What does it take to sell residential real estate?
Understanding the market
As long as your property is in good condition, you should have experienced appreciate. How much appreciate will depend on how long you owned the home and local market conditions.
Ability to market
Listing a home isn’t as simple as taking photos and post them on the internet. If you want to receive top dollar for the property, put a little work so you are able to receive the highest and best offer. There can be a lot of choices for buyers to choose a home, make your home stand out. What you need to do depends on the home’s condition, which we discuss in greater detail in our article on selling residential property. Generally speaking, you want to clean the home, look at a home staging company, and position the property through quality photography and descriptions.
It’s also a matter of putting your home in front of qualified home buyers. The home must be on the right channels where people are looking to buy real estate. Good real estate agents are professionals at marketing properties and figuring out the best story to attract solid perspective buyers.
Few people buy a home without looking at it. If you plan to stay in the residence while it is listed, you’ve got to open your home for people to see it any time.
You need the patience to wait for an offer to come. Not all properties are in a hot neighborhood where contract offers come within hours of being listed on the market. Depending on your price point and current market conditions, it could be a few weeks before a viable buyer comes along. All properties can sell, but some take a little more time and effort than others.
Selling residential property requires negotiation skills. You’re trying to get the most value from your home, but the buyers are aiming for the best deal possible. This can be a conflict of interest.
When a buyer sends an offer, study the contract carefully. It will contain contingencies, an earnest money deposit, estimated close date, and the purchased price. All these are negotiable. You have a right to make a counteroffer with terms more favorable to you. It’s all about give-and-take.