When it comes to time and energy spent thinking about spending less money, many people will focus on day-to-day expenses. To some degree, whether we admit it or not, those of us who care about our finances will watch our dollars in certain situations.
This could include situations such as grocery shopping, stopping at the gas station, finding a gym to join, and so on. However, it’s often the big picture buying – and selling – decisions that can have a disproportionate effect on our finances.
One area would be real estate. Yes, buying and selling a home involves some expense – particularly when you consider that most people seem to take out some kind of mortgage when engaging in such a purchase transaction. When selling, as we know, we don’t just walk away with the sale price! That mortgage debt we’ve been carrying has to be accounted for as well.
Ultimately, while a house is a home – and feels different than other expenses – it’s still an expense. In reality, it’s a massive one that involves a lot of consideration rather than impulsive decision-making. Again, this applies to both buying and selling.
Focusing on the latter, let’s consider ways that we can help our efforts to sell a home. Here are 3 tips to consider when selling.
Realistically Price Your Home
Many people, it seems, have such a strong emotional attachment to a home that they tend to dislike criticism of it. The reality is that just because it’s our home, which might have had some great memories made in it, it doesn’t make it any more special than another house based on that alone.
The market is what it is, and we should not overinflate the price to be way higher than other comparable homes. I’ve seen it happen where homes are priced high because the owner thinks that the custom work he or she put into it will be appreciated and set the house apart from others. Well, our tastes don’t apply universally! Price the home right when you say to yourself “I want to sell my home now”. Otherwise, you might be waiting and waiting for that realistic offer that never comes. Time is a valuable asset as well, and wasting it without moving on with the next step in your journey is not optimal
Stage Your Home to Impress Buyers
Now, it isn’t really necessary to spend an arm and a leg on new furniture and accessories. However, you might need to buy a few basic things to make the room look aesthetically pleasing. For example, a small area rug, some throw pillows, maybe even candles. Make it look like some place that the buyer could actually feel like calling home!
Along those lines, it’s also important to remember that people sometimes might have a hard time finding a house to seem like a future home if it’s totally decorated you the existing homeowner’s quirky tastes. If how you’ve decorated or furnished it won’t appeal to others, keep that in mind as you stage it for sale. Remember, check your ego at the door and remember that you’re selling someone a place they want to imagine as theirs someday.
Be Ready to Negotiate
In some markets, you might be in a great position to sell – and get fast, multiple offers. In others, you may have to really work to get a realistic offer that makes sense for both the other party and you. However, ultimately an offer is likely to ensue if the home changes hands, right?
So, when the offer comes, don’t get overly emotional. Some people can freeze up and not know what to do. Don’t let that be you! Have a plan, and don’t be afraid to negotiate! The stakes can be high, and these are large dollar amounts at stake. You’ve probably worked hard for your money, so remember that when negotiating.
At the same time, it’s important to avoid getting overly reactionary. There are some people that take it so personally when they get an offer that’s below what they’re asking for. Again, don’t let that be you. Think about what price a home like yours would realistically command in your area at the time you’re selling. There should be recent sale prices of comparable homes that you can reference.
The Bottom Line: Buying and selling a home can be one of the bigger financial decisions we make in our lives. When selling, be sure to price your home right, stage it for sale, and negotiate when the times comes to do so.