The Tomaiolo Realty Group's Blog
For those who intend to list a house, it helps to establish realistic expectations. That way, you'll have a good idea about what to expect during the home selling journey.
Now, let's take a look at three tips to help you manage your expectations as you attempt to sell your house.
1. Understand the Housing Market
You may own a great home, but even a top-notch residence may be difficult to sell based on the current housing market's conditions. If you allocate time and resources to study the real estate market, however, you can differentiate a buyer's market from a seller's market. Then, you can map out your home selling journey accordingly.
In a buyer's market, there may be an abundance of houses and a shortage of buyers. Therefore, sellers may need to price their houses competitively to stir up interest from buyers.
Comparatively, in a seller's market, there likely is an abundance of buyers and a shortage of first-rate houses. This means a seller probably won't have to wait long to receive offers to purchase after he or she lists a high-quality residence.
To distinguish a buyer's market from a seller's one, you should look at the prices of recently sold houses in your area and find out how long these properties were listed before they sold. This information enables you to review the level of interest in properties in your city or town and can help you determine whether you're preparing to enter a buyer's or seller's market.
2. Know Your Home's Strengths and Weaknesses
You may believe your home is flawless, but buyers may quickly identify problems with your house. Fortunately, a seller who conducts a house inspection can address any potential issues before listing his or her residence. Home inspection results may help a seller establish realistic pricing expectations for his or her house too.
During a house inspection, a property expert will examine a residence both inside and out. This property expert next will provide a homeowner with an inspection report that details his or her findings. With an inspection report in hand, a homeowner can correct underlying house issues before he or she adds a residence to the real estate market.
3. Collaborate with a Real Estate Agent
A real estate agent understands the opportunities and challenges of the home selling journey. As such, he or she will help you set expectations for this journey, as well as help you make the most of available home selling opportunities and resolve property selling challenges.
Typically, a real estate agent will meet with you and find out what you want to accomplish by selling your home. He or she next will craft a personalized home selling strategy for you, promote your residence to potential buyers and do everything possible to help you maximize your home sale earnings.
Manage your expectations as you proceed along the home selling journey. By doing so, you can limit the risk of encountering home selling problems and boost the likelihood of a successful property selling experience.
Two of the most important ingredients in a successful house-marketing campaign are competitive pricing and making a great first impression on prospective buyers. Although your real estate agent can assist in achieving both of those goals, keeping your home in "show ready" condition will be up to you and your family.
When your home is actively being shown, the process is not unlike a job interview. The main similarity is that you don't get a second chance to make a good first impression. Potential buyers have a mindset that's similar to that of a hiring manager: They are intensely focused on making the right decision. Since the last thing they want to do is make the wrong choice (or a less-than-optimal choice) it's up to you -- the home seller-- to present your home in its best possible light.
Other than keeping your home squeaky clean and your lawn looking as manicured as possible, it's also to your benefit to reduce clutter. A house that's filled with clutter will definitely send the wrong message to prospective buyers searching for their next home. Clutter takes many forms, so it often requires a concerted effort to identify and remedy it. Here are a few key areas to focus on:
Furniture clutter: Having too much furniture in a room or entryway can give visitors the impression that your home is cramped, too small, or disorganized. If you've had a tendency to add furniture to your home, over time -- without putting some pieces in storage -- then you may have inadvertently created a cluttered "look and feel" to your living space
Surface clutter: Have you ever noticed how things that belong in drawers, cabinets, and recycling bins often end up on tables, counter tops, and bookshelves? If that's taking place in your home, rest assured you're not alone! However, if you're preparing to put your home on the market, you'll make a much better impression on potential buyers if you remove as much surface clutter as possible.
Storage-area clutter: Although there's a lot of truth to the saying "Out of sight, out of mind," that usually doesn't apply to preparing your home for the real estate market! Serious house hunters are pretty thorough, and are generally going to glance in closets, basements, attics, and garages. So if you simply move your clutter to another part of the house, it will still be noticed! Granted, your clutter will be less prominent in storage areas, but it will still have a detracting effect on the overall impression your home makes. The solution involves a combination of strategies, including selling or donating unwanted belongings. In some cases, you might even consider renting a dumpster or calling a reasonably priced junk-hauling service to get rid of things you don't want and can't donate, sell, or give away.
It's not always easy to be objective when staging your home or evaluating its marketability, so an experienced real estate agent can provide you with invaluable guidance, advice, negotiating help, and marketing assistance
If your home is on the market, you may wonder why it hasn’t moved off the market. There are many ways to make adjustments to the price of your home, but if not done correctly, you could sabotage the sale of your home. Let’s say that you have your home as an FSBO (For sale by owner.) Buyers may wonder what’s behind the price of the house. Does the seller genuinely want to move the home to the sold category quickly? Why has the home been for sale so long?
You could face the same problems if you’re working with an agency. The difference is that s a seller, the agency is by your side, helping you to make the right decisions when it comes to pricing your home.
You need to be realistic when pricing your home as a seller. Of course, you want to make a return on your home. Of course, you think your home has great value. The critical point is that you need to understand the state of the market along with the neighborhood your home is located. So much goes into the pricing of a house.
Along with your agent, you can do some investigating to see where some improvements could be made in marketing your home. Look at the following:
How has the house been received on the MLS?
