Having the knowledge how to buy and sell real estate will help you make the right decision. Remember knowledge is power for buyers and sellers to maximize their success in this type of transaction. Following is a list of things that will help you in the process:
Understand the selling and buying process – Buyers and sellers should have a pre-buyers or sellers meeting with a real estate agent prior to deciding to use that agent. It is important to understand the process before buying or selling property and reviewing some of the real estate forms required for the transaction. In addition, expect some inconveniences and be flexible especially when selling.
Detached yourself emotionally – As a seller it is very important you make every effort to detach emotionally. It is possible offers you received will inflate or deflate your confidence that you have priced the property correctly. Once you sign the contract your anxiety may kick in to a higher degree. This is not the time to second guest yourself. Remember the buyer is not buying the memories you had in your home. This is the time to be proud you maintained the property that can serve someone else in the future.
Pre-Inspection – Prior to putting your home on the market, the seller can get an inspection of the property. This has the possibility of saving time and allows the realtor to advise the homeowner how to remedy issues uncovered in the inspection. The seller can deal with issues more effectively and reduces stress for the seller.
Buyers have different opinions – While it is important to become detached from home, since you may hear some unflattering comments. Remember all buyers have a different opinion and this may lead to unkind comments about your property. Qualities about the property you love the most, such as in-ground pool may be qualities buyers hate the most. As a seller you need to be extremely honest with yourself and understand buyers will identify legitimate concerns about your property. Buyers need to inspect the property themselves and have a third party inspect and identify red flags that may be potential issues. Finally, sellers should insure the property has been well maintained and make any necessary repairs that would catch the eye of potential buyers.
First Impression – The seller needs to be aware how important first impression is to the buyer. It can be the difference between whether the buyer takes time to look at the home and property or not. It is important to prepare the home for sale by refreshing, staging and realistically pricing the home. Also, it is important to remove personal items such as family photos, out of-season decorations, and knick-knacks. This can be the difference between the home selling quickly or the seller being forced to make price reductions.
Home Not Selling Immediately – Sellers and buyers typically have a different number for what the home is worth. This is why negotiations take place before there is signed agreement between both parties. Sellers need to be prepared to receive a lower offer and be aware the property may not sell immediately. Need to have realistic expectations what the property is worth to prevent the home from staying on the market for a long period of time. If a seller prices the property high, and there is a chance the property will stay on the market longer unless they get lucky and find a buyer who strictly loves the house. This can lead to greater number of days on the market which can cause other potential buyers to avoid touring the home because they may think there is something wrong with the property.
Number Crunching – It is important for both buyers and sellers to understand the financial aspects of buying and selling a home. Sellers need to understand the equity they have in their property, closing cost, and tax implications. For buyers they need to understand the closing cost and other cost associated with buying and home ownership. If sellers and buyers do not understand all these financial implications, should speak with a financial advisor.
Realtor – There are many reasons why some homes sell fast, and others take longer to sell. Sellers need to listen to their realtor because they are the best resource to provide them recommendations.
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