Joel Margolis' Blog
As a home seller, it is important to establish a competitive initial asking price for your residence. Yet determining the right price for a house sometimes is difficult.
If the price of your home is too high, for example, your residence may linger on the real estate market for an extended period of time. On the other hand, if the price of your house is too low, you won't be able to maximize your home sale earnings.
Ultimately, there are several things that you can do to determine the optimal listing price for your home, including:
1. Conduct a Home Appraisal
A home appraisal provides valuable insights that you can use to price your house competitively. If you conduct an appraisal prior to listing your residence, you can obtain a property valuation. Then, you can use this valuation to establish the ideal listing price for your home.
As you search for a home appraiser, be diligent, too. Employ a home appraiser who possesses comprehensive industry expertise and can perform a house evaluation at your convenience. By doing so, you may be better equipped than ever before to receive a data-driven house appraisal without delay.
2. Evaluate the Local Housing Sector
Take a look at the local housing sector – you will be happy you did. If you assess the prices of available houses in your city or town that are comparable to your own, you can use this information to see how your residence stacks up against the competition. Plus, this information could help you determine the optimal initial asking price for your residence – something that may lead to a successful house selling experience.
Don't forget to evaluate recent home sales in your city or town as well. This information can help you determine whether a buyer's or seller's market is currently in place.
3. Hire a Real Estate Agent
If you are unsure about how to price your residence, there is no need to stress. In fact, real estate agents are available in cities and towns nationwide, and these housing market professionals can make it easy to determine the optimal listing price for your residence.
A real estate agent typically will meet with you and learn about your house selling goals. Also, he or she can provide tips to help you upgrade your residence before you list it. A real estate agent can even offer a listing price suggestion.
Furthermore, as you navigate the home selling journey, a real estate agent is ready to assist you in any way possible. If you are uncertain about whether to accept a buyer's offer to purchase your residence, for instance, a real estate agent can provide an expert recommendation. Or, if you have questions about the home closing process, a real estate agent can answer them.
Want to optimize your home sale earnings? Use the aforementioned tips, and you can establish a competitive price for your house and increase the likelihood of enjoying a profitable home selling experience.
If you plan to sell a house, it can be easy to try to rush through the home selling cycle. However, doing so may do more harm than good, particularly for home sellers who want to maximize their profits.
Ultimately, a wait and see approach can be beneficial for a home seller. Some of the key reasons to consider taking a wait and see approach to selling a house include:
1. You can clean your house from top to bottom.
A messy home is unlikely to generate interest from large groups of homebuyers. Comparatively, a neat, tidy and pristine home is sure to stir up plenty of interest once it reaches the real estate market.
If you spend some time enhancing your house's interior and exterior, the benefits can be substantial. In addition to making your residence more attractive to homebuyers, you may be able to raise your chances of receiving offers at or above your initial asking price.
To clean your house's interior, you should spend some time mopping the floors, wiping down walls and ceilings and doing whatever you can to make each room look great. Meanwhile, to improve your house's exterior, you may want to mow the front lawn, trim the hedges and do everything possible to ensure your house has plenty of curb appeal.
2. You can conduct a comprehensive home appraisal.
A home seller who immediately adds a residence to the real estate market might not understand what his or her house is worth based on the current housing market's conditions. As such, this home seller risks pricing his or her house too high or too low.
Conversely, if you perform a home appraisal, you can set a competitive price for your residence from day one. This appraisal also will enable you to identify your home's strengths and weaknesses and find ways to transform assorted weaknesses into strengths.
Employ an experienced home appraiser to evaluate your house – you'll be glad you did. With a top-notch home appraiser at your side, you can receive the expert insights that you need to price your house appropriately.
3. You can discover the right real estate agent.
When it comes to selling a house, why should you be forced to work with an inferior real estate agent? Unfortunately, if you rush to add your residence to the real estate market, you may select the first real estate agent that you meet. And in this scenario, you risk making a poor choice.
On the other hand, a home seller who takes a wait and see approach can spend some time evaluating many real estate agents. Then, this home seller can make an informed selection and increase his or her chances of enjoying a successful home selling experience.
There is no reason to hurry through the home selling journey. Instead, deploy a wait and see approach, and you should have no trouble remaining patient and capitalizing on the right opportunities to maximize the value of your house.
Real estate market data is readily available to home sellers across the United States. With this information at your disposal, you should have no trouble maximizing the profits from your home sale.
Now, let's take a look at three real estate market data that every home seller needs to check out before listing a residence.
1. Prices of Comparable Houses
Let's face it – determining a competitive price for your house may prove to be difficult, regardless of your home's age or condition. Fortunately, if you analyze the prices of comparable residences in your city or town, you can better understand how your house stacks up against the competition and price it appropriately.
Furthermore, it may be beneficial to conduct a home appraisal prior to listing your house. This appraisal enables a home expert to assess your house both inside and out. Then, you'll receive an appraisal report that contains a property valuation, which may help you determine a competitive price for your house.
2. Prices of Recently Sold Houses
Are you preparing to enter a buyer's or seller's market? Review the prices of recently sold houses in your area, and you can find out whether the current housing market favors buyers or sellers.
