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5 Things to Think About Before Listing Your Home

 

Couple sitting on steps of sold home.

Editor’s note: This blog was originally posted in 2014, but has been updated for timeliness and accuracy.

Most homeowners believe their home is a good financial investment, in fact, 84% of Americans do, according to a 2017 survey by the National Association of Realtors. A personal residence is generally the largest-single asset most individuals have and it is an emotionally charged one … all those memories! However, if you are looking for a return on your home investment you must be smart in your approach to selling. Logic must be foremost when planning your marketing strategy and emotion has no place in that plan. Before listing your home, here are five things to think about:

1. Be realistic about your home’s current value. What you bought your home for 20 years ago will not reflect what your home is worth in today’s market. Owners should not get greedy when choosing a listing price. Homes that are overpriced from the beginning tend to eventually sell at a lower price. A reasonable price will be based on what comparable properties are selling for and your home’s appraised value. “No offers within a 30 day period means the price is too high,” real estate agent Djana Morris wrote in The Washington Post.

2.  Make your home look its best. There are plenty of shows on TV today that will tell you the importance of making your home look its best. It is a simple fact that staging and curb appeal help sell homes. Clean out clutter and fix any major aesthetic issues before you list your home. According to the Real Estate Staging Association, professionally staged homes can sell five to seven times faster than non-staged homes.

3. Be open to negotiation. When you set a fair price for your home, be sure and include some wiggle room. That wiggle room could be in the form of concessions like paying closing costs or throw in appliances to sweeten the deal. Many offers begin well below the asking price. You can make your home sell faster by being willing to accept slightly less than the asking price for your home. An experienced real estate agent can help you negotiate the tricky path to getting the price you want.

4. Be truthful about your home. Never try to cover up a flaw or problem with your home. That leaky roof you forgot to mention can come back and sink the deal in the end.  Be upfront about all home issues, current or potential, and price your home to reflect those issues. Full disclosure is the best way to avoid a lawsuit.

5. Have a backup plan. A perfect scenario is selling your home a few days before you close on your new one. If that doesn’t happen for you, make sure you have a plan in place that will keep you from paying two mortgages at the same time or not having a place to live when your home sells before you find your next home. Plan for everything! Your real estate agent has been through almost every scenario with other clients and is your most valuable asset in this process.

Your home is one of the largest investments you’ll make, so it makes sense to be prepared before even listing your home. The team of professionals at Lakeside Real Estate Group can walk you through every aspect of the buying and selling process. They offer unsurpassed service and are experts in the Tellico Village market. Reach out today! 

Tagged With: , , , | Posted: January 5, 2018