Are you planning to sell your home in Nashville? Read this article to know how to prepare for one of the most important financial decisions of your life!
Selling a property or a house is a huge financial decision and has to be done right. If not planned properly, you can risk wasting thousands in unnecessary repairs and other fees. Selling a house is not just looking for potential buyers, giving them the keys, and getting dollars in your pocket. The whole process involves preparing the house for the market as well as some expert help and planning.
In this article, we have gathered a few essential steps you need to follow before selling your house. Apart from getting a real estate agent, it’s important that you know about the whole process for making the right decisions.
Prep It Up!
Before selling your house, you need to prepare it for the show. Property costs in Nashville are decent, and the availability of potential buyers is also quite high. The neighborhood in most parts of the city is homely and convenient to live in. However, even if you were always careful with repairs and regularly ensured maintenance, when you put the house for sale, you will find there are still some work that need to be done. You might be wondering about the extra cost of repair that you have to spend, but do worry not! In most cases, you will get this money back. In fact, this will increase the sale value of your house when negotiating with the buyer.
Some of the most important factors you need to ensure are water leaks, a stable roof, properly functioning electrical and plumbing lines, and pest control. Doors and windows should be checked for cracks or breakages, well painted walls with no damp, and if there is a front lawn, it should be touched up.
As a seller which one you would like to get fixed or repaired will always depends on you, but remember that a broken door or leaking pipe can drive a potential customer away.
It is necessary that you get an expert to manage the situation. Choosing a well known and legitimate real estate agent will make sure that your job is done smoothly. Nashville contains a bunch of professional organizations that you can reach out to and seek help. You can hire experts that can visit your property and thoroughly assess every corner for underlying damages. Relying on an experienced agent will help you to earn way more money than doing it alone.
So how do you find the right agent? You need to talk with several agents and find the right one for you. While doing so, remember that this choice will have a big impact on every step you take to sell your house, from doing repairs to communicating with buyers to the value of your house.
While looking for agents make sure they are legitimate, and their work history can be traced back to at least 12 months, have a thorough knowledge about the neighborhood, how much they would charge as commission and if there are any hidden fees, if the agent share the same selling and buying philosophy as you, and whether they use modern technology efficiently in their job.
Decide on a Price
This is certainly a difficult and challenging step. If you decide on the price too low then you will fail to get the profit that you deserve, while if you set it too high you may find it difficult to find a buyer. So what you need to do is ask for a Comparative Market Analysis. It will give you an insight about the price of similar properties in your area, and then you can estimate the price of your house in the market.
You should also be aware of the related costs. For example, in Nashville, the buyer’s and seller’s agent typically charges around 3% of the final sales amount. You need to pay title insurance which costs between $1000 to $3500 depending on your house. An additional $300-$400 dollars will be spent on the buyer and seller transaction process.
Time to Promote
After you have priced your house, now it’s time to promote it. Apart from your agent, there are numerous websites where you can upload a property listing to find buyers. Few great places to start are the Multiple Listing Service or MLS, Realtor.com, and Trulia. Also, use the regular social media like Facebook, Twitter, and Instagram to market your property.
Be Out There
You always have to be available to your potential customers as well as your agent. As mentioned above, Nashville attracts a lot of customers during property sales due to the comfort of living in the city. Create flexible schedules so that you can accommodate different buyers for in person showings of your house. Also, you are likely to get a stream of calls from customers asking for more detailed information. Sometimes it can feel a little overwhelming, but availability is the key here in finding the best buyer.
You Can Negotiate
Just because you have already priced your house does not mean that you cannot negotiate now. In fact, it is important that you negotiate with your buyer. Sometimes the buyer will ask for minor repairs and other demands which will add cost to the sell value. You also need to negotiate on the advance payment and the closing date of your house.
Seal the Deal
Now that you have got your buyer, it’s time to sign the contract. This is usually executed in front of a lawyer. Next step is the diligence period. At this time, the buyer will inspect your house and assess it for any further incompatibility. Note that if this goes wrong, the whole deal may be nullified. In most cases a lower appraisal leads to a lower price. That is why it is important that the house is well maintained.
It is absolutely normal to feel anxious about the whole process, but knowledge about the procedures will always boost up your confidence. Also, if you have chosen a good real estate agent, then you have a lot less to worry about. Now that you made it so far, it is time to hand over the keys to the new buyer of your Nashville home.