Just the thought of going through the whole process of selling a house can be overwhelming. But like any other project on earth, the right way to go about it starts with the planning phase.
But quickly a word of caution: if you haven’t sold a house in quite some time, brace yourself. Today’s buyers are no picnic. They are much more in the know about market dynamics and don’t tend to stick to seller’s schedules. That means that your home should be ready and perfect at a moment’s notice should Mr Potential Buyer decide he’s free to come and have a look.
However, with that being said, there are still some ways in which you can ensure your house’s sale is implemented quicker and easier.
A walk-in can’t be the first time a potential buyer takes a peek at your house. High-quality photographs, video walk-throughs, and perfect floor plans should all tell a story about your property – and that story should start long before the buyer sets foot inside your home.
This is where an expert agent who can develop a full-blown marketing plan, including social media, is vital. That is because the modern-day homebuyer does tonnes of research before going to see a listing, so your home needs all the PR it can possibly get!
Want to see if your estate agent will go above and beyond for you? Ask her for a reduction in her commission. If she agrees, fire her!
How can your agent negotiate the best price for you if they can’t even negotiate a full commission for themselves? Remember that your estate agents is your business partner through the whole process of selling your house, and you need to be sure that they’ve got your best interests at heart.
As we’ve said, buyer are much more savvy these days, and chances are that if they see your house listed too high while doing their online research, they won’t bother checking back again.
The more you have to cut your house’s price, the longer it stays on the market. Plus, many agents won’t even consider showing a house that’s priced too high, as they know they’ll just be wasting their time.
Another reason why it’s crucial to set the right price from the start is traffic. Research has shown that during a house’s first week on the market, it gets four times as many visitors as a month later. And if you end up dropping your price, it sends a signal to buyers that you’ll drop even lower. Estate agents describe this as ‘blood in the water’!
So, how do you arrive at the right price for selling your house? Your agent needs to show you up to 10 comparable active, pending, and recently sold (during the past three months) listings and sales. The most recently sold and the pending ones are the best for comparison – sales six months ago may not reflect what’s happening in the market today.
Don’t approach the selling of your house with a “we’ll see how it goes” attitude! It’s true that properties tend to sell faster in spring and summer due to the fact that families want to be settled in before the temperature starts dropping.
If your home is still available at the start of autumn, think twice about keeping it on the market. By then, a lot of buyers have already settled on their preferred properties. And should someone stumble across your house which has been listed for six months, they might think something is wrong with it.
Although every market is different, winter may actually be a better option. Someone trudging through freezing weather tends to be pretty serious about finding a house!
It never hurts to do a little maintenance before putting your house on show. And these actions have proven over and over again to have a definite impact on a house’s resale value (plus the time it takes to be snatched up by a buyer).
1. Extend. If your budgets allows for it, it’s recommend to turn your loft, basement or garage into a room. Adding an extra room, especially with an extension, means increasing your home’s space and, thus, its value.
2. Install central heating. A house that’s ripe and ready for winter will definitely make more of an impact on a potential buyer. The last thing someone wants to think about when walking through a house is about all the things they still need to add or change after buying it.
3. Double-glaze. Adding an extra pane of glass to your windows or opting for completely new windows are sure to boost your property’s value.
4. Add a parking space. Parking space equals practicality, which means a hike in resale value!
5. Improve your outdoors. Resurface your driveway, tend to your lawn, give the garden a makeover, paint your house’s façade… Remember that these all influence the first impression that other will have of your home!
6. Redecorate. Obviously you need to commit to decent TLC for your home’s interior spaces, too. But while changing the décor can raise its value, be careful not to opt for anything too trendy – today’s trend might be outdated by next month. Choose neutral colours for the walls and floors to make it more attractive (and timeless) to potential buyers.
7. Re-use existing space. Get rid of ‘dead space’ in your home. A walk-in wardrobe that’s not being used can become an en-suite bathroom, for example.
Good luck with selling your house!
That was for the sellers, but what about the buyers? See these 11 things you MUST check when viewing a property.