Many people find the process of selling property difficult. When is the best time to sell a private residence? What should be included in a classified ad? You should hire a professional to sell your home so you don’t make the common mistakes that real estate owners make.
Property Valuation Mistake
You need to accurately estimate the value of your house if you want to sell it quickly. You can use two different approaches: comparative and cost. First, you need to determine the cost of building the same house on the same lot. You should first assess the location of the property and then research price offers in your area. Selling your home in Houston, TX, will be easier and quicker than buying real estate in a small town in the North of the country. Many people also estimate the value of a home based on costs such as buying it and repairing, furnishing the site, installing new fencing, etc.
It is a mistake to compare these amounts, especially when you factor in inflation, wear and tear on your home, and repairs. The second option is to compare your house with similar homes for sale to determine its value.
Compare your home with similar homes using the following criteria:
- The dimensions of the house or the lot
- The location of the home;
- The materials used to build the house;
- The possibility of a year-round residence
- The state of the road access;
- Ecological situation in the area
The activity of the market also affects the speed at which the house is sold. The price may increase if there are many transactions, but it’s not a time of crisis or economic recession. This period may be as long as six months during a time of low activity in the real estate market. Try lowering the price if the house does not sell. Many realtors recommend temporarily removing your ad and updating it after some time.
The best time to buy property is during the expansion or oversaturation stage when the prices are at their highest, and you get the most money from the sale. Due to their circumstances, some sellers may choose not to wait until the best time.
The season also matters. Many people put their homes on the market as early as April or May and then accept offers throughout the summer, closing the deal in the fall. Property is rarely listed for sale during the winter and before holidays, when most people are on vacation. Some buyers are not concerned with seasonality.
Start a Home Sale in the Winter
Suburban homes are less in demand during the winter. Start selling in the spring or the fall. In general, people look for houses in spring and summer. It’s, therefore, best to list your home in March and be prepared to wait 2 to 6 months.
Incorrectly Drafted Listing
Your listing is the first impression potential buyers will have of your house, so you should put all your creativity into it. You should take quality photos, make a video, and write honest and informative text.