7 Steps for Selling your Home
Step 1: Reason for Selling
Selling your home is a more emotional process than buying a home, and the reason for selling your home can be a determining factor in the urgency of your sale. This urgency also may have a direct effect on the price of the home.
When contemplating selling your home it is important to take the following factors into consideration:
- > Reason for selling
- > Location
- > Price
- > Condition of Home
- > Size
- > Design / style
- > Accessibility
Step 2: The Cost of Selling
Before listing your home it is important to do your homework to make sure you know the expenses that maybe incurred while selling you home. This a critical part of the process as it will help you gain prospective of where you stand financially, as well as what the potential profit you may benefit from.
Things you should take into consideration for costs of selling your home may include: Commission, Taxes, Lawyers Fees, Moving Costs, Mortgage Penalty, Associated costs i.e.: Septic Pumping.
Step 3: Price
The most important factor when putting your home on the market to sell is making sure you price is right the first time! The Listing Price at which your property is marketed at can make or break the deal.
Over-pricing your home may result in:
- > A substantially smaller buyers pool
- > A prolonged stay on the market that will result in lower offers being submitted
Under-pricing your home may result in:
- > Taking a financial loss on your investment
- > A buyer offering an even lower amount due to a negative perception of the property or are
Step 4: Location
Location, Location, Location! Although you cannot do anything about the location of your property, it does play an extremely important part in the marketability of your home. This being said it is important to take the following into consideration:
- > How is your home priced comparatively to others in your neigbourhood?
- > What type of neighborhood is your property located in - well-established, up-and-coming, transitional?
- > Is your property located in an urban or rural area
Step 5: Condition of Your Home
The condition of your home is always a major factor in how quickly your home will sell. It's a fact: acquiring the highest market value and elevating your home above the others in the same price range often comes down to first impressions. Maximizing your homes curb appeal will help with a buyers first impression, here are a few inexpensive ways to enhance your curb appeal:
- > Keep the grass cut and yard clutter to a minimum.
- > Apply fresh paint to any wooden fences and your front door.
- > Clean windows inside and out.
- > Have the outside of the Home cleaned.
- > Make sure your rain gutters and other exterior fashions are firmly attached.
Step 6: Staging
Having your home show ready is extremely important. One way to have it show ready is to have the furniture well placed. This tends to open up rooms and make them seem larger than they are. Make sure to have drapes and blinds opened, and the lights turned on. Staging your home to look its absolute best is an important factor in the selling process.
Here are some inexpensive ways to highlight your home's best features:
- > Clean Walls or freshly paint them.
- > Clean all flooring and fixtures - lights, fans.
- > Repair all plumbing leaks.
- > Remove excessive wall hangings, furniture, and extra personal goods.
- > Turn on all lights and open the drapes during the daytime.
- > Play quiet background music and infuse your home with a comforting scent.
- > Vacate the property when and if it's being show to prospective buyers.
Step 7: Accessibility
Accessibility is a major issue in many parts of the world. Again you cannot do anything about your home's accessibility to specific things, but it does play a role in the price of your property. Your agent will work with you to highlight the places of interest that are most accessible to your home.
Here are a few important areas to think about:
- > Public transportation
- > Main roads
- > Shopping centers
- > Schools and other educational institutions
- > Outdoor areas - public pools, parks, playgrounds
- > Entertainment