For many empty nesters, the decision to make a move from the place they have called home for so many years is a difficult one. After years of living in a house full of the noises and chatter of children, suddenly all that you can hear is the quiet hum of the refrigerator. There are pictures all over the house with fond memories associated with them but then there are many empty rooms also. These are rooms where your children used to live until it was time for them to move onto the next stage of your life and now the items in the rooms are only gathering dust.
Maybe it is now time even for you to move on to something better and downsize to a place that is more suitable for your retirement years. However, before you make the move, it is very important that you understand the most common and the most costly mistakes that most empty nesters make. Here are nine tips that can help you avoid these mistakes, make the most profit possible, and keep the home selling process under your own control and stress-free.
- Probably the first thing that you should know is why you are actually selling the house. This will decide the price that you set and also how much time and money you are willing to spend on getting your house ready for a sale. However, although it is important that you are clear about your objectives, don’t make the mistake of telling others about it or they would use it against you on the negotiating table. Instead, just say that your housing needs have changed.
- Make sure to research properly before setting a price for the property. By setting the price, you let the buyers know the maximum amount they will have to pay for the house, but don’t make the mistake of pricing it too low or too high. This is because, most buyers will look at around 20 houses and they know how to compare them. So, if your house does not compare well with others in your price range, you will not be able to turn any prospect into a buyer. This means that your house will be in the market for a long time and new buyers will start to wonder why your house hasn’t sold for so long.
- Your agent should be able to find out what other comparable homes are selling for in your own neighborhood. Get information about homes sold in the last 6 months and the homes that are currently listed. Remember, this is how your prospects will compare your house.
- Your Real Estate agent should be a good one. Good communication, good feedback, good pricing, and good relations with the agent are necessary for the success of any real estate deal.
- Make sure to make your house presentable. How the property looks on the outside and the inside is necessary to get a good offer. Clean up your house, remove the clutter, and fix everything that matters. Don’t go around pointing to prospective buyers how they can make improvements.
- Your prospects should be able to get any information about your house as easily as possible. It may surprise you but things such as traditional open houses are not always that effective.
- Your Real Estate Agent will negotiate on your behalf.
- As a seller, your Real Estate Agent will disclose everything. Any flaws present in the house should be disclosed to the buyer in writing so that later when a problem comes up, you don’t get slapped with a lawsuit. All terms, costs, and responsibilities should be clearly spelled out in the contract. Don’t deviate from what is listed in the contract. So, if the buyer asks for making the move before the closing, just say no. Don’t take any risks that can potentially prove to be a deal breaker.
- Don’t make the mistake of selling the house before you make the move. A vacant house does not give a very good appearance to the house and you could lose thousands of dollars in the process. This is because this tells the buyer that you have a new home and you would want to get rid of this one as soon as possible which gives them a upper hand during the negotiation process.
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