Selling a house can be a stressful, costly and time-consuming process. There is the uncertainty of finding a buyer or indeed a new property within a certain timeframe to avoid having to pay more than one mortgage payment each month. Added to this can be the expense of home improvements that are often required to secure an offer, the inconvenience of having to keep your home showroom-ready and available for viewings at various times, as well as worry over an offer falling through.
Often cited as one of the most stressful life events after the death of a loved one and divorce, moving house can be more challenging than you might expect. Thankfully, there are steps you can take as a homeowner to make the process less painful and in this article, we have outlined some of the ways you can sell your house swiftly and stress-free.
Understand the Market
Before putting your house up for sale it’s important to understand the difference between a buyer’s and seller’s real estate market. There are a number of factors that can influence the real estate market such as the rate of inflation, employment levels, mortgage interest rates and the availability of lending. All of these factors can impact the supply and demand for housing which will directly affect house prices.
In a buyer’s market, the supply of available houses exceeds demand causing house prices to fall and properties to sit on the market for longer. With plenty of options to choose from and little competition, buyers have an advantage and can afford to be picky. Sellers must compete with one another to attract buyers and will often lower their asking price to secure a sale.
As a seller in this market environment, do what you can to make your home stand out from the competition and be prepared to negotiate with prospective buyers by lowering your asking price or offering to pay for certain repairs or closing costs to prevent them from walking away.
During a seller’s market, the demand for homes exceeds the available supply, causing house prices to rise. Homeowners can benefit from such conditions as they will usually receive multiple offers which can result in a bidding war between buyers. As a seller, you will have greater negotiating power and can afford to reject low offers or those with too many conditions attached.
Having an understanding of the current state of the housing market will enable you to price your home appropriately and make informed decisions during negotiations with prospective buyers to help you get the best deal for your home.
Time Your Sale
In addition to market conditions, industry research shows that certain times of the year are better for selling a house than others. In general, the spring months are the best time as this is when the weather is conducive for people to begin house-hunting. It also gives people time to shop around and purchase a property in line with the end of the school year and summer break. March has been shown to be the best time if you are trying to sell your house quickly, whereas July is the best month for maximizing profits.
The winter months are the least favorable times of the year for sellers. As the holiday season approaches and the days draw colder and darker, people are more inclined to stay indoors than be outside viewing properties.
If there is no urgency for you to sell your home, taking advantage of these peak times could work in your favor.
Make Your Home Ready for Viewings
First impressions are formed in one-tenth of a second and your home is no exception. To avoid weeks or months of viewings without any offers ensure your home is at its most presentable for the viewing public.
Deep cleaning, decluttering and painting walls can give your home a sense of spaciousness and light which many buyers look for in a property. Hire the help of a staging company or ask your real estate agent to give you an unbiased opinion on areas you can improve, change or accentuate within your home to make it stand out. A third party can help you to depersonalize your home which is a helpful process that will enable buyers to envision themselves in your property without the distraction of family photographs and other personal artifacts.
When preparing your house for viewings, remember to also enhance the exterior to give your house curb appeal. Create an attractive and welcoming visual of your home by mowing your lawn, trimming any trees and shrubs and using flowers to add a pop of color and vibrancy to your front yard, porch or window ledges. Make sure any walkways, patios or driveways are clean and all lighting is in good working order. A fresh lick of paint or coat of varnish can enhance your front door and new numbering can add a touch of style as well as aid potential buyers in finding your address.
Follow the three tips in this article to ensure a stress-free sale of your home.