What makes Christmas and New Year’s better than friends, family, and savings? How about owning a home? The holiday season is a cheerful time spent with family, but for those of us with families
A Home Selling Mini Guide
Real estate agencies focus heavily on educating buyers because without home buyers, real estate transactions don’t happen. But there’s a lot of benefit for educated sellers to work with qualified agencies, which is why we’ve prepared this home selling mini guide.
The Financial Side of Selling a House
Your first task as a home seller is finding your bottom line. You’ll want to conduct some preliminary market research, including scouting out the state of For Sale real estate in your neighborhood, community, and town or city.
Look at recently sold homes. How much did they sell for? How do their features compare to your home? Could your home, in its current condition, fit the same price point or maybe one slightly higher?
The micro market in your neighborhood or subdivision will have a major impact on the saleability of your home. For example, if homes near yours with comparable square footage, land, and features are selling in the $150s, chances are you can find a buyer willing to pay the same for yours. If your home has extra features, like a double stall garage versus a single, a gazebo, or more square footage and more bedrooms, you could likely up your price exponentially.
If the houses in your local market follow a trend of reductions prior to a sale, take this trend into consideration when finding your bottom line. For example, if houses start in the $150s but sell at the $130s, don’t set your asking price low. Homebuyers watch market trends, and they’ll automatically look to bring your asking price down by $20k.
Before putting your house on the market, invest in a professional home value assessment. An assessment along with local market trends is a good place to start when looking for your bottom line. And don’t forget the additional costs that need to be factored in from listing fees to the possibility of covering a portion of or all of the buyer’s closing costs. Know what you can do to sweeten the deal without hurting your bottom line.
Listing Your Home for Sale
Marketing, or listing your home, is crucial. Not only will it encourage a fast sale, but it will also put your house where prospective buyers can easily see it.
When you list a home with Blu Skyy Realty, we work to save you money from the start. We work diligently to market your home in the best ways possible. Unlike other companies, we actively work to be a resource for homebuyers. Buyers know to search our neighborhood listings for the latest and greatest real estate in popular neighborhoods throughout Virginia Beach, Norfolk, Hampton, Gloucester, Williamsburg, and other major cities and areas throughout Hampton Roads.
Listing your home with a real estate agency is a smart financial move, but it’s also a smart investment. There are major benefits to working with a real estate agent over selling your house on your own.
Why Work With a Real Estate Agent?
You can try to go the For Sale by Owner route, but it’s tough. You can even try to sell your house on craigslist.com, but this option comes with risk. Some people get lucky using Craig’s List, but you shouldn’t hinge the success of such a huge financial transaction on luck!
Qualified real estate agents first know how to best market your property to the masses. They know how to attract serious buyers, both local and out of town. They also have a huge amount of experience with the selling process. This means they can singlehandedly walk you through the staging, negotiation, and closing processes.
At the end of the day, a real estate agent coupled with their agency resources can save you time, get you a higher asking price, and remove the headache of figuring out all the paperwork. Real estate transactions come with a literal mountain of paperwork. Don’t try to navigate it alone and with zero experience; it could be the mistake that blows the entire sale.
How to Nail a Quick Sale
Your goal as a home seller is to nail a quick sale. The less time your home sits on the market, the more money you’re likely to make. Your real estate agent can help you do just this by decoding real estate news and helping you avoid homebuyer turnoffs right from the start. But a few other things come into play for selling fast:
Price It Right: Comparative market analysis is important. It identifies local sales of homes like yours, and it only compares your homes to similar homes. Pricing right from the start is important. Talk to your agent about a comparative market analysis.
Nail the Debut: First impressions are lasting impressions, which is why nailing the debut of your home on the market is so important. You need professional pictures to accompany your listing. Think about hiring a professional stager to assist with showing the best side of your home. And don’t forget to host an open house over the weekend to drum up interest.
Collect Feedback: Once your house has debuted, the request for private tours will start rolling in. Your agent should be talking to each buyer’s agent and asking for feedback on the property and its price. Collecting feedback is one of the quickest ways to see how your house is fairing, from price to presentation.
Be sure to apply any feedback you receive constructively. For example, if prospective buyers keep saying the home is overpriced because it needs some basic cosmetic changes or minimally expensive upgrades, look into making the changes yourself instead of decreasing the asking price. If done properly, you could potentially increase the value of the property and see a better return than initially expected.
The cold, hard truth is that once your home hits the market, you’re at the mercy of the waiting game. But if you work together with a local agent and continuously promote the property, you can achieve the best possible outcome – a bidding war between serious homebuyers.
Having lived in other cities, such as Cleveland and Idaho Falls, I only appreciate Hampton Roads that much more. Why? Because from almost anywhere in our area, a beach is only about a 20 minute dri....