If home sellers are receiving offers at or above their initial home asking prices, now may be an ideal time to list your residence. Thus, you may want to add your house to the real estate market sooner rather than later to capitalize on a housing sector that likely favors sellers.
Conversely, if home sellers are receiving offers below their initial home asking prices, you may want to allocate significant time and resources to find ways to improve your house. Because if you enhance your house's exterior and interior, you may be able to help your house stand out from the competition and increase the likelihood of a profitable home sale.
3. Average Amount of Time That a House Is Listed
Check out how long houses stay on the real estate market before they are sold – you'll be glad you did. With this housing market data in hand, you can assess the pulse of the real estate market and map out your home selling journey accordingly.
If you need help collecting or analyzing real estate market data, there is no need to worry. Hire a real estate agent today, and you can gain the insights that you need to make informed decisions throughout the home selling journey.
A real estate agent is a housing market expert who is happy to help you in any way possible. He or she will provide recommendations about how to price your house and improve your home's interior and exterior. Plus, a real estate agent is available to respond to any of your home selling concerns or questions, at any time.
Ready to list your home? Review the aforementioned housing market data, and you can obtain deep insights into the real estate sector prior to selling your house.
If you plan to list your home, you may want to consider the buyer's perspective. That way, you can determine what differentiates your residence from others and promote your house to potential buyers accordingly.
Now, let's take a look at three tips to help you evaluate the buyer's perspective.
1. Assess Your House's Strengths and Weaknesses
Your home may be a wonderful option for many property buyers – you just need to be able to accentuate the key features of your residence to the right groups of prospective buyers.
Oftentimes, it helps to conduct a home inspection prior to listing a residence. A home inspection enables you to gain comprehensive insights into your house's strengths and weaknesses. Then, you can take the necessary steps to transform your home's weaknesses into strengths.
2. Consider Your Home's Location
Location plays an important role in a buyer's decision to purchase a house. Therefore, you need to think about where your home is located so you can price your residence competitively.
For example, a home in a small town may prove to be more affordable than a comparable residence in a big city. At the same time, a big city house likely provides convenient access to a broad range of notable landmarks and attractions.
You may want to check out the prices of comparable houses in your city or town too. With this housing market data in hand, you can boost the likelihood of setting a competitive initial asking price for your residence.
3. Craft an Engaging House Listing
A home listing offers a great opportunity to connect with a buyer. And if a buyer likes a house after reading a listing, he or she may be more inclined than ever before to set up a house showing.
Think about why a buyer may choose your house over others when you craft your home listing. By doing so, you may be able to find ways to help your home listing stand out to prospective buyers.
Furthermore, you should review your home listing closely before it is published. Because if your home listing is filled with grammatical errors or inaccuracies, buyers may shy away from your house.
As you look for ways to promote your residence to the right groups of buyers, you may want to hire a real estate agent as well. In fact, if you have a real estate agent at your side, you can receive plenty of support as you navigate the property selling journey.
A real estate agent will help you list your residence, set a competitive initial asking price for it and set up home showings and open house events. Plus, if you ever have concerns or questions during the property selling journey, you can receive expert responses from your real estate agent.
Ready to add your house to the real estate market? Use the aforementioned tips, and you can consider the buyer's perspective and increase your chances of enjoying a quick, profitable house selling experience.
One of the toughest choices to make when selling a home can be choosing a bidder. Often because sellers don’t expect this to be a difficult decision! It seems like it would be straightforward. You might think you should accept the first offer or maybe you’re in the camp of accepting the highest bid. And while both of these choices are valid there are other factors to take into consideration. Factors that can make selling your home even easier and relatively hassle-free.
One of the biggest fears people have and one that really throws a wrench in the process is potential buyers backing out of a deal or asking for pricey repairs. And for this reason, I suggest looking closely at all of your bids to review the concessions and contingencies each contract contains as well as the type of financing each buyer will be utilizing.
For example, one thing to look for is earnest money. This is money in an escrow account either held by the real estate agent or the buyer and seller and shows the buyer’s commitment to their bid. It gives the buyer more time to sort out their financing but is also seen as a guard against the buyer walking away mid-agreement.
What is the stability of a buyer's financing? What institution is it coming from? Do a search online to learn more information about each buyer’s finance provider. A buyer may pay in cash, offering a larger down-payment or be pre-approved for a loan.
Sometimes buyers will also include a contingency in their contract to not begin payment until they have sold their own home. If this is something you are not comfortable with this bid might belong in your “No” pile despite a higher bid or down payment.
Are they asking you to cover any expenses? They may ask for the attorney review fee to be waived, inspection fees to be covered or costly repairs to be made before closing. Again, are you okay with covering these costs? Do the math to see if these requests bring down the value of the bid. Depending on how much of an investment they are asking for you to make this could create a less enticing bid.
Sometimes, choosing a bid is less about the numbers and more about convenience. If you are in the middle of shopping for a new home yourself, bidders who offer flexibility on the move in/out date could move to the top of your “Yes” list. Sometimes buyers want to keep furniture or appliances from a home, which could make moving a much lighter load.
If your head is spinning from all of these different factors to take into consideration when choosing a bid, that’s okay! This is why working with a real estate agent is so beneficial. Look to your agent for advice when weighing out the benefits of each bid and on making the final decision.