Selling your home is an experience that involves a complex mix of financial, physical, and emotional issues. It could be considered one of the most stressful events in an average person's life.
To help you avoid the pitfalls and headaches that can beset you when selling your home I have provided you with the Do's and Don'ts of pricing your home.
Whether you choose to work with a REALTOR® or sell your home yourself, I am confident that you will find this a valuable resource.
If you have questions, or would like a free home market evaluation please do not hesitate to call, text message or email me.
DO seek the advice and guidance of a REALTOR®
DO make a list of the special features in your home, and any upgrades you may have completed. Review that list with your REALTOR®
DO look aat the most recent sales for homes similar to yours. A REALTOR® will be able to provide you with the most accurate and up to date information
DO step back emotionally and prepare mentally to let go of your property. Once a house hits the market, it's time to stop thinking about it as a home and start thinking about it as a marketable asset. Attitude makes a huge difference in all aspects of the home selling process.
DO tally up estimated expenditures. Manage your expectations of any potential profit from the sale by calculating net proceeds. Most REALTORS® will be able to provide you a list of what should be calculated. Items that usually affect the seller are the homes original cost and any remaining mortgage obligations, taxes, real estate commissions, repairs, closing costs and moving expenses.
DO consider offering purchase incentives such as; buy and provide a home warranty or offer to negotiate furnishings or appliances that might move a buyer into a final contract.
DO expect a qualified agent to have a compelling marketing plan.
DON'T be emotional and argumentative about price. If you insist on a higher than recommended price point, understand that the house may be slow to sell, and may end up selling for less than fair market value after price reductions. Condition of the home, price, timing and location are the main variables in real estate sales.
DON'T assume you can price your home based on the amount you paid. What matters is the value now, under the current market conditions.
DON'T assume that offering a cash discount for a needed repair is as effective as getting the problem fixed. Buyers often don't want to deal with the hassle of repairs and would prefer a home in working order. Offer both options to see what the buyer wants.
DON'T expect that every upgrade or remodeling expense will provide a proportionate increase in your listing price. If you're undertaking projects specifically for a sale, take care to research which ones will provide the most bang for your buck in your area. Buyers everywhere love nice kitchens and baths, and it's interesting to note that limited makeovers of those spaces often have a better rate of return than full scale redesigns and renovations. A little work can go a long way.
Source: Homes and Land Edmonton (Print Copy)