Massive economic challenges have hit the real estate industry. These difficulties then compelled consumers to become more meticulous before jumping into any transaction. And selling a home entails various considerations with regards to dealing with any sort of buyer, pricing and marketing the property. These main priorities and other factors involved in the selling process have to be detailed so as you can achieve and enjoy a profitable deal.

Preparing the home

Although you may have been attached to the property, treating it as a commodity would make the sale process easier. The first thing you have to do is to get a home inspection. There are many meticulous buyers today due to the numerous cases of fraudulent transactions between buyers and sellers or their respective agents. Once there are damages, even the minimal ones could deter a probable sale. Another case in point, there may be buyers who would pursue the deal but demand you to shoulder the expenses for the repairs and replacements. An initial inspection would have been relatively cheaper. A smoother sale transaction can then take place. Meanwhile, home inspections vary according to the part of the house to be examined. The major aspects you need to be concerned about are the following: electrical wiring, plumbing and water supply, septic deposit, drainage and tributaries, solid foundation of the structure and heating and cooling systems.

Further considerations may arise if your property is built before the late 1970s. Older homes were commonly constructed using materials with lead and/or asbestos. Only later on health problems were found in people who had long exposure to these elements. Thus, you need to hire professional services to test water sources, the attic, basement, walls and padding in your home if these have any traces of lead and/or asbestos. In addition, presence of other invisible, tasteless or odorless harmful elements like radon and carbon dioxide may be determined as well. If the tests came out positive, remove the concerned areas and replace them with non-toxic materials right away.

Formulating the asking price

This is the perhaps the most crucial task, which can even be the driving force behind the success or failure of your home selling endeavor. Over or underestimating the value and cost of your home will not be helpful. Buyers are not easily enticed with neither high nor low priced homes. Most buyers would be intimidated with expensive properties. Others would be put off by cheap homes as well. They would think that such home comes with attachments or liabilities like legal impediments or hidden fees. Thus, an in-depth evaluation of your home is required, basing on its physical features, initial price when you first bought it, some enhancements and other items like furniture included in the sale. On the other hand, not all the costs for repairs and included items can be part of the calculation. So what measures you can then employ to get a proper price? There are four ways such as:

1. Using comparative market analysis – this is a report of the current prices of homes in your area, which can then guide you on the latest price range.
2. Using an online home price estimation tool – this is available via the National Association of Homebuilders website. This presents average home prices in a particular location and the factors affecting such price.
3. Knowing the type of market in your locale – research if it is a buyer’s or seller’s market in your area. The former refers to an overflow of supply (houses) over demand (buyers). Such scenario calls for low prices. The other one pertains to the opposite scenario, wherein there are more buyers than the number of house. Thus, higher prices are acceptable.
4. Having a formal appraisal – this is dubbed to be the most accurate technique in establishing home value. A professional appraiser can be hired by you or your lender.

Marketing the property

First of all, great photographs of your home can say a lot to the prospective buyers. Prior to photo shooting your property, home staging would be an invaluable strategy. This task mainly focuses on improving the aesthetic value of your home. Make every part of your house look welcoming and enticing. Simple measures such as cleaning, organization of your personal belongings, repainting key fixtures like the doors, window frames and walls, mowing the lawn and landscaping or hardscaping can help improve the visual impact of your home.

Your attitude towards buyers is another marketing approach. Remember to create the balance between being persistent in updating buyer offers and clearly setting your terms and conditions of the deal. When you do one thing excessively, it can be interpreted either as being pushy or intimidating. Either way, you are subliminally pushing away buyers.

Once these guidelines are pursued, you have more chances in enjoying and achieving a rewarding sale.
Massive economic challenges have hit the real estate industry. These difficulties then compelled consumers to become more meticulous before jumping into any transaction. And selling a home entails various considerations with regards to dealing with any sort of buyer, pricing and marketing the property. These main priorities and other factors involved in the selling process have to be detailed so as you can achieve and enjoy a profitable deal.

Preparing the home

Although you may have been attached to the property, treating it as a commodity would make the sale process easier. The first thing you have to do is to get a home inspection. There are many meticulous buyers today due to the numerous cases of fraudulent transactions between buyers and sellers or their respective agents. Once there are damages, even the minimal ones could deter a probable sale. Another case in point, there may be buyers who would pursue the deal but demand you to shoulder the expenses for the repairs and replacements. An initial inspection would have been relatively cheaper. A smoother sale transaction can then take place. Meanwhile, home inspections vary according to the part of the house to be examined. The major aspects you need to be concerned about are the following: electrical wiring, plumbing and water supply, septic deposit, drainage and tributaries, solid foundation of the structure and heating and cooling systems.

Further considerations may arise if your property is built before the late 1970s. Older homes were commonly constructed using materials with lead and/or asbestos. Only later on health problems were found in people who had long exposure to these elements. Thus, you need to hire professional services to test water sources, the attic, basement, walls and padding in your home if these have any traces of lead and/or asbestos. In addition, presence of other invisible, tasteless or odorless harmful elements like radon and carbon dioxide may be determined as well. If the tests came out positive, remove the concerned areas and replace them with non-toxic materials right away.

Formulating the asking price

This is the perhaps the most crucial task, which can even be the driving force behind the success or failure of your home selling endeavor. Over or underestimating the value and cost of your home will not be helpful. Buyers are not easily enticed with neither high nor low priced homes. Most buyers would be intimidated with expensive properties. Others would be put off by cheap homes as well. They would think that such home comes with attachments or liabilities like legal impediments or hidden fees. Thus, an in-depth evaluation of your home is required, basing on its physical features, initial price when you first bought it, some enhancements and other items like furniture included in the sale. On the other hand, not all the costs for repairs and included items can be part of the calculation. So what measures you can then employ to get a proper price? There are four ways such as:

1. Using comparative market analysis – this is a report of the current prices of homes in your area, which can then guide you on the latest price range.
2. Using an online home price estimation tool – this is available via the National Association of Homebuilders website. This presents average home prices in a particular location and the factors affecting such price.
3. Knowing the type of market in your locale – research if it is a buyer’s or seller’s market in your area. The former refers to an overflow of supply (houses) over demand (buyers). Such scenario calls for low prices. The other one pertains to the opposite scenario, wherein there are more buyers than the number of house. Thus, higher prices are acceptable.
4. Having a formal appraisal – this is dubbed to be the most accurate technique in establishing home value. A professional appraiser can be hired by you or your lender.

Marketing the property

First of all, great photographs of your home can say a lot to the prospective buyers. Prior to photo shooting your property, home staging would be an invaluable strategy. This task mainly focuses on improving the aesthetic value of your home. Make every part of your house look welcoming and enticing. Simple measures such as cleaning, organization of your personal belongings, repainting key fixtures like the doors, window frames and walls, mowing the lawn and landscaping or hardscaping can help improve the visual impact of your home.

Your attitude towards buyers is another marketing approach. Remember to create the balance between being persistent in updating buyer offers and clearly setting your terms and conditions of the deal. When you do one thing excessively, it can be interpreted either as being pushy or intimidating. Either way, you are subliminally pushing away buyers.

Once these guidelines are pursued, you have more chances in enjoying and achieving a rewarding sale.

Courtesy: Real Estate Pro Articles (Fredrica Smith)