Good morning Dinks. Let me ask you a question, are you selling your home this year? I have a friend who put her home on the market three months ago and she has yet to receive an offer. To say she and her husband are defeated would be an understatement. They want to grow their family and want to move from a two bedroom condo to a house to do so. But the real estate market just isn’t cooperating with them.
I’ve never bought or sold a house, but as a long time financial services employee I’ve learned a few tips. Here are some ways to help get your home sold fast.
Hire a real estate agent
I know a lot of people want to save money on the commission fee so they don’t hire a real estate agent, this is a huge mistake. Although handing out 4% of the sale price of your home may seem like money wasted the truth is it’s actually a good investment.
The longer your house stays on the market the lower your chances are of selling at the price you want. A real estate agent can help get your home sold faster than if you list it yourself. Their contacts and network alone are worth the money.
Forget about sentimental value
This was the first home my friend and her husband lived in together after they got married so of course they’re attached to it. They’re putting a price on their sentimental value which is usually a big mistake because new buyers don’t have any sentiments towards the home.
The purchase price is so important when listing your home for sale and one mistake people often make is listing their home too high. If the price is too high one of two things will happen: 1. when potential buyers visit they won’t see the value or 2. visits will be limited because the higher the price the smaller the market.
Don’t let your emotions get in the way
My friend and her husband don’t necessarily want to leave but if they want to start a family they’ll need more room. They’re ready to take the next step in their relationship and selling their home is the only thing in their way. This is adding more stress into an already stressful situation. The home has been on the market for three months and they’re starting to take it personally.
Choose the listing time wisely
This goes back to the importance of hiring a real estate agent. A professional can help you set the right price and find the perfect time to put your home on the market a.k.a. get your home sold fast. My friend put her home on the market back in February and now she’s just lowered the price. Definitely not the ideal situation.
There is also a financial aspect to selling your home. Before you put your home on market check with your bank to see if there are any penalties involved. If your mortgage loan term is not due for renewal there will be fees to break it, even if you’re taking another mortgage with them.
Kristina Tahnyak
Tahnya is a Certified Financial Planner and former Investment Advisor turned marketing and communications professional She holds a degree from Concordia University, is debt free and currently works in the field of digital marketing.
Our home is on the market right now and I think we chose a bad listing time. We listed it when there were a lot of foreclosures, and now there aren’t any and I think our house is “stale” now.
Your friend that is trying to sell….are they using an agent? If they are they need to talk out what the problem with getting it moving are. You can have them email me if they need some advice in this area as I am an agent licensed in a few jurisdictions.