Home selling, even for first-time home sellers, is a matter of strategy. Knowing what other sellers are doing in your area and what's happening in the market can help you sell your home more quickly. Before listing your home for sale, do some research. Below are some questions you should know the answers to, and what you need to do to find out the answers.
What to Know
Before listing a home for sale, sellers should ask themselves the following four questions.
1. Is it a Seller's or Buyer's Market?
A buyer's market is a condition that occurs when there are more homes for sale than buyers who want them, and home prices are low. A seller's market is a condition wherein there are more buyers than homes available, and home prices are high.
Depending on the market conditions in the area where the home is being sold, the seller may need to go to greater effort to sell their home quickly. In a buyer's market, homes can take a long time to sell, and sellers must do much to make their home stand out. In a seller's market, homes sell quickly and often for an amount over the asking price. Knowing the conditions can help sellers plan.
2. How Much Are Homes Selling for In Your Area?
Sellers pick a price for their home by looking at the price that other homes are selling for in their area. Prices often fluctuate based on the status of the economy and how motivated buyers are. Overpricing a home can lead to a longer sale time and eventually a lower selling price. Underpricing a home can also lead to loss of profits. It's important for home sellers to choose the sale price wisely.
3. Are Buyers Facing Challenges Getting a Mortgage?
When it's hard for buyers to a get a mortgage, this can depress the prices of homes and may make the sale of the home take longer. When mortgages are easy to get, homes often sell more quickly.
4. What are Other Sellers Doing to Market Their Property?
Sellers have many options when it comes to marketing a property. Nearly every seller lists their home for sale online, but there are other ways to draw attention to a property for sale. Options include:
- Drone photography and video
- Virtual tour
- Social media
- Dedicated website
Knowing what other sellers are doing in the area can help the seller decide for themselves what they should do to keep up with local expectations, and what they can do to make their home stand out.
How to Conduct Research
There are many things that a home seller can do to find out what the markets are like in their area.
- Work with a real estate professional. A good real estate agent should be able to answer seller questions and provide insight to the local markets.
- Look at listings online. This helps sellers find out what other sellers are doing.
- Go to home showings. Sometimes this can give sellers ideas about best ways to make their home stand out from the competition.
It helps to start the research process a few months before listing the house for sale. This gives the seller lead time to do things like set up a website, get professional photographs taken, or make home improvements that can boost their sale price.
When looking for a real estate agent, it's important to interview multiple candidates before settling on the right person. This will help the seller find someone that they trust.
Work With a Real Estate Agent
Selling a Sherwood Park home can be a long and involved process, but in the end, it can be very rewarding. Find a real estate agent who has experience in your area. Working with a good agent can increase your profits, help you sell your home more quickly, and even make the process easier.
By Justin Havre