Joanna Schlansky's Blog
Why are you selling?
It is your investment, and you can do whatever you want with your house, but it’s helpful to scrutinize your reasons for wanting to sell. You might feel that your new station in life warrants a bigger home in a Beverly Hills-type neighborhood. However, will you be able to keep up with the mortgage for such a house? Some sell because they need a fresh start after a break-up or have got a job in another state.
If prevailing market conditions are unfavorable and you don’t have to sell immediately, wait another year or two.
Will I get the right price?
Ask yourself, if you were to sell today, would you at least break even on your investment? That is, will you be able to pay off the outstanding balance of your mortgage with the proceeds from the sale? If your answer is no, it might be best to wait until the prices climb a little.
To get an idea of what the current going price of your house is, try and find out the sale prices for similar properties in your neighborhood. However, first, contact your lender to get an accurate picture of your outstanding balance.
Is it the right time for you to sell?
The real estate market is a volatile one. The beginning of last year was a good time to put your home on the market as prices had risen, occasioned by high demand. During the second half of the year, however, there was a slow-down in that rise thanks to ballooning interest rates on mortgages. So should you sell this year?
The rising interest rates will discourage folks from making new applications, but the fact remains, housing is in short supply across the country. So people are still in the market for homes now. Moreover, while interest rates are rising, they are still relatively low. You may as well take a chance on the present than speculate on the uncertain future.
What’s the condition of your house?
To fetch the best price in the market, you need to sell your house in tip-top condition. That means investing in extensive renovations depending on its current state. You might have to replace a raft of broken tiles, redo the flooring or begin weeding out the garden.
Ask for a statement of your house loan from your lender if you’re seriously contemplating flipping your house.
A successful home selling experience likely concludes with a profitable transaction. However, plenty of work lies ahead before a home seller can achieve the best-possible results.
Ultimately, there are several things that a home seller can do to ensure that he or she receives top dollar for a residence, and these are:
1. Conduct a Home Inspection and Appraisal
If you want to maximize your profits, you should complete a home inspection and appraisal prior to listing your house. That way, you can identify any underlying structural problems with your home and receive an accurate property valuation based on your residence's age and condition.
During a home inspection, a property expert will examine your residence both inside and out. Then, you can use an inspection report to prioritize assorted home improvements.
Meanwhile, a home appraisal enables you to receive a valuation of your residence. With this valuation in hand, you can establish a competitive initial asking price for your home.
2. Perform Home Improvements
Your home's condition may have deteriorated over the years. Fortunately, there is no time like the present to perform myriad house improvements.
If necessary, it may be beneficial to hire a professional landscaping company to mow the lawn, trim the hedges and improve your house's exterior. A professional landscaping company will make it easy for you to boost your house's curb appeal.
To enhance your residence's interior, it generally helps to declutter as much as possible. If you host a yard sale or sell excess items online, you may even be able to simultaneously remove clutter from your house and earn extra money.
3. Collaborate with a Real Estate Agent
If you're uncertain about how to earn top dollar for your house, there is no need to worry. In fact, you can hire a real estate agent who can help you optimize the value of your residence.
A real estate agent understands all aspects of the housing market. Therefore, he or she will develop a custom home selling strategy, one that ensures you can maximize your earnings.
Typically, a real estate agent first will meet with you to learn about your home. This housing market professional then will offer recommendations to help you get your residence show-ready. And once you list your house, a real estate agent will host home showings and open house events to showcase your residence to prospective buyers.
Let's not forget about the guidance that a real estate agent will provide throughout the home selling journey, either. A real estate agent will offer recommendations about whether to accept, reject or counter a homebuying proposal. Perhaps best of all, this housing market professional is happy to respond to any of your real estate questions at any point during the home selling journey.
When it comes to selling a house, it helps to plan ahead. Take advantage of the aforementioned home selling tips, and you can boost the likelihood of earning top dollar for your residence.
Believe it or not, selling a home may prove to be expensive if you are not careful. However, if you understand the costs associated with selling a house, you can budget accordingly.
Now, let's take a look at three expenses that home sellers commonly encounter.
1. Home Repairs
Cracked siding, floor damage and other home issues are worrisome, particularly for an individual who wants to sell his or her residence as quickly as possible. Fortunately, if you budget for home repairs, you can address these issues before you list your residence.
Oftentimes, it helps to conduct a home inspection prior to embarking on the house selling journey. A home inspection enables a property owner to gain expert insights into any underlying problems with his or her house. Then, the property owner can prioritize assorted home repairs and complete house improvements as needed.
2. Home Cleaning
A messy home is unlikely to garner buyers' attention. On the other hand, an individual who hires a professional cleaning company to improve his or her residence's appearance may be better equipped than ever before to enjoy a successful house selling experience.
Hiring a professional cleaning company may be costly. Yet if you shop around for home cleaning companies in your city or town, you can find a cleaning business that matches your budget.
Don't forget that you can clean your house on your own, too. If you purchase cleaning supplies and enlist family members and friends to help you clean your residence, you could enhance your residence's appearance without breaking your budget.
