Selling your home is scary, and of course emotional. One of the most difficult parts is getting ready to put it on the market. There are the financial considerations, like what is the right price to list your property and how low you're willing to wait for a sale. Then there are the personal ones, such as how soon you'd like to sell or what would the taxes be on the profit made.
Relax; we're here to help. Here's a step-by-step guide to get you on track and help you through the whole process.
Step 1: Get a home valuation.
What have similar properties in your area sold for? If you're not 100 per cent sure, hire a professional property valuator or ask your agent for their opinion before you even start putting your house on the market. A property agent or evaluator can help you identify valuable information such as:
- Market Trends
- Sales Ratios of your area
- What similar properties in your area are listed for
- What are the actual for sale prices
If you know about issues like these before you put your house on the market, you can list your property at a competitive price which will sell quickly, as i always say money in the bank today is better than money in the bank tomorrow. This will prevent a delayed sale and will probably save you some money.
Step 2: Check out the neighborhood.
On the national scale, real estate prices are rising but resulting in a market that's shifting from the seller's advantage to the buyer’s. In your local market, though, things may be different.
Get an idea of the local housing market by driving around and checking online listings
- What are home sellers asking?
- Is the neighbourhood one where luxury features are popular or do people keep it simple?
- How long does it take a sign to change from “For Sale” to “Sold?”
All of this information can give you an idea of the competition. At some point, though, you're going to need a professional.
Step 3: Find a great agent.
Your home is likely to be the most expensive thing you'll ever sell, so you don't want to go at it alone. And you don't want to go with just any agent, either. Shop around and interview a few asking about:
- Their experience. How long have they been working? If they're relatively new to the industry.
- Their local knowledge. What do they know about the neighbourhoods that interest you?
- Their focus. Do they work mostly with buyers or sellers?
- Their results. How many homes do they sell per year? How many did they sell last year?
- Are they focused on specific properties or a one-stop shop real estate agent? Cyprino, for example, is a Luxury Property Agency focusing on unique properties.
Step 4: Maximize buyer appeal.
Buyers want to see themselves in your space. It's hard for them to do that if your home still looks like “you.
While you're at it, clear away anything that someone might consider clutter. Minimize the amount of décor and even furniture in each room. Choose a neutral colour palette, maybe with a few accent pieces. If you have to, get a storage unit or store your things with friends or family.
Step 5: Price your home carefully.
Buyers will be looking at whether your asking price is competitive. To figure out what that means, look at:
- What comparable homes nearby are selling for
- What those home sellers are initially asking
- The balance between supply and demand in your area
This will get you a ballpark figure, but Cyprino will help you come up with a final number.
The Takeaway
When you're preparing to sell your home, the two most important things to think about are:
- Price
- Visual appeal
There's more to both of those than meets the eye, so make sure you're working with a trustworthy professional. Good luck!
