Did you know about 6.5 million homes were sold in the US in 2020 alone? Selling a home is a stressful process you don’t want to rush through.
If you’re one of these people, you’re undoubtedly feeling a little overwhelmed by the task of staging your property and preparing it for sale. It can seem like a ton of work, especially if you are used to just waiting for prospective buyers to come to you. So what should you do to get the best profit for your property?
Read on to learn what to do before selling your property today.
1. Research the Local Market
Before selling your property, it is vital to research the local market. Learn the average house-for-sale prices in the area and understand what features are in demand. This provides valuable insight into what should be your property’s price and features.
Research what type of buyers are active in the market. Additionally, learn whether the area is a buyer’s or seller’s market and their offered mortgage interest rates.
2. Spruce Up the Curb-Appeal
Before selling your property, it is essential to spruce up the curb appeal. A power washer can remove dirt and grime built over time.
If necessary, consider repainting outside your home or removing any peeling paint. Plant new flowers and edge landscaping to enhance the property’s exterior further.
Take care of any overhanging tree limbs or bushes obscuring the home’s views. Extra touches like porch decorations or a new mailbox can give a positive first impression when you list your home.
3. Engage a Professional Real Estate Agent
Engaging a professional real estate agent is critical when selling one’s property. Before doing so, research the credentials and experience of potential agents and check references.
Have questions, such as the agent’s experience level, prepared ahead of time. Ask about their availability to devote to the sale of the property and marketing strategies. It is also wise to consult with home inspection services to get professional advice on your property.
4. Prepare to Negotiate and Make Repairs
Take time to look objectively at your property. Identify areas and items where repairs are needed and make those repairs before listing your home. Documentation of household repairs and improvements should be kept in case of buyers ask for proof of completed work.
5. Consider Financial Implications of a Property Sale
Before selling any property, it is vital to consider the various financial implications of the sale. First, it’s essential to understand the capital gains taxes you may have to pay due to the sale. Calculate any liabilities and assets associated with the property, such as mortgages or liens, to better understand the total cost of selling.
Additionally, review the closing costs associated with the sale to plan your proceeds better. Finally, research the current market conditions and any potential legal or industry guidelines you may need to follow.
Start Preparing and Selling Your Property the Right Way
Before selling your property, address potential issues that could detract from your property value. A little time and money could increase your profits as you move on.
Get started now and make sure you have the most profitable sale. Contact a trusted professional to help you with any issues you come across.
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