One of the things we real estate agents hate is what most buyers expect when they hire us – they expect us to sell the property within the next week. While it’s not impossible, these expectations can be unrealistic when certain things are not in order.
The sale of the house depends more on the owner than the house itself. There is a window of opportunity that allows the owner to sell the house for top dollar. No, I am not talking about the seasons. This is more about knowing how good the market condition is at that time and what your expectations are.
To make it convenient for the owner, I have come up with five ways that will not only help the owner make a profitable sale, but will also help them in buying their new house easily:
1. Can You Afford the Move?
Unless you have got the Genie Lamp and wish for your sales costs to disappear, it’s better to not sell the house. Real estate commission usually ranges from 6% to 10%. Factor in the moving expenses, notarization of legal documents, closing costs, etc., and you will have to dip in your savings account to pay all these off. So, make sure that you have enough cash in hand to pay for these costs.
2. How Much Equity Do You Have In Your Home
Equity is your home’s value minus any outstanding home loans. It is the right moment to sell your house when the sale price not only covers these outstanding loans but all sales related cost as well. You can call it a win when you don’t have to pay a dollar out of your pocket.
If this is not the case, it’s better to wait and pay off your mortgage until such a time comes where your home’s value has increased.
3. Complete All the Repair and Remodeling Projects
A little remodeling goes a long way in increasing you home’s sale price. Now, I’m not saying that you go all crazy and install a new roof or a swimming pool in the backyard, but small changes can make a huge difference. Re-paint the rooms, change the broken kitchen cabinets, replace the sink and toilet in the bathroom, etc. These changes will allow you to increase the asking price with the right reasons.
4. Selling In Season and Off Season
In real estate terms, in season house sales fall under summer, and off season house sales fall under winter. It’s simple – summer is warm, the school session is slow and moving is easier. In the last five years, around 39% of the houses have been sold in summer. There’s even a chance that you can sell the house above the listing price.
5. Your Family is Expanding
Is there going to be a new addition to your house such as a child or a relative who will now live with you permanently? Did you get a promotion and need to move to another suburb? Are you happy with your house? If your house is no longer fulfilling your needs, then it’s time to move. However, make sure that you are moving for the right reasons and at the right time.
In my opinion, an owner can only sell their house, if they are mentally ready for it. Selling a house is not that easy and can be quite stressful. With a real estate agent by your side, you can make this process stress-free. Steve Bhalla is a real estate agent, who helps people in selling their house for top dollar. Visit SteveBhalla.com if you are looking to sell your property with the help of an expert real estate agent in the market.