3 Tips to Reduce Stress and Prepare for a Successful Home Sale
3 Tips to Reduce Stress and Prepare for a Successful Home Sale
A lot of people talk about the stress of selling a house but not many take into account what goes through the heads of people selling their homes.
So let's break down some of what can cause some of that stress and figure out how to get past it.
Will my home sell for enough?
This is a common question for many home sellers. It's anxiety-inducing to let go of your home when you're not sure of how the housing market will value your home.
The first thing you need to make clear is the definition of "enough." Is it an amount that will be used to fund the mortgage and downpayment for a new house? Is it the price of a renovation or is it just to alleviate some financial stress?
In a seller's market, a local market where the seller has the bargaining over the buyer because of a low supply and high demand for houses, the list price will be one that favours the seller. In that type of market, it's easier to get what your home is worth but evaluating that amount can be really complicated. Beyond things like the price you bought it at and inflation, there are a ton of other factors that come into play.
The resale value of your home might be a lot lower or higher than what you think. Being in the dark about this will leave you feeling stressed more than anything else.
How do you find out what your home will sell for?
One way to find out how much your house is worth is by looking at recent sales of houses that are similar to yours. This will give you a good idea of what your home might sell for but it will still be very inaccurate. It's the equivalent of using an online calculator. It will give you a ballpark estimate but nothing beats talking to a real estate agent.
Working with a real estate professional so that they can determine the value of the property accurately is the best way for you to know what the right buyer will be willing to pay.
Sellers without agents tend to forget to include a lot of factors when it comes to determining the right price for the home. The renovations you've done over the years, new developments around the neighbourhood, or zoning changes nearby could have major effects on the asking price.
Do I need to make changes before selling?
After you've lived in a home for a while, some concerns or problem areas are things you make do with, but during an open house or a home inspection, these are things that can be red flags.
When you're confronted with the idea of selling your home, you can feel anxiety rushing through your veins and building up when you take a look around the home. Cracking paint, faulty light switches, stuck doors that you have to jostle to open - all of these can make the home selling process far more painful and stressful than it has to be.
When putting your house on the market, you don't want to spend too much time selling. You want it to hit the market and sell quickly because, the longer it stays available, the more people will think there's a reason why no one is touching it. If you find out that you need to make repairs while you're selling that could work against you even if you're doing your due diligence then.
How do I know what changes to make before selling?
Before you even get in touch with an agent or initiate the sales process in any capacity, walk around your home like you were the buyer. Check behind paintings, inspect the ceiling, is the water pressure good enough?
If you find things that you can fix easily and for not much, then go ahead. It doesn't stop there though. To set expectations correctly, it's a good idea to tell your real estate agent about the problem areas of your home. When selling a home, an agent will do their best to maximize their client's interests and that means presenting a great home to the potential buyers.
The right agent will inquire about the roof, issues with wiring or previous water damage and ask a little about the history of the property.
It's extremely important to be as honest as you can be to your agent. The last thing that you want is the buyer dealing with huge, unforeseen, repair costs shortly after buying. You can even be held legally responsible.
No one wants to move into a new city with a new job and find out that their new home needs thousands in repairs that a regular home inspection could not have detected.
Real estate agents cannot represent your home if it has glaring, important issues that need to be fixed. When selling a home, it's important not to lose sight of the people who will move in eventually because they are probably equally stressed out about the process.
Home improvements and major repairs should be done well in advance of getting in touch with a real estate professional if you can help it.
What if I'm stressed about open houses?
That makes perfect sense. Although buyers nowadays can even go on a virtual tour, the idea of strangers walking through your home can be the part of the process that brings on the most anxiety.
It's a common part of the home buying process, and one of the most important parts of the sale. It's normal to worry.
The usual tips people give tend to go along the lines "keep the home clean," or "stash away personal items," and these make sense but here's another tip that can help you prepare your current home.
Work on the home's curb appeal.
Impress the prospective buyers before they even set foot in your home. Spend some time outside paying attention to your landscaping, the quality of the exterior paint job, and even your porch's decor.
Many people tend to neglect their outdoors and the best thing to do when worry builds up is to take control of the things that you can manage and change.
Instead of staying in a stressful state of mind about the money and the offers, working on improving the exterior aspects of your home before open houses can be a form of self-care in and of itself.
The most important thing worth noting.
Before moving companies get involved, before the real estate transaction gets started, before buyers get a pre-approval on their mortgage, the best thing you can do is clear your head.
Don't let the process overwhelm you. Even in periods of low inventory and even when cash offers come in, it's a better idea to remain level-headed throughout the whole selling process.
Stay interested and invested all the way through. Controlling your fear and your anxiety will go a long way to ensuring you come out of the sale and have made enough money, sold a house in a good state, and did so swiftly.
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