3. Home Staging
The cost of staging a house varies based on the size of a residence, the extent of the staging and other factors. But if you allocate time and resources to declutter your residence, you may be able to avoid the costs associated with house staging altogether.
To declutter your residence, you should try to remove any unwanted items from your home. You can list these items online or host a yard sale to eliminate clutter and earn extra cash. Or, you can donate your unwanted items to a local charity or give them to family members or friends.
As you get set to sell your house, you may want to hire a real estate agent as well. With a real estate agent at your side, you can cut down on your house selling expenses and get the help you need to achieve your desired results.
A real estate agent understands that each house is different, and he or she crafts a custom strategy for each home seller. Next, a real estate agent and a home seller work together to put this plan into action. And if a seller ever has concerns or questions during the house selling journey, a real estate agent is happy to respond to them.
Plan ahead for home selling costs – you will be glad you did. Because if you budget properly, you can put yourself in a great position to streamline the home selling journey.
When you sell your home, there’s a cost associated with getting a return on your investment. Certain mistakes that many sellers make when deciding to sell their home can actually cost thousands of dollars in expenses. Before you decide to sell, read on to see what you can do to avoid unnecessary consequences.
Hire A Professional To Sell Your Home
Many people think that they can sell their home on their own. It’s the best practice to hire a professional to sell your home. Even in a seller’s market, a realtor can help you to get the best price on the sale of your home.
Remove Your Things Before The Sale Of The Home
Your clutter will undoubtedly affect the value of your home. People can’t see what their life would be like in your home if there’s too many things in the way. While one man’s trash sometimes is another man’s treasure, it certainly isn’t in the case of selling your home.
Don’t Leave An Empty House For The Showing
While too much clutter is bad, it does make a difference for the home to actually be lived in. If possible, don’t leave a completely empty home. Buyers need something to help them visualize what life will be like living in the home. Home searchers want to see how functional the home will be for them.
Don’t Neglect Repairs
You should take care of any repairs that need to be made before your home goes on the market. Any repairs that you don’t make will likely be discovered during the home inspection. Before you even list your home, make sure that you take care of any major issues that are around your home like a leaky roof or cracked tile. This will save you a major headache later, because you won’t need to scramble to fix things after the home inspection. Buyers will also be more impressed with the home if there’s little to fix.
Don’t Overprice Or Underprice Your Home
If you don’t properly price your home, it could lead to a few major issues. You may be left wondering if you could have made more money on your home. On the flip side, your home could sit on the market for a long time, leaving buyers wondering what could be wrong with your property as to why it’s not selling.
Be Sure To Stage The Home
People will purchase a home based on what they see and how they feel. If your on-the-market home doesn’t look polished, there will be less interest in it. You don’t need to go overboard and make your home look like something out of a magazine, just make sure it’s clean. Things like dirty laundry on the floor, trash laying around, and papers on the tables are big turn offs for buyers.
With a little planning, the sale of your home should be a smooth and profitable one.
As a first-time home seller, you may feel the need to make a counter-offer based on a homebuyer's initial proposal. However, if the homebuyer rejects your counter-offer, you may be forced to return to square one in your efforts to sell your house and obtain the best price for it.
A homebuyer's rejection of a counter-proposal is not the end of a home selling journey. And for home sellers who know how to proceed after a counter-proposal is rejected, they may be able to streamline the process of getting the optimal price for any residence, at any time.
Now, let's take a look at three tips that a first-time home seller can use to handle a rejected counter-proposal on his or her house.
1. Consider the Homebuyer's Perspective
Why did a homebuyer reject your counter-proposal? A first-time home seller should consider why a homebuyer decided to move on from a house after a counter-proposal was submitted and learn from the experience.
For example, if a home seller held firm on his or her home price, a homebuyer may have been unwilling to pay this amount. Thus, a home seller may want to consider lowering the price of his or her residence in to help stir up interest from large groups of potential homebuyers.
2. Review All of Your Options
A first-time home seller who submits a counter-proposal and receives a rejection from a homebuyer still has plenty of options, regardless of the current state of the housing market.
For instance, a home seller can keep the price of his or her house intact. Then, this home seller can await potential offers that match or exceed his or her expectations.
On the other hand, a home seller may choose to conduct assorted home improvements to upgrade his or her house's interior and exterior. These upgrades can make a world of difference in the eyes of homebuyers, and as a result, may make a home more attractive than other residences that are currently available.
3. Collaborate with a Real Estate Agent
A real estate agent is a difference-maker for a first-time home seller, and for good reason. This housing market professional can offer expert guidance that a home seller may struggle to obtain elsewhere and ensure that a property seller can make informed decisions at each stage of the home selling journey.
With a real estate agent at your side, you can map out your next steps in the home selling journey accordingly.
Typically, a real estate agent will be able to tell you why a homebuyer rejected a counter-proposal on your residence. As such, you can learn from the experience and gain the insights you need to prevent the same problem from happening once again.
Selling a home can be difficult, particularly for those who have listed a residence for the first time. A real estate agent will help you take the guesswork out of selling your residence and do everything possible to ensure you can get the best possible price for your house.
Ready to overcome a rejected counter-proposal on your home? Use these tips, and you can proceed with confidence along the home selling journey.