5 Key Factors to Consider When Selling Your Home
Selling a house can be a daunting process for many people. It’s not just about finding the right buyer, but also about having the right price and location. However, selling a house does not have to be a daunting and drawn-out process.
Here are five factors that you should consider as you sell your house to make the process easy and fast.
Here are five of them.
1. The selling price for your home.
You need to have a good understanding of how much the house is worth as you price it for sale. You can do this by looking at the selling price of comparable properties that are on sale within the same neighborhood.
Most home owners and real estate agents get the temptation to overprice the house so as to get a tidy profit or commission. This strategy may lead to the house staying on the market for a particularly long time before someone offers a price on it. On the other hand, if you under price, it may be taken as if the house has an underlying problem.
2. The location and Neighborhood.
Location is the first thing every potential buyer considers and so should you. This goes in line with the old saying that the property market is all about three factors. Location, location, and location. If the house is in a good neighbourhood, then it might be easier to find buyers and sell it faster than if it’s in an area with poor infrastructure or crime rates are high.
Factors such as accessibility, schools, traffic, shopping malls among others have an impact on the suitability of the house to potential buyers. Some of the top amenities people are looking for when buying a home include malls, grocery stores, restaurants, shopping malls and entertainment spots. If a house is close to a major highway or public transport, this helps too.
3. The condition of your House
The biggest work of selling real estate begins even before you have the property on the market. The easiest thing is to clean the house. Clean the interior well especially bathrooms, toilets, and kitchens.
You need to review the condition of the house and identify any repairs that need to be done. Review if repainting needs to be done. If painting is needed, do ignore this as it goes a long way to sprucing up a house.
If the house needs major renovations, then these should be done before placing the house for sale. This is because if a customer comes and notices items needing repair, it’s hard to call them back even if you do the repairs. If a few upgrades are needed, go ahead with these as little upgrades won’t cost you much but can bring you bigger returns.
On the compound, ensure this is well taken care of. Ensure you trim any overgrown hedges and if the compound has trees, cut overhanging branches. Ensure also that the grass is cut with a few well-done flowers in front and in the backyard.
4. Marketing.
When deciding to sell your house, decide on whether you want to handle the sale yourself of you would like to have a real estate agent do that for you. Although you may understand the real estate market, it’s probably not a great idea to try to sell your home on your own, especially if you haven’t done it before.
In the past, I have tried some of my properties, but I found that I had to turn away customers who called when I had other commitments.
If you turn away a client who wants to view the house, there is a good chance you will not hear from that buyer again. To maximize your chances of selling, consider hiring a real estate agent. There is a good chance they move on and start viewing other properties in the neighborhood.
Real estate agents promote your house for sale in mediums where in their professional judgement feel it will get the most exposure. This can include on various social media platforms, listing websites, as well as traditional print marketing like flyers and billboards ensuring your property receives maximum exposure.
It’s a fact that close to 90% of property searches begin online. You will be failing if you don’t have high-quality photos of your home. Poorly taken photos could show the house as needing repairs when it’s in top shape. Invest in a phone with a good camera and take quality photos. Good photos should be clear and taken during the day when there is plenty of natural light available.
5. Economic Conditions.
The prevailing market conditions impacts a person’s ability to buy or sell a home.
Even if your home is in excellent condition, located in the right neighborhood, the number of other properties for sale in your location when compared to the number of potential buyers in will impact your home value. In markets where there are a lot of buyers looking to buy the few available homes is a seller’s market. In such a market, it’s easier to sell your house. It also makes it possible to sell the house for a good price.
A market with few buyers but many homes on the market is referred to as a buyer’s market. If you’re selling in a buyer’s market, you may have to adjust the price to attract more offers.
Final thoughts
There are easy things that you can do to sell your property faster. These usually assist in making your properties stand out from the competition. Five key factors exist that enable you to sell your home quickly once you place it for sale. These are location, price, condition of the house, marketing, and economic conditions.
