Selling A House
Selling a house is different than buying a house.
The mentality you must have is almost the inverse of buying but not quite.
Your goal is to get the most you can get for your home, with the least amount of expenses involved in the shortest amount of time. In order to do this effectively, you must consider who the most likely buyer for your home is going to be and plan your sale around that. If you can effectively do that you will have a most pleasant experience selling your home….maybe…kinda…hopefully…just kidding…kinda.
Selling a home is not as technically challenging as buying, but mistakes made selling are expensive and once made are unavoidable in having to resolve them at your expense. For instance, you don’t have a municipal inspection prior to an accepted contract because you didn’t want to know what was wrong or plan on fixing what was; or the idea of spending the $25 for the inspection was too much money. You accept a contract and the buyer has a clause that you are required to order a municipal inspection and fix any predictions from it…and they cost you $1,500. Get the picture? Follow the game plan. Period!
The Game Plan:
- Make the decision to use a REALTOR® or not. (Click on FSBO or Realtor…which is the lessor of the two evils.)
- Determine the value of your of home. Click on What’s My House Worth)
- What do I need to do to the house to get it ready for sale? (click on Staging the House)
- Calculate the cost to sell and what funds you will have when it’s all over. (click on Cost to Sell)
- Create a marketing plan. (Click on Marketing Your Home)
- Execute the Plan.
- Negotiate the contract. (click on negotiating the contract)
- Complete your terms of the contract. (click on seller’s responsibility)
- Prepare to move.
- Close the deal. (click on seller closing)
The length of time to sell a house has increased dramatically. In markets gone by the wayside, the length was between 90-120 days on the market. In today’s market, it may take 6 months or longer from the time you put it on the market till it actually closes. The amount of inventory versus the number of buyers is presently disproportionally in favor of the buyer and will probably stay that way for a while. So the probability of selling in a reasonable timeframe will be determined by how aggressively you price and market the property. How it shows is extremely important as well.
If you follow the above game plan, you will optimize your opportunity and your bottom line. Give yourself plenty of time and put in the effort….You will be rewarded for it. Stay patient, keep the house clean, make it available to show at any time, and communicate well with your REALTOR® if that is your chosen path. The bottom line to selling a house is making sure you are competitive in the area where your house is located. Price, condition, location, and marketing sell houses.
Selling and buying a house at the same time is much more complicated. It can drive you and your family crazy. Do you sell first and then buy…which may require a double move? Do you put a contract on a house and then make it contingent upon the sale of your home…which may cause you to accept less for your home? Or lose your dream home? No answer fits every family, but knowing the risks of each choice will help you choose the right way to go for your family. (Click on selling and buying to know your options.)