Before you go about selling your house, it is important to take the steps necessary to sell your home correctly. Many people make the same common mistakes that could be avoided by following these simple steps.
Watch my video on the 6 Steps To Take Before Selling a House!
If you are working with a realtor in your real estate transaction, it is important to factor in the realtor’s commission when pricing your home. The realtor’s commission often varies between 5 and 6 percent.
If you decide to sell your home without the help of a realtor, you must still consider a buyer agent’s commission. Not hiring a selling agent requires you to perform all the duties of a sellers agent. Hiring a contract lawyer may be a good idea if you do decide to sell your home.
Repairing major or minor problems could significantly increase the value of your home. Now is the time to paint the bedrooms, fix leaky faucets, or lubricate creaky door frames.
Getting your own home inspection is a great way to discover major problems that could prevent a smooth transaction with a potential buyer. Buyers will perform a home inspection on your house before moving further on in the deal.
Hiring a professional stager if your home is vacant is a great way to create a lasting first impression to any potential buyers. Staging helps create a clear picture of what a buyer’s new home may look like.
Buyers often choose a home based on how the home makes them feel. Creating a neutral environment allows the buyers envision themselves living in your home.
Figuring out what the market is willing to pay for your home is crucial to selling your home. Finding out what homes have sold from the past 3 months helps find out what your home may be worth. Finding out what homes are currently selling for is your competition which you may adjust for accordingly.
Do not overprice your home. Overpriced homes do not sell well. A better technique would be to list your home 10-15% below its market value to bring more attention to your home versus your competition.
Find a Lender
Find out how much you need to pay off on your existing mortgage. Then find out what financing options your lending institution can offer you in your new home. Be sure to shop around for your lender to find out which lender gives you the best rates.
Doing this step could mean the difference between being ready to move to your new home and finding out you are not qualified versus having a trouble-free moving experience.
Sell Before Buying
Try to focus all of your efforts on selling your home first. It may be tempting to go home shopping and making offers while trying to sell your home but that is not the way to go. You do not want to be caught in a situation where you have purchased a new home only to realize your old home might not sell and be stuck in a situation where you are paying two mortgages.
Homeowners that sell first, then buy later make more money than homeowners that buy first, then sell. Homeowners that sell first are in no hurry and under no obligation to sell their home because they don’t have two mortgages to worry about.
Homeowners that sell first then buy later often rent a place before purchasing a new home. This allows the seller to find that perfect home with no need to rush.
For more information on Maryland Real Estate be sure to visit Carlos.thinknewman.com for access to live, up to date information on homes in your area. Text Carlos on Facebook, Twitter, Instagram or call 301-785-1946 for your free consultation.
Looking for a new home? Click here for my guide to the pros and cons of renting vs buying.