From agreeing a price to showing your home to getting the loan in place. As April 3 (April Fool’s Day) fast approaches, potential buyers will be more than eager to open their eyes to the better home owners are usually busy. Though it can be a bit nerve-wracking, there are some things you should know about the process before you put your home on the market.
The basics When homeowners sell their home, they want to get the best price possible to help them move on with their lives and their new home. A majority of home sales throughout the United States happen this way, including New York. Appraisers that determine the home value are often qualified through a local property tax assessment. The process itself is based on determining the market value, making sure you have done a thorough job and not selling to get out of your home. Appraisers usually want to see a few visits to the property, as well as photography. If you want to show your home to potential buyers, a local real estate agent can lead you through the entire sale process and walk you through the information they have for the property. The list price for homes is based on areas of the home where there are a substantial number of sales in a short period of time. This can create a price for the home that is expensive compared to what they say they are worth. Many agents advise a list price that includes the value of the home in relation to other nearby homes for sale.
Price is important Sellers are important. They want to get the highest price that they can and allow themselves time to get closer to closing. If you’re thinking about listing your home but are not sure about the size of the home, try listing in the more expensive section of the neighborhood. This gives a perfect example for how large the home is. Your home is important, but your home isn’t the most important to the buyer. And if you think that you’re the home seller, you don’t necessarily want to go into negotiations. It is okay to have the potential buyer pay the $10,000 to $15,000 you charge in the listing fee. Although a large buyer should still factor in the seller’s agent fees, it’s still important to get the highest price possible.
You’re up against competition Your home may not be the most expensive around, but it doesn’t mean you can’t compete with a better home on the market. To do this, your home will need to be priced competitively and then put in a presentation the buyer can’t refuse. Depending on the amenities on the home and the location, be sure you include factors like the quality of the exterior, which will enhance its potential appeal. A good budget to work with is: 40 percent of the previous market value. There are a lot of different factors that can influence the price you want to ask. The listing’s ratio will determine whether it is advantageous to list your home for more or less. Remember, you are competing with other homes, not one huge expense. Take your time when you are selling your home. Once you are committed, it is important to stay committed. Buyers may try to offer more. Or they may stop showing your home for a few days. Your time and money will be better spent when you are truly ready to sell. You can check out some other tips to selling your home in our infographic.
Woman holding an investment, purchased some shares of the home-grown Underwood brand. Photo: courtesy of Underwood
The Underwood family home. Photo: for Home Beautiful