Are the significant benefits of the home highlighted?
How many open house opportunities did buyers have?
Are there good pictures of the house online?
Do the signs leading to the house stand out?
Can you add anything to the marketing of the home like a virtual tour?
While real estate agents have general guidelines as to how a home at a certain price point should be marketed, you can always be your own advocate.
The Consequences Of High Pricing
If you price your home too high, there are some consequences. Your home will stay on the market for an extended period of time if it's overpriced. Buyers will wonder why the house has been listed for so long, wondering if there’s something wrong with the property. Buyers will wait even longer to bite on the home in these circumstances because they are waiting for a price drop.
The best thing you can do in this circumstance is to take your home off the market. Work with your real estate agent. He can let you know whether it’s a good time to re-list the home. Perhaps you can make some improvements to the property in the meantime. A fresh listing and a clean look at the house may help buyers to find the property more easily at a price that pleases them!
Before you list your house, you'll need to establish a competitive price for it. That way, you can increase the likelihood of stirring up plenty of interest in your house as soon as it becomes available.
Now, let's take a look at three best practices for pricing your home.
1. Evaluate the Real Estate Market
The current real estate market's conditions can impact your ability to sell your residence. However, if you study the real estate market closely, you can differentiate between a buyer's and seller's market and plan accordingly.
In a buyer's market, the number of home sellers exceeds the number of homebuyers. As such, you likely will need to establish an aggressive price right away to separate your house from the competition.
On the other hand, a seller's market favors home sellers over homebuyers. If you're operating in a seller's market, you may be better equipped than ever before to earn a significant profit.
To differentiate between a buyer's and seller's market, examine the prices of recently sold homes and available homes in your area. This housing market data can provide deep insights into the current state of the housing market. Plus, this data can help you understand how your residence stacks up against the competition.
2. Conduct a Home Appraisal
Ultimately, a home appraisal can make a world of difference for any home seller, at any time.
During a home appraisal, a professional appraiser will examine your house both inside and out. Then, this appraiser will offer a valuation of your property based on his or her findings.
A home appraisal involves an evaluation of the current condition of your home, your house's age and your neighborhood. Therefore, if you complete a home appraisal, you should have no trouble using the appraisal results to help establish a fair price for your residence.
3. Collaborate with a Real Estate Agent
When it comes to selling a house, there is no need to work alone. Fortunately, if you collaborate with a real estate agent, you can receive expert insights into all aspects of the home selling cycle.
A real estate agent is happy to meet with you and learn about your home selling goals. Next, this housing market professional will offer home pricing recommendations, ensuring you can make an informed decision about how to price your house.
In addition, a real estate agent will go above and beyond the call of duty to ensure you can enjoy a seamless home selling experience. This housing market professional will promote your residence to large groups of homebuyers, set up home showings and open houses and put together an engaging and informative home listing. Also, a real estate agent will always keep you up to date about any offers on your home.
Looking to list your home in the near future? Use the aforementioned best practices, and you can establish a competitive price for your residence and boost your chances of a fast, profitable home sale.
Ultimately, the amount of money an individual requires during the home selling journey varies. If you intend to sell a house, it often is a good idea to plan ahead for any expenses you may encounter along the way. Because if you fail to account for potential house selling costs, you may struggle to seamlessly navigate the property selling journey.
Now, let's take a look at three of the most common home selling expenses.
1. Home Cleaning
Regardless of whether you decide to clean your house on your own or hire a professional, house cleaning costs can add up quickly. If you prepare for home cleaning expenses, however, you can keep your residence neat and tidy without breaking your budget.
Oftentimes, it helps to make a list of the areas of your home that require extensive cleaning. You then can establish home cleaning priorities, make a list of the cleaning supplies you will need and clean your residence accordingly.
If you decide to hire a professional cleaning company, be sure to shop around. Professional cleaning companies are available in cities and towns nationwide, and if you conduct an in-depth search, you can find a cleaning provider that offers a great blend of convenience and affordability.
2. Home Repairs
Cracked or damaged home siding, a faulty water heater or other house problems are unlikely to do you any favors during the property selling journey. If you put aside funds to address such issues, you can upgrade your residence before you list it.
It may be beneficial to conduct a home inspection prior to adding your house to the real estate market. During an inspection, a home expert will analyze your residence and identify any underlying property issues. You next can use a home inspection report to determine which house repairs need to be completed right away.
Keep in mind that some home repairs are simple, and as such, you may be able to complete them on your own. Conversely, for complex home repairs, you should enlist professional support. Although you will need to pay to hire a home improvement professional, this individual can help you quickly and safely upgrade your residence.
3. Lawn Care
How your lawn looks to potential buyers is crucial, particularly for those who want to enjoy a fast, profitable house selling experience. If your lawn is freshly cut and weed-free, you could help your house stand out to dozens of prospective buyers.
In many instances, home sellers can mow the lawn, trim the hedges and perform other lawn care tasks on their own. This enables sellers to avoid the costs associated with hiring lawn care professionals.
If you prefer to hire lawn care professionals, be thorough. Request client referrals, and you can find out what it is like to work with a particular lawn care professional before you make your hiring decision.
Lastly, as you prepare for the home selling journey, you may want to hire a real estate agent. If you have a real estate agent at your side, you can plan ahead for all aspects of the house selling journey.