3 things you must know before selling your home

Nathan Hepler
Published on November 16, 2022

3 things you must know before selling your home

Making the decision to sell your home may be easy. Then again, for some, it’s wrenching. After all, whether it’s a condo in the heart of the city, or a suburban tract home, our homes are full of memories and provide sanctuary at the end of a grueling day.

Once you’ve made up your mind to sell, however, you’ll be faced with a lengthy list of additional decisions. So, take the time, right now, to understand three very important aspects to the successful sale of a home.

1. Understand market value

The list price of a home represents what the seller thinks, or hopes, the home will bring.

But, it’s the sales price of recently sold homes that largely sets market value. To determine market value requires looking into the recent past for homes that have sold that are similar to yours. It’s how appraisers will value the home and it plays a big part in how we come up with a list price suggestion.

Setting the right price right out of the gate is key to getting your home sold quickly.

2. Hit the ground running

Your home’s presentation has a huge influence on whether you’ll actually receive the price you’re hoping for. Remember when you were house hunting? We’re willing to bet that some were in such horrid condition you didn’t even want to leave the car.

Then there were the pristine homes – those that appeared ready to move right in.

Naturally the owners of the pristine homes got more money from the sale than their slovenly neighbors.

Ensure you’re a member of the high money-making group by amping up your home’s presentation. Make cosmetic repairs and clean the home until it’s impeccable.

Get inspiration online at HGTV.com and snag some handy decluttering tips from Molly Maid.

3. Don’t lose money by trying to sell it yourself

Seems rather self-serving for a real estate agent to warn you not to sell the home without the services of an agent. So, I won’t. What I will share are some statistics:

  • Nine percent of home sellers attempt to sell without an agent. Nearly half of these homeowners were selling to someone they knew. So, in reality, only 4.5 percent go the For-Sale-by-Owner route in a standard sale.
  • Homebuyers think that FSBO homes are easy to pick up for a bargain price.
  • Homebuyers expect the seller to kick back some of the money saved by not using an agent.
  • Homes sold with agent representation sell for more than those sold by owner.

In fact, “… the median selling price for all FSBO homes [in 2018] was $190,000 … When the buyer knew the seller in FSBO sales, the number plunges to the median selling price of $160,300,” according to Amanda Riggs, research survey analyst for the National Association of REALTORS®.

“For homes sold with the assistance of an agent, the median selling price was $250,000 ̶ that’s $60,000-90,000 more for the typical home sale,” Riggs concludes.

It’s important to know the basics before listing your home for sale. We’re happy to walk you through the rest of the process with no hard-sell and no obligation to use our services. Feel free to contact us.

 

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