The Decision to Sell
Selling your home is a big decision. You’re probably looking around your home right now, thinking of all the good memories. You’re probably a little hesitant about it, but you know it’s finally time. There are myriad reasons why you might be selling. You could have found another job or you’re looking to retire. Maybe you need a bigger home to fit the growing family. They are all good motivators, which is why it’s important that you know what you’re getting yourself into. Being resolute about selling your home is key. There is no going half-way in. It’s a process that takes 100% of your energy and 100% of your attention. Below is some in-house knowledge on taking the first steps to selling your home.
Choosing a Real Estate Agent
Any basic search online will show you a list of local real estate agents in the area; and you might do a little research into them. You might call them and see what they have to say. But there are two common mistakes homeowners tend to make when selecting an agent:
- Choosing the agent that offers the highest list price
- Choosing the agent that has the lowest commission
It’s obvious every home seller wants the highest possible price for their home and they want to pay the least amount of commission. However, these factors can delude you into hiring an incompetent agent — which will cost you money and time in the long haul. The key qualities to any good real estate agent is commitment.
Having experience and a long list of homes they sold is great, but it’s all due to commitment. It’s the one trait that gets the home sold. Knowing the market, neighborhood, and the right people to buy the house is what commitment brings to the table. They know who will be interested in your house. They know what price point your home is selling for on the market. And they know how to advertise your house. Those agents don’t waste your time or a buyer’s time. Talk to your agent and see how they’re committed.
What’s My Home Worth?
Everyone has spent years taking care of their house, and to sell it for something less than they think it’s worth is just heartbreaking. But the truth is, you can’t sell your home for more than a buyer is willing to pay. It doesn’t matter if you have that wonderful swimming pool in the backyard or that breathtaking view. If homes in the area aren’t selling for what you’re listing, you’re not going to get an offer. You’ll need to fight the temptation to pick the highest price and trust your real estate agent (considering you chose the right agent).
But how do real estate agents list your home for the right price? Answer: They use a comparative market analysis (CMA). What this does is compare similar homes for sale and recently sold homes in your neighborhood. Real estate agents know which homes sold for what and which features they had. So, when they sit down with you and talk about your home, they’ll show you what other homes sold for and what you can potentially get out of selling.
A couple added features might drive up selling points, but it’s not going to make you tens of thousands more. And another reason the CMA is important, is that buyers use them too. They know what homes are selling for and what they should pay. If you’re not in line with them, you won’t attract buyers.
Another advantage to selling now is the changing trend in the real estate market. Over the years, it has been transitioning into a seller’s market, giving you more negotiating power and access to more buyers. Even though the CMA limits how far you can list your price, those “special” features in your home will give you a little wiggle room for driving up the price.
Buyers begin their home search by looking at prices. They may not know exactly what they want in the house, but they generally have a mindset of how much they can afford. That’s why the traditional real estate slogan holds true: “Price it to sell.” If the price isn’t within their range, they won’t give your home a second thought. And lastly, once a buyer has found a couple homes they like, they’ll choose the property that offers the most bang for their buck. Most real estate websites and MLS sources offer virtual tours, high definition pictures, and feature sheets which help buyers decide.
So, when you decide to list your home, make sure you’re deciding on the right real estate agent and the right home price. They may be the first steps in selling your home, but they are the most crucial.
If you’d like more information about selling your home, send us a message via our Contact Page or fill out the free form below.