Selling a property can be an overwhelming process. Sometimes it feels like a game, with hurdles to clear, choices and moves to make, points gained and lost, and the occasional need to go back and start over – or spend to reach your goal. Here’s a guide to help you get through the game with as many dollars and cents as possible.
Need vs Want
We’d all like to walk away from a sale with the largest profits possible in the shortest period of time, but sometimes you have to make tough choices. Know what you need to walk away with and when you need it before you put your home on the market. If you need a quick sale to move on to your next investment, waiting for the dollars you want may work against you.
Know vs Guess
When you are ready to list your home, know what it is actually worth. There are apps that can help you estimate, but you need to know what homes in your area are selling for before you set a price. Your realtor can help you by providing comparables – information on recent selling prices for properties like yours in your area.
Can vs Should
The number you dream of doesn’t have to be the number you accept. If you can attract a buyer who is in love with your home, qualified to buy, and is willing and able to close quickly, being a little flexible on price may be your best move. You can hold out for more, but should you take the risk? Your realtor can advise you based on experience and awareness of market trends.
As-is vs Newly Improved
Should you invest in improvements to get larger profits, or sell the home as-is at a realistic price? This is a strategic decision you should make with the help of your realtor. If the home looks old and tired, buyers will be more leery and inclined to haggle. It may be a better strategy to invest in certain improvements to eliminate distractions and earn you more points.
Now vs Later
Timing is sometimes a challenge when selling. You may find a buyer who needs to accelerate the closing, or who is not ready when you are. Depending on the market, it may make sense to try to accommodate their schedule. Talk to your realtor; there may be ways to negotiate that will make it worth the effort to make it work.
Here vs Gone
Not all buyers are a joy to deal with, but sometimes you just have to plow through the questions, negotiations, delays and frustrations. There may be times when you would like to walk away and wait for a more reasonable or organized buyer to come along. Hang on and keep putting one foot in front of the other. Most of the time, it is easier when going through hell, to just keep going. If that buyer is gone and no one new steps up, you may wish you still had their shenanigans to deal with.