Plan It Out
Are you planning to sell your home? Let’s discuss a few essential steps and the most effective ways of selling. Let’s walk through the entire home selling process from beginning to end and master it.
If you want to sell your home for the most money, you have to prepare it well and sell it quickly. Selling speed and price points are two critical factors you have to consider carefully. Remember, if you change your mind at any point, you can always take your home off the market. You probably will want to do it if your home was on the market for a long time (a few months), you dropped the price at least once (significantly), but your home is still not selling.
Every realtor knows that the longer a home sits on the market, whether listed on MLS or not, the less likely it will sell for the asking price, and less likely it will be sold in a desirable period of time.
Successful selling is tricky
Before you price your home and place it on the market, you have to do some thoughtful research on price points and when you want to sell it (time of the year is important). I’ve seen homes sold for 50K – 2M more just because the time and price were right for a buyer (not for the market). It was not necessarily the best price or best deal, but since the buyer was in love with the property, a higher price was offered and paid.
Step 1: Estimate your home value
Estimate the value of your home under certain market conditions and the national/regional economy. Location of your home (district and city) will be one of the major factors in pricing. Some areas are usually more expensive than others due to location, historical events, school quality, and safety ratings.
There are a few ways you can estimate a value of your home or property. You can estimate your home yourself or ask for a realtor’s advice (please find a good realtor, interview a few of them). You can hire one for an appraisal. I would highly recommend using one or a few (in combination) online tools for that: Redfin, Zillow, Xome, Purplebricks or Valueyourhome.com
Luckily, we live in an era of technology, and you can estimate the value of your home in minutes. Utilizing online tools, you will be able to see the approximate home value/price of your property. The number will be somewhat, but not completely, accurate, since each home/property represents a unique blend of features.
The most important point in this research is to get an idea of price range. You don’t want to ask for too much, but, at the same time, you don’t want to undervalue your property. The price should be just right. This is critical.
*Use the Redfin website or app, enter a zip code or location, and find the prices of all properties currently for sale or sold near your location.
Step 2: Find the best time of the year for your sale
Usually, you will see more properties for sale or sold during the summertime.
First reason: it’s easier and more comfortable to move from state to state (or out of the country) during the summer.
Second reason: the kids are out of school, so it’s easier to transfer them to a new one.
Third reason: late spring, summer, and early fall are the best time to sell, since one category of people are actively selling and another actively buying.
If you are planning to buy a property (or buy for investment purposes only) cheap, and that’s your goal, I would recommend that you do it when the market is “cold” – late fall, winter, early spring. People less likely prefer to move from place to place at these times, and if they do they usually willing to sell at a lower price.
Step 3: Prep your home
Now that you have priced your home, for example, if your home can be sold between $700K – 720K, it’s time to prepare your home for sale.
Make sure your property look amazing both inside and out.. Grass well-trimmed in the front, beautiful flowers planted everywhere complimenting the color of your home. Backyard well designed and neatly brushed up.
*Don’t have time? Hire a landscaping company and let them take care of your lot. It would cost you approximately $350 – $2K depending on the services you are looking for.
If your home is 20 years old or older, please check the siding paint, roof quality, and for visible cracks in the foundation or walls.
Definitely, you want to make sure any updates you do (with contractors you hire) to your property are cost-effective, and absolutely make sense to do.
If you invested 20K in a roof update, you want to make sure you will get your money back and make some on the top of your investment.
*If you don’t have time or don’t have construction experience, hire a contractor or ask your family and friends to help you.
Step 4: Find a great realtor
I would recommend working with a good senior salesperson, a realtor with 10+ years of experience.
For most people, their home is their largest investment. When you are selling, you want to make sure you are getting the maximum money possible. A great realtor usually knows the area and the people/potential buyers, and knows cost-efficient advertisement strategies really well.
One of the most important questions you have to ask your realtor is this: what is his or her response time on emails and phone calls? You want to make sure your realtor won’t miss any quality leads (potential buyers) and is not working on 35 other deals simultaneously.
Make sure you trust and have faith in and like your realtor. If, at any point of time, you feel like your realtor does not meet your expectations (you aren’t happy, realtor simply ignoring you) please stop working with him or her and ask the realty company for a better realtor, or find a better realty company. At the end of the day, the realtor is working for you, not vice versa.
If you don’t know how to find a realtor, I would recommend contacting a few local or national realty companies and interview a few realtors. I would also recommend asking your family and friends if they know any awesome people around who can help with selling your property. Remember, the realtor works for the commission.
Step 5: Staging and home decor
According to Real Estate professionals, 80 – 90% of homeowners do not know how to professionally stage or decorate their home for sale. The home decor is one of the most important factors in successful selling.
When a potential buyer enters a well-furnished, rich-looking home or apartment, he instinctively imagines himself happily owning this amazing property, enjoying a beautiful view, sitting on this amazing casual sofa watching a movie with his wife and kids and so on.
I would recommend to either hire a professional home staging company and pay 5K – 15K or more for their services. Or make sure your furniture, floors, and kitchen look brand new and all match the same color palette and style. Ask friends you trust and your family members their opinion on your home’s look and listen for advice and criticism, sometimes it’s worth it.
Step 6. The open house
Your home is up for sale and this weekend your realtor will showcase your home or apartment in an Open House event. I recommend you plan a family trip while the realtor is showing your home. You have done everything possible to have a quick and successful sale. I’ve seen homes sold in hours on Open House day. Stay Positive and good luck with selling.