If you’re selling your own home, the chances are you’re going to want to set the price as high as possible. This might seem like an obviously silly thing to do, but it happens to a lot of people who either cherish their house too much, or are simply not aware of the real value.
The first case is a lot easier to handle. Remember that apart from the location, your home selling price is a major consideration in purchasing. So no matter how much you love your house, try to set a realistic price. Some things that might decrease (or increase) your home selling price are as follows:
a. Location. Sorry, this one’s a definite. A home in a more desirable area will cost more than less desirable ones.
b. House condition. A good maintenance shows that this home is worth being looked after.
c. Surroundings. Check out schools around the house and their quality. See how the weather would take effect. Watch those pesky neighbors. These things, though seemingly miscellaneous, applies to buyers and can affect the overall home selling price.
d. Extra features. Does the house own something the market is demanding? Does your home have a pool or a beautiful patio? Don’t hesitate in taking them into account of setting the price. Be realistic, though – a dusty, never-used fireplace, no matter how classy, will do nothing to your home value.
The second case – where you’re not sure of your house’s value – is a bit more difficult. You might want to read some home selling advertisements to see the price of the houses similar to the one you’re selling.
To help you finish off with an ideal home selling price, some standardized methods of price setting have been established. A Comparable Market Analysis (CMA) is “a comparison of similar properties in the same general area that compares actual sold prices”, in other words, comparing your house to similar ones to get a rough value. Nowadays Real Estate Agents can do CMA for you, and you can even do it yourself by the help of some websites.
The first thing to do is some preliminary planning. Though you may not feel like it, this is the step that kick-start the whole home selling process. Your house needs to be fully prepared to accept a new owner. If you plan to sell your house and buy another one, always know for a fact that you’re qualified to buy a new one before selling your old home.
When you feel like you and your house is ready, it’s time to find yourself a realtor. Interview agents in your local neighborhood or ones that are proven with a good experience. Ask on how they would market your property, and what kinds of additional commissions do they offer. This is someone that’s going to be with you throughout the process, so make sure the chemistry works.
When you’ve made your decision about an agent, prepare the listing agreement. There are several types available, each ones giving you a different level of involvement between you and the broker. Choose one that’s similar to the amount of work you’re willing to contribute in the home selling process – and how much money you’re going to spend.
The money of your listing agreement should come from the revenue of your home price, so make sure you set the price ideally. A too high or too low price will not help sell your home, as this may creates a bad image to potential buyers. Check some cost analysis to get a rough value of your property, and work from there. Don’t forget the costs you have to spend throughout the home selling process.
If you set the price right, it’s highly possible that potential buyers would start calling for home showings. Prepare for this as well as you prepare your house for it. If you’re using an agent, leave the house whenever a client comes over. If you’re selling on your own, check the points you’re going to show the potential buyers and think about what you’re going to say.
Finally, if the home showings went well, the buyers will make an offer. Offers should be made in standard forms that would satisfy a lawyer. Make sure you know what the buyer wants to include in the sale and what should be excluded. You can choose to accept or reject the offer, or modify it and see if the buyer is willing to negotiate with your incentives.
Once you’ve reached an agreement, that pretty much brings you to the end of the your home selling process. Good luck!
