So, you finally got off the fence and decided to “make the move.” That’s great! Here are a few things you should consider prior to placing your home on the market.
First, schedule a meeting with your Realtor. He/she will visit your home to discuss in detail your real estate goals. Some questions they may ask will be … What has brought you to the decision of selling your home? Is there a timeline you need to work within? Will you be purchasing another home, or will you be renting? Do you still have a balance on your mortgage? If so, do you know approximately what that balance is? If you are purchasing another home, will you need to pull the equity from your sale to put down on your new home purchase? Have you spoken to a mortgage lender to get pre-approved if you are planning on taking out a mortgage? Do you plan to move local or to another state?
It is important that your Realtor have a good understanding of what your goals are, so together you are able to establish a plan of action which will allow you to set reasonable expectations that will enable you to move forward with better ease.
Your home’s value will play a large role in determining how you will move forward or not. If you are in negative equity situation for example, that is an important factor to know and consider in your decision-making process. To establish the market value of your home, your Realtor will prepare a Comparative Market Analysis, taking note of all relevant factors that will come into play when establishing value. This includes reporting homes similar to your home with similar criteria such as town, style, number of bedrooms and baths, square footage year built and acreage. The condition of your home as it compares to the homes in the report will be evaluated in the analysis.
Once the market value of your home has been determined and you have decided to move forward and put your house on the market, it is now time to get your home show- ready! At this point, your Realtor would have discussed any items that he/she felt necessary to address prior to placing your home on the market. If the home is in need of any major repairs or updating, that should be reflective in the price. For example – any suggested upgrades, mechanical, electrical or plumbing issues that may have needed to be addressed, or whether the home being sold “as is.”
And lastly, first impressions matter! Often, we will see curb appeal at the very top of the list as first impressions really do matter! Freshening up the flower beds, a fresh coat of paint on the front door, if necessary, a few flowerpots and a welcome mat at the door is a perfect touch. A fresh coat of paint on the walls is an inexpensive fix and will do wonders if needed. Your Realtor may discuss staging the home if they think it would help in the sale of your home.
Regardless of it being a seller’s market, it is still important as a seller to give your home the best opportunity for gaining the most value once it hits the market. If the potential buyer is not impressed when they first do their “drive-by” – the home showing may not even make it to their list.
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