If you’re selling a house for the first time, you’re likely going to make some mistakes in home selling because it can take a lengthy process and a bit complex.
Today, I’ll briefly discuss the process of selling a house, and the most common mistakes you should avoid when selling your house.
Also, the reasons you need the service of a broker, and a home calculator tool to maximize your profit.
The processes in Home Selling
A private house sale basically consists of 4 processes or phases – Preparation, Marketing, Processing, and Handover.
This is the first phase and involves finding the right value of your property and the proposed price you want to sell it.
You should also make renovation if necessary, apply for the important documents needed for the house sale.
After that, you can remove your personal items so you can capture all angles in your photoshoots you’ll use for marketing your asset.
Once you’re done with the first process, the next is to start marketing your house.
In this phase, you should plan your marketing strategy well, based on your target buyer group.
Once you’ve found an interested buyer who has agreed to purchase it at your offer price, the processing phase begins with sales negotiations.
Here, you should check the creditworthiness of the buyer before making the purchase contract.
Handing over of document is the last and final process. In this phase, you should involve the notary and sign the necessary documents after payment has been made.
The lawyer makes the necessary registration according to the law of the state, keys are handed over to the new owner, and the sale of the house is now completed.
Common Mistakes when Selling A House
As a first time home seller, you’re likely going to make some mistakes in selling your house.
Unless you get a good broker to help you sell your asset, these are the common mistakes you are likely going to make.
- Selling in Wrong Time
While preparing to sell your house, you need to know when it’s right to put your house for sale.
The time of the year you want to sell it can impact the price or value.
However, in order to determine the worth of your property, it is important you observe the property prices in your area before setting the asking price.
You should also keep an eye on the development of interest rates, and government policies as regards housing and mortgage.
For example, a low-interest rate policy can lead to higher asset prices.
This is because low-interest rates will make many people want to acquire a house and other assets.
- Not Understanding the Market Value
If you’re about to sell your house, it’s important you make findings on the current market value of your house or apartment.
It is common that the current market value will deviate from the cost price of the house and other costs on renovations.
You can use mortgagecalculator tool to find the current local mortgage rates and compare them with your quote.
In general, the value of a property is determined by the demand and supply pull.
The value of your house also depends on some factors such as the location, the condition of the house, and the material used in the house.
- Not considering Broker
While there are critics that brokers will take a huge cut from the proceeds of your property, and it’s very much possible to sell your house easily without a broker.
Before selling your house yourself, ask yourself if you have the time resources to organize, guide, and close your home sale
Also make sure you have enough experience and skills to coordinate the sale of the property without an agent in the fast-moving, regional real estate market.
- Not planning review by potential buyers
When you have made up your mind to sell your house, either you’re staying in it or not, you should get it tidy up.
Especially when a potential buyer is coming for a physical inspection, you should remove odd items from the house, and most of your items should be moved so he can meet the apartment in good condition.