Whether
buying or selling a home, most people are advised to hire an experienced REALTOR® or
real estate agent to help guide them through the transaction. However, some
homeowners elect to conduct the transaction on their own. For homeowners that
take the do-it-yourself route, there are plenty of things to be mindful of when
selling your home. Selling a home is not a simple procedure. There are more
than 145 steps to complete a real estate transaction, which means that
homeowners will need time, skill, and experience to successfully complete the
sale. Completing a sale involves large sums of money, stringent legal
requirements and the potential for costly mistakes, which can make selling a
home on your own a risky financial decision. For homeowners that are insistent
on trying to sell their own home, here are three tips on selling property in
the Brampton area.
Focus on Your Asking
Price and Terms of Sale
While many homeowners have an idea of what they would like to sell their homes
for, it is important to conduct some research on the true value of your home. The most accurate way to accurately price your
home is to contact a local home appraiser. However, be careful when setting
your asking price. Overpricing your home can reduce a buyer’s interest, making
competing homes look like a bargain. The real estate market will help dictate
the price, so find out what similar homes in your area are selling for and
price accordingly. Typically, asking prices are set around 5% above the market
price of the home, which allows potential buyers some room to bargain without
going below the value of the house.
Carefully consider the purchase contract’s terms and conditions as well. Too
many contingencies can leave loopholes in your purchase contract, causing deals
to fall through. Avoid adding terms that end up in the buyer’s favour and
potentially leave you at a disadvantage when trying to sell your home.
Improve the Existing Condition of Your
Home
One of the most common tips people receive when trying to sell their home is to
improve the existing condition of their living space before putting it up for
sale. Freshly painted walls, spacious layouts, and clutter-free spaces will
make your home more appealing to potential buyers. Be sure to keep your closets
and cupboards clean and tidy. One of the major trends in real estate is called
home staging. This is the act of de-personalizing your home. This will help
potential buyers envision themselves in your space. Home staging involves
rearranging the home, de-cluttering the space, and improving the layout of
certain spaces to maximize the appeal of your home.
Create a Marketing Plan
Once your house is ready to go up for sale, it is important to have a plan in
place to create exposure for your home. Write your listing ad, take photos,
hold open houses, and respond to all requests to view the home in a timely
manner. Yard signs are also an important marketing tool for home sellers that
can help drive traffic to your residence.
Using
these three tips, homeowners will have a better chance at successfully selling
prospective buyers on their property in Brampton without the help of a REALTOR® or
a real estate agent. Selling your own home, can be a daunting task, but if you
follow these 3 tips on selling property in Brampton, you increase your chance
of success!