Steps in selling houses in the real estate market
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Tips for selling your house yourself
For Sale By Owner (FSBO) may be an option if you completely understand the selling process and the preparation necessary to sell a house successfully. Some people try the FSBO initially just to see if they can sell it themselves. Most of the time that decision will change.
Setting a fair price
Over-pricing your house is one of the biggest mistakes homeowners make. Real estate is a highly competitive business and knowing how to price your product for top-dollar AND a fast sale is critical. Learn the tips professionals use to establish a fair price for a fast sale.
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Understanding the
house selling process
Do a little homework first
You can ask any price you want for your house, but that doesn't mean that's what the property is worth. It is what someone is willing to pay for your house that determines its worth.
A big factor that buyers use to determine how much they are willing to spend is based on what other properties in the area have sold for in the past. This is called comparables.
When you finally do decide on a real estate agency, they should provide a comprehensive list of comparables for your area, plus how long each of these properties were listed before they sold and if any price reductions were made.
Before you actually put a for sale sign in your front yard or contact a real estate agency, do a little homework. You want to know what other properties in your area are listing for. If possible, go to some open houses to get a picture of how these homes look on the insides.
Do some internet market researches for your area to see some pricing. Even if you're going to ultimately use a broker, do this research on your own first so you'll be able to have a good idea of what's what in your area.
You can also check out the county recorder's records for recent sales in your area.
During this homework period, you should also be looking at areas in and on your property that need repaired. Consider hiring a home inspector to look at the property from a trained eye. A prospective buyer will most certainly do the same thing and what they find may mean the difference between a sale and no sale. You don't want to waste a valuable offer that gets lost because of something the home inspection turned up. If that's the case, you've not only lost a possible sale, but also valuable time the house was on the market. The longer a house is on the market, the more likely that buyers will expect a reduced price.
Your goal should be to sell the property absolutely as quickly as possible. That means not putting it on the market until everything is right and problems fixed. You want your house to be in top selling condition the day it goes up for sale. This will help reduce the days you will have it listed.
Days on Market (DOM) is a critical factor in the selling success of your property. Thirty days or less is considered exceptional.
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