Home selling strategies
Strategies for SELLING YOUR home
5 MUST-HAVE Strategies to selling Your Home
Selling your home? Check out my 5 must-have strategies to ensuring your selling process runs smoothly.
1. Make the Most of that First Impression
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A well-manicured lawn, neatly trimmed shrubs and a clutter-free porch welcome prospects. So does a freshly painted – or at least freshly scrubbed – front door. If it’s autumn, rake the leaves. If it’s winter, shovel the walkways. The fewer obstacles between prospects and the true appeal of your home, the better.
2. Invest a Few Hours for Future Dividends
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Here’s your chance to clean up in real estate. Clean up the living room, the bathroom, the kitchen. If your woodwork is scuffed or the paint is fading, consider some minor redecoration. Fresh wallpaper adds charm and value to your property. If you’re worried about time, hire professional cleaners or painters to get your house ready. Remember, prospects would rather see how great your home really looks than hear how great it could look “with a little work.”
3. Preparing your home for an inspection
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If you’re selling your home, be prepared for a visit from a home inspector, who will be checking out the property on behalf of possible purchasers. Take a look through your home using these steps, and repair any problems to ensure that your inspection is a success.
Make sure the structure is sound. Check to see if any renovations have damaged the structure. Look for termite damage. Ensure that “settling” hasn’t caused damage to the foundation or support beams and joists.
Check if electrical and wiring systems are safe. Loose wires or incorrectly installed or wired receptacles, switches or electrical box problems are hazardous and should be fixed. All homes should have a minimum of 100 amp service.
Look for leaks. Water can leak into unexpected places, causing extensive damage over time. Examine the underside of sinks and dishwashers, along ceilings, on floors or along basement walls. Plumbing fixtures, water-using appliances, drain pipes, water supply inlets and outlets, basements and roofs can all be causes and sources of water damage. Resolve safety issues. Make sure windows open easily and lock securely, and entrances/exits can be securely locked. Correct hazards such as hidden curbs, loose railings and stairs, uncapped wells, etc.
Look for leaks. Water can leak into unexpected places, causing extensive damage over time. Examine the underside of sinks and dishwashers, along ceilings, on floors or along basement walls. Plumbing fixtures, water-using appliances, drain pipes, water supply inlets and outlets, basements and roofs can all be causes and sources of water damage. Resolve safety issues. Make sure windows open easily and lock securely, and entrances/exits can be securely locked. Correct hazards such as hidden curbs, loose railings and stairs, uncapped wells, etc.
4. Don’t Shut Out a Sale
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If cabinets or closet doors stick in your home, you can be sure they will also stick in a prospect’s mind. Don’t try to explain away sticky situations when you can easily plane them away. A little effort on your part can smooth the way toward a closing.
Here’s how mortgage approval works: the amount of money you qualify for, plus the amount of cash you can put down equals the amount you can afford to spend on a home. Most lending institutions won’t allow more than about 30% of your income to support a mortgage. If you have other debts, they usually won’t allow your debts and your mortgage to exceed 40% of your income.
5. Don’t Overprice Your Home
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Some sellers believe that if they price their home high initially, they can lower it later. Instead of making you more money, this strategy could end up hurting you.
Early activity is key. As soon as a home comes on the market, agents and potential buyers sit up and take notice. If it’s overpriced, interested parties will quickly lose interest. By the time the price drops, the majority of buyers are lost. When a home has been for sale too long, buyers will be wary and may reject the property.
You’ll miss the right buyer. You may think that interested buyers can always make an offer, but if your home is overpriced, potential buyers looking in a lower price range will never see it. And those who can afford a home at your asking price will soon recognize that they can get a better value elsewhere. You could run out of time. You may end up having to drop your price below market value if your home doesn’t sell initially. Price it right the first time, and you won’t end up having to sell it for less than it’s worth.
You’ll miss the right buyer. You may think that interested buyers can always make an offer, but if your home is overpriced, potential buyers looking in a lower price range will never see it. And those who can afford a home at your asking price will soon recognize that they can get a better value elsewhere. You could run out of time. You may end up having to drop your price below market value if your home doesn’t sell initially. Price it right the first time, and you won’t end up having to sell it for less than it’s worth.