Working close with many homeowners, I always wanted to address their biggest issue when thinking of selling their home; What do I do now?
Despite of the market trends, whether seller or buyer’s market, homeowners have variety of motivation to sell their property and the simplest ones are downsizing, relocation, financial hardship, or a growing family.
This stage is usually indicating a need to sell. First step to do is to involve the REALTOR® and discuss about the pros and cons. This step is crucial and must be the pillar of all your next planning. As a professional real estate agent, I’m knowledgeable in market’s trend, history, ups and downs and possible loss and gains. Consider this step as you’re writing a business plan.
You start by gathering all the information related to your house:
- Market trends whether it is seller’s or buyer’s market.
- Comparable analysis and data research of all stats, sales ratio, to do a define and detailed evaluation of your house to determine the price range. This is a primary step to make or break, as we have to puts hopes and wishes aside, and only consider the reality of what the true value is. In addition, analyze the price based on two factors:
A) keeping the house in its current condition without upgrade or renovation
B) Increasing its price and value by spending smart renovation and upgrades.
- Based on the home value and the price determined, consider any impacts and expenses;
A) Mortgage penalties, fees, interest rate changes and anything finance related
B) Taxes and any implication that was not considered.
C) Real estate commission and fees
- Next is to go through the selling steps and familiarize yourself with any upcoming risks and unknowns. (I have written a full detail seller’s guide)
- Considering the inconvenience of showings and open houses which you have to prepare your home and make it buyer’s friendly ready.
Familiarizing yourself with the unknowns and unpredicted risks, is very helpful for any home sellers since it reduces any surprise and helps planning in advance of how to deal with it.
Interviewing many homeowners, this was the most important factor that they wanted. To be informed and aware of what’s involved and be communicated with.
Luckily, my real estate industry skills and knowledge has always helped me to be competent and I always have been a detailed and responsive REALTOR® in Vancouver BC.