You’re Selling Property to Be Bought
Something important to remember as you’re preparing to sell a property: you’re putting it up for sale with the intention of it being bought.
That being said, your as-is property might not be something potentially buyers are looking for. Sometimes you have to do a few things to make the property you’re selling more buyable. This will help attract potential buyers, and can even help you land the perfect deal.
This month, the Choice Mortgage Bank team gathered three of the best tips for new home sellers and what you should consider before putting your property on the market.
1. Invest in Necessary Repairs
Although repairing the property is going to cost some money, repairs can cause the property’s overall value and return on investment to skyrocket.
Most buyers will need a mortgage to purchase your property. Normally, the bank that’s helping the buyer finance this will need an appraisal of the property. Certain damages on a property can seriously delay a buy, or even cause the deal to not be approved.
Before you put your property on the market, check the condition of the walls, fixtures, roof, windows, doors, heating, water pipes, and foundation. These are some of the major areas that are checked during an appraisal. Better yet, have your home inspected by a licensed inspector to be safe.
2. Determine the Price of Your Property
The price of a property is obviously one of the biggest determining factors of whether or not a potential homeowner commits to buying.
The typical property buyer of today is extremely well-informed because of the endless amount of free resources they can find on the Internet. In many cases, potential buyers will know if they see a property that is overpriced and will immediately be turned off.
This means that listing a property at higher price to leave room for negotiation is typically ineffective.
One of the best ways to figure out the pricing for a property is to ask your real estate agent to perform a Comparative Marketing Analysis (CMA) on the property. Real estate agents know what data is important to the pricing, and will give you a more attractive price for potential buyers.
3. Decide if You Want to Have an Open House
Depending on who you ask, open houses may or may not be effective way to speed up the selling process. Generally, the reception to open houses is divided.
Open houses get their shaky reputation from the fact that you will have to spend extra money to present the property to buyers who may not even be impressed. Open houses may require you to spend hundreds or thousands of dollars in decoration and ambiance.
This process may add additional stress to an already hectic situation, possibly without any payoff.
On the plus side, open houses give you an opportunity to give buyers an experience that makes the house seem more like a home. This is done through tasteful interior decoration with a homey touch.
Personal Mortgage Lending You Can Trust
Choice Mortgage Banking specializes in residential loans, meaning that we possess the expertise necessary to help you the way you need. Contact Emmanuel St. Germain today and discover what the Choice Mortgage Bank team can do to help you
To learn more about how Choice Mortgage Banking can help you sell or buy a home, call us today at (561) 362-8441, Monday through Friday, 7 am until 9 pm. We look forward to working with you!