5 Steps to Consider Before Selling a House in 2022
5 Steps to Consider Before Selling a House in 2022
“I need to sell my house but I’m not quite sure where to start.” This is a common sentiment shared by many property owners, particularly in the wake of recent concerns over interest rates and the state of the housing market.
Selling a home can be equally exciting and daunting at the same time.
Any property transaction is a major financial decision for both parties. As such, it is important that the seller approaches the situation with a careful and considered thought process. With this in mind, let’s delve into 5 of the key steps to consider when selling a home.
1. Agent Selection
Selling a property can be far harder than it originally seems. This is where the help of a seasoned professional becomes so valuable. Even getting an accurate price and valuation proves to be a stumbling block for many sellers. When you add on taxes, paperwork, listing, property styling and the method of sale, all factors quickly become overwhelming.
Partnering with a real estate agent is common and there is no shame in enlisting their services. Of course, this is provided that they operate with professionalism and integrity from start to finish. Beyond the final sale, your agent will be able to assist with risk management, property performance, and accurate valuations.
Gauging an agent’s quality is the next step. In this case, some factors to look out for are experience, a track record of successful sales, customer reviews and testimonials. A referral is also another common pathway, particularly if you know someone that has had a positive experience with a local agent.
2. Property Staging & Styling
Competition can be fierce in the property market. According to data released by CoreLogic, housing turnover in 2021 reached a level unseen since the late 2000s. This means that thousands of properties are listed for sale each day.
One of the best ways to make your property stand out is property staging or styling. This process can breathe new life into a home and make sure that it is well prepared for any marketing photos or videos. Property styling may involve interior decoration or renovations.
Ultimately, property styling is a personal choice and depends upon the current state of your home. This can always be discussed with an agent or a property advocate.
3. Assess the Market and List an Accurate Price
Raising your price point is tempting, especially given the constant fluctuation of the housing market. While it is also completely natural to aim for the highest final price possible, this should be approached with caution. Inflating the listing by too much has the ability to lock out and turn away buyers with a real interest in your home.
Since the addition of real estate websites, buyers now have access to a wide array of options. As a result, their awareness and recognition of value are heightened. Let’s explore this through an example. – Your property closely resembles other homes priced between 675-700k, yet your listed price is 750+. If there are no noticeable advantages or USPs that set it apart from the competition, buyers may not even bother to give the property a second look.
4. Auction or Private Sale – What is the Best Way to Sell My House?
Auctions and private sales are the two avenues available to homeowners. Once your home is prepared for public viewing, the next step is to select the preferred method of sale. Let’s quickly explore the benefits and challenges associated with each.
An auction is a once-off event that allows potential buyers to bid for the property in real time. Before the auction begins, you and your agent will finalist a confidential reserve price. In some cases, bidders fail to meet or exceed this price point. When a bidding war begins, however, you now have the chance to achieve a sale price that previously seemed unimaginable.
For many, the stress and risk of an auction are all too much to handle. This is why sellers often opt for a private sale. Under this arrangement, buyers come to the vendor with offers (following open or private property inspections). Unlike auction bidding, private offers can be retracted during what is known as a “cooling off period.”
If you are still unsure which path to take, discuss it further with your chosen estate agent or seller’s advocate.
5. Emphasizing Key Selling Points
Every home has its own unique set of selling points. From outdoor spaces to open-plan living, kitchen facilities, and heating or storage space, buyers often have a mental checklist of requirements to tick off before they submit an offer. Therefore, it is vital that you both identify and amplify the property’s very best features.
Beyond the property, buyers also consider the state of the local neighbourhood and community. Maybe your home is situated in a trendy suburb or has close proximity to local amenities (public transport, schools, parks, beaches, retail). In this situation, you are best served to emphasise these elements in the property listing.
If you are selling a home in an area with an upward trend in value, this will also be a key selling point. In particular, this can attract property investors who are buying with long-term returns in mind.
Reach Out to an Experienced Real Estate Agent
Much is made of housing prices. This constant speculation leaves many asking, “Should I sell my house now or wait for the market to shift?” Of course, every seller has their own circumstances and some are not in a position to wait. Regardless of the situation, the best course of action is to partner with an agency that is 100% invested in your needs.
A good agent/agency will help you to minimize risk, whilst working to achieve an excellent return. Make sure to look out for agents that have relevant experience and knowledge of the local property market. This expertise can make a major difference to the final outcome, be it the sale price or the ability to sell within a specific window of time.