Once you have decided to #sellyourhome, it is good to be prepared and know first-hand the challenges you are going to face. Selling your home is a challenging process and it is not as easy as sticking the for-sale sign in your front yard. Being aware of the challenges will make the process of selling your home easier and less stressful.
One of the first decisions you are going to make is how are you going to sell. Are you going the FSBO (For Sale by Owner) route or are you going to list with an agent? Determine the pros and cons. FSBO may sound easy and look attractive for sellers who want to save money on agent commission but it also means more challenges when you’re marketing your home yourself.
If you decided to list with an agent, the next challenge would be choosing the right agent for you. Pick an agent who has the experience with your local market. You want an agent who is familiar with your neighborhood. Interview more than one agent and pick the one you are most comfortable with. It’s always good to work with an agent you are comfortable with because you’re going to work closely with this individual on a regular basis.
Your agent can help guide you to make the right decisions, especially if you are too emotional to create sound decisions yourself. As we already know, selling a home is really a challenge and if you can disengage your emotion about your home and view the process as a business transaction you will have a better chance of making a successful sale. Emotional sellers tend to make mistakes that are often costly, try to avoid these mistakes.
Read more: 5 Emotional mistakes sellers should avoid
What makes a house sell? Though there is no exact logical reason why a house sells faster than other properties on the market, it all comes down to three major factors that determine how long it takes to sell a house: price of the home for sale, condition of the property, and the location.
Read more: Factors to Consider in Pricing your Home
Of course there are also other factors that could affect the success of your home sale like market condition, if your local market is a buyer’s market, it can pose a challenge. If it’s a seller market, your chances of a successful sale is better.
Another challenge of selling a home is renovation or updating. Before you put your home on the market you have to make sure that it is in good condition if not best. A well maintained home will sell for more than a home in need of repair or updating but you also have to keep in mind that the cost you are going to spend on renovation or repairs may not be equal to the increase in your home’s market value.
When selling a home, these factors affect the market value and sale price of your home. These are the things you will consider when you decide to sell your home. If you need guidance or if you are unsure how to overcome this house selling challenges, feel free to contact us!