The Finance Blogger


Real Estate Selling Tips

Real Estate Selling TipsThere are a host of areas that many sellers and buyers need to consider when selling or buying their homes regardless of whether you sell it yourself or sell your home through a real estate agent. We are listing some of the more popular real estate selling and buying tips you can take to make sure there are no obstacles when it comes to selling or buying your new home.

Always review what ever ideas you plan for your home with your real estate agent. They may have specific tips that work in your market and also with the target market that you are aiming at for your home.

Real Estate Selling Tips to Sell Your Home

Decor – tasteful decorations, neutral colors and furniture that make the house show well without shocking the buyer. Buyers should measure all rooms to make sure that your furniture will fit into your new home.

Do not restrict access – Sellers should not set specific times for appointments. Remain flexible and reasonable to allow all potential buyers access. As owners try not be present during showings unless you are selling your home yourself.

Research Neighborhood – potential buyers should research the neighborhood. Look at local schools and after school programs. What is the neighborhood like at various times of the day? Check the transit schedule.

Good Deals at Auctions – can be found, but be careful not to get caught up in the excitement and bid too much for a home you have not had the chance to inspect. You never know what problems you are buying into.

Owner not present at open house – Owners who are present at the open house tend to intimidate the visitors. Be careful to not get defensive when people are critical of your decor or layout. They are taking the time to assess whether they could live in your home, so be patient.

More Items to Consider

Sell anytime, why wait for spring – homes sell anytime of the year. Why wait and sell in the spring for example when there is lot’s of competition.

Invest for Long term – buying real estate is a long term investment. Trying to play the real estate market the way you would the stock market is not possible with real estate with all of the inherent costs of buying, selling and moving.

Market home in different ways, MLS, Internet – There are several ways to market a home including MLS, Grapevine and traditional sales approaches like newspapers. Use them all to sell your home.

Remodel vs resale cost recovery – remodeling your home prior to selling can be a positive thing to do to prepare your home for sale, however be careful to manage your spending. Not all renovations will pay off and you may not get all of your money back.

Virtual tour of home – online virtual tours of your home provides a great way for people to see your home and decide if they want to visit for a more informed view. Always visit a home before buying any home.

Verify real estate advertising – verify all claims your real estate agent makes regarding their advertising. If you are looking at a home, check out all of the claims and confirm for yourself that these claims are true. There are code wors they all use to describe a home .e.g fixer upper equals ” needs a lot of work”

Final Issues to Consider

Treat hiring an agent like a job interview – you are hiring an agent to do a job and paying them a great deal. Hire them as if you were filling a job. Interview several agents before you make a decision.

Estimate time required for sale by owner – sales by homeowners take lots of time. If you do not have the time to manage your sales process, buyer visits and negotiations, your expectations may not be met.

Don’t purchase most expensive home on the block – purchasing one of the cheaper homes on the block means you are likely to get more money for your home when you sell since it will be  compared to all of the other homes in the area.

Set a budget for purchasing real estate – set a budget related to what you can afford to purchase that includes all utilities, decorating and moving costs along with monthly mortgage installment payments

Visit more than once before purchasing – visit many homes to get an idea of what is on the market and the prevailing prices. Visit the home you will by several times to make sure you see everything and avoid surprises. This can save you thousands of dollars

Be proactive at closing, get documents ahead of time – read all documentation ahead of time and know what you are signing, particularly the mortgage documentation so that there are no surprises.

Renovate before you sell and manage your costs – some times it is good to renovate before you sell. Renovations will help you sell your home more quickly, but you should not expect to get all of your renovation costs back.

Last of the Issues to Consider

Obtain pre-approval for a new mortgage – having a pre approved mortgage gives you the confidence to know which houses you can afford and make an offer on a home.

Don’t fall for the first home you see – The first home may be fantastic, however take the time to imagine what it looks like without furniture and how your furniture will look in this new home. Visit many homes to see what is on the market.

Obtain a professional inspection – can save you thousands by identifying major repairs that may be required and give you some negotiating room with the seller.

Don’t overlook hidden costs – such as window coverings, repairs to identified areas, selling costs, moving costs, decorating costs, landscaping, appliances, legal and taxes

Purchase what you want vs. what you need– buying more than you need only increases your monthly installment payments, leaving less money to do other things.

Don’t set your selling price too high – setting your initial price too high limits the market and may cause your home to be overlooked when buyers are doing online searches. Avoid getting greedy if you want to sell your home quickly.

Stage your home so that it shows well – A messy home or over crowded home just will not show well.  A cluttered home will make it difficult for the buyer to picture themselves moving into the home. Make sure your home is clean , tidy and not cluttered to maximize the selling value of the home.

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