and look for repeat agents’ names on signs.
Market Your Home
When planning to sell your home, making it appealing to potential buyers is crucial. It involves sprucing up the exterior, improving curb appeal, and hiring a professional photographer to take photos of your property.
You may also want to invest in de-personalizing your home, removing items that don’t reflect your lifestyle, and creating a clean space. These are all essential steps to selling your home quickly and for top dollar.
It’s also essential to set a realistic asking price for your home. It depends on the market and your unique home, but you should always consult a real estate agent for expert guidance.
You can also advertise your home online and on other social media platforms. You can even hire a marketing firm to do this for you for a fee. It’s a great way to reach a large audience of potential buyers, and it’s an unconventional strategy that can be effective in certain situations.