Selling your house is an involved process that requires time, dedication and a commitment to involving the right people. Here are a few things you’ll want to consider before putting your home on the market.
Your Home's Real Value
The first step is determining how much your house is really worth. We can help estimate your property’s value based on based on factors such as features, square footage, condition, location, as well as current and recent market conditions, to name a few. Many sellers tend to think their home is worth more than it actually is. This is partly because they often have emotional connections to their homes and falsely attribute a dollar value for what is really sentimental value.
Closing Costs and Considerations
Understanding your home’s true value allows you to work out the economics and decide whether selling your house makes sense for you. As a seller you’ll have some basic closing costs and the agent commission to cover. More importantly, you’ll have to consider satisfying any mortgages, lines of credit and loans against the property. If you don’t have enough equity in the house to cover these costs, you might find yourself losing money on the transaction. Every decision you make will be affected by how you understand your home’s value. Another major consideration is identifying the next step in your own personal life. Are you renting vs buying a home? Are you depending on proceeds from this transaction to help fund this next step? If you are, you’ll need to account for this in your transaction and make sure the economics make sense. We can help you break down the costs and considerations during a sales transaction on both the buying and listing side.
The Real Estate Broker
Knowledge is the single most valuable resource to the entire sales process. With twenty four years’ of experience, we have a strong understanding of the local real estate market, industry trends and all the players. When you’re working with us, we bring insight and information that will help guide you through the market and make the best decisions to achieve your goals including:
- Defining the right listing price – Overpricing a house will turn buyers away. If you come on the market at a price that’s too high and then lower it, the listing can lose creditability, become stale and sit on the market. The most successful transactions are priced appropriately and sell quickly.
- Knowing how to negotiate – Negotiation is a delicate art. As sellers, we have emotional connections to our property and often let that get in the way when negotiating with a buyer.
- Effectively marketing the property – Statistically, properties listed by brokers sell more quickly and command higher offers. According the National Association of Realtors, in 2012 broker listed homes sold for about $40,000 more than similar homes that were listed for-sale-by-owner.
Showing the House
Buyers often have difficulty envisioning the real potential of a property. They can’t always visualize how they would use the space. Preparing your home for sale will help your property stand out and emphasize its best qualities. “Home staging is like dressing your house for success,” Patte Lau, Interior Stylist, says. “Just like you would prepare for a very important interview, first impressions of a house are a top priority.” First impressions are everything. Most buyers make an instinctual decision about buying a property within the first few minutes of arriving. A 2012 study by the Real Estate Staging Association® shows staged homes spent 73% less time on the market. “174 homeowners had their property on the market on average of 156 days before they decided to stage. Those same homes were staged and sold in 42 days on average after staging.” We help you prepare your house to show well. Staging properties can include everything from eliminating personal belongings, replacing furniture and even landscaping! Depending on the condition of your house, and what kind of staging work needs to be done, there may costs involved with this. You’ll want to keep the house in showable condition until the house is sold. Lastly, it’s important to maintain a consistent and convenient schedule for prospective buyers to visit the property. So here you have a glimpse of what you might expect when selling your house. By doing your research and understanding the entire home selling process, you can eliminate any surprises and make this a pleasant experience. If you have any questions about real estate in Rochester, MN, feel free to give us a call.