There are many challenges that can arise when selling a house.
While some sellers who have gone through the process know what to expect, novices may undoubtedly become confused or stressed with the many challenges that could come up.
Below are top 5 challenges you need to be aware of when selling your house:
The local market condition can play a huge role in selling your house. You need to know if your neighborhood is a buyer’s market or a seller’s market.
In a buyer’s market, this means that they have the advantage while the opposite is true in a seller’s market. If your neighborhood is experiencing a buyer’s market, you need to be aware of the competition. Since buyers have the advantage they will be selective in the homes they are willing to look at. This means that you need to make sure that you stand out against the competition.
Do research on your competition. You should price your home competitively so that you will be able to attract buyers. Homes that are overpriced will not receive many inquiries or showings. The longer your house sits on the market the more people will wonder what’s wrong with your house.
One of the problems of selling a house on your own is to have somebody around when potential buyers request a showing. Some homeowners work fulltime meaning there will be nobody there to answer calls for request or to answer the door for walk-ins. One way to get around this is to schedule home showings during weekends or when somebody is at home.
Another way is to schedule open houses. During this type of event the house is open to everybody who wants to look at the house. Your house needs to look its best so you need to plan ahead so that you can maximize the exposure to make up for the inconvenience.
You can also hire a real estate agent so that they can take charge of the open house and showings.
Finding qualified professionals is another challenge in itself. Yes, there are many real estate agents but how do you know that you are choosing the best one for the job? This means that you need to find qualified agents and then arrange for interviews so that you choose somebody that has the skills you are looking for such as communication, negotiation, experience and most importantly someone that you can work with.
The same is true for other professionals that you need when selling a house such as stagers, appraisers, title agents and lawyers. A good real estate agent can help you get in touch with the best.
Selling a house may mean 2 different transactions because most of the time, you also need a home to move into. In some cases you can work with a realtor who will be in charge for selling your home and a buying agent, the person who will find a new home for you. However, there are agents who can do both.
It can be hard to choose what to do first: buy or sell. Choosing one first will put pressure on the other end of the equation. No matter what you choose, it’s best to look at your finances first. For example, if you sell first, you will have cash for down payment. However, it also puts pressure on you to move out more quickly and find a new home faster.
In a buyer’s market you will have more leverage on the buying side so you might be able to make an offer contingent on the sale of your home. In any case, it is best to follow a course that will be less stressful for you and your family.
It can be difficult to get the price you want in a buyer’s market. However, there are ways you can achieve your selling price. If you are able to hire a good agent that has the best list of buyers, there is a chance that you will get the price you want. Other factors include your marketing strategy and knowing your market.
In the end it all boils down to negotiation. Most buyers are willing to negotiate not only on the price but also on other matters such as the closing date, repairs, appliances and other details. You and your realtor should be able to understand the market and your realtor should be able to guide you on the initial offers so that you should at least be able to get a price that is most fair. Keep in mind you will also have to pay commissions when working with the realtor so the selling price is not what you will pocket in the end. Your true net proceeds will be selling minus all the closing costs and commissions. If you do choose to work with a realtor make sure to have this conversation of what your net proceeds from the sale will be.
Having knowledge of these challenges can make a whole world of difference to home sellers. While some of these challenges are out of your control, anticipating them and learning about them can help you manage your expectations, emotions and stress better. Are you looking for alternative options to selling your home quickly? Call Gold Path Real Estate at 612-758-0071 today. Alternatively, click below to get your FREE home selling report today.