Selling a home is stressful work, both mentally and emotionally. As an owner, you get attached to your home in so many ways. Nowadays, market conditions, coupled with any importance to be free of the property, can make a seller susceptible to low offers. Sellers can also be presented with a cloudy market. They may need to make costly repairs to their homes to attract new buyers. A real estate professional like the Spears & Co team can easily navigate the home-selling process. Hiring the best agent for selling your home can also be a challenging task for you.
Crowded Market
Selling your home in a market that is already saturated with existing houses, new construction, and foreclosed homes presents a financial challenge for you as an owner. Buyers take the benefits of a crowded market because there is more to choose from. This saturated market creates a great challenge for sellers do to something new to attract their buyers, which in turn drives prices down. In a robust housing market, the benefits typically shift to the seller because fewer homes mean less competition. In this situation, buyers may have to pay a higher price on the same house to snatch it up before someone else.
Repairs and Maintenance
Before you put your home in the market, it is necessary to dedicate some time and spend money on ensuring it is in good condition to attract the buyer. Clean and cover up dark walls with a fresh and attractive color and replace any stained carpets. Also, maintain a clean and polished appearance for every open house or showing. It might be tempting to quickly put up the house, but buyers would not value it walking through rooms and halls jumbled with paint jars, stepping stools, and home-improvement equipment. Complete all home repairs and maintenance work before you put your home for marketing.
Realistic Asking Price
Before you set your home’s selling price, you must research and analyze real estate data for your area to set a reasonable price. Setting a competitive price means that it is not much higher or lower than your competition. Buyers may avoid those homes where they feel sellers have set unrealistic prices, and they may be left wondering what is wrong with a home priced so low for the area. Contact a reputable and experienced real estate agent that recommends a fair price based on the city, your home’s attributes, and comparable homes.
Finding the Best Agent
Homeowners put one of their most significant assets on the line when they sell their home. That’s why you need to find the right real estate agent that makes your journey less stressful. Before hiring a real estate agent, ask the following questions:
- What is your work experience in the field and knowledge of the area?
- Do you belong to the MLS (Multiple Listing Service)?
- How many homes have you sold and listed?
After getting all the answers, choose the agent that offers a comprehensive marketing strategy and has a history of success.
Selling at a Loss
If you sell your first home at a loss, you may be allowed to write off the loss as a tax deduction if you reduced your mortgage through a renegotiation or lost your home to abandonment. The IRS (Internal Revenue Service) views foreclosure relief as income because you are no longer on the hook for the debt. Tax laws prohibit a segment of forgiven debt from being considered to pay. Also, talk to a certified accountant to ensure that you do not take an enormous hit than you need to when you sell at a loss.
