Because your home may well be your largest asset, selling it will be one of the most important decisions you will make. To better understand the home selling process, a guide has been prepared from current industry reports. Through these 27 home selling tips you will discover how to protect and capitalize on your most important investment, reduce stress, be in control of your situation, and make the most profit possible.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 in order 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. Remember, the reason(s) you are selling is for only you to know. Don’t tell your neighbors, they can be the worst for information leaks. 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 out 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. You want to be in the market not just on the market. Setting Your Home’s Sale Price
- If you live in a subdivision – If your home is comprised of similar or identical floor plans, built in the same period, simply look at recent sales in your neighbourhood subdivision to give you a good idea of what your home is worth.
- If you live in an older neighbourhood – As neighbourhoods change over time, each home may be different in minor or substantial ways. Because of this you will probably find that there aren’t many homes truly comparable to your own. In this case you may want to consider seeking a REALTOR® to help you with the pricing process (See Step 7).
- If you decide to sell on your own – A good way to establish a value is to look at homes that have sold in your neighbourhood within the past 6 months, including those now on the market. This is how prospective buyers will assess the worth of your home.