Buying a new home is a big decision that needs to be thoroughly planned out from start to finish. And there is simply no better way to begin the home-buying process than finding out what your current house is worth so you know exactly what you have to work with before selling it. But while pricing and selling your home are essential first steps to get the ball rolling, contacting a knowledgeable real estate agent should be done at the very beginning before anything else. Following is a brief step-by-step guide you can follow with Coldwell Banker Premier Realty serving as your expert guide in this process.
1) Contact an Agent – Because no two real estate agents price a property the same way, it is extremely important that you find one you feel comfortable and confident with, who you trust and will always work hard on your behalf to get you the best prices possible when both selling your home and buying a new one.
2) Find Comparable Homes – When you finally decide to sell your home, you should get a good idea of how much it is worth by finding comparable homes in the area. Your real estate agent will be able to help you get comps of other homes located within one-quarter and one-half mile from yours, so that you will know exactly where the pricing should be. You do not want to overprice your home, which could be costly in terms of delaying the eventual sale date.
3) Do Homework on Sold Comps – In addition to finding homes currently on the market in your area, you can also research those that have been sold recently to find out what price they went for and see what was done to sell them. Did the buyer pay the original price or was it reduced? If the price dropped, was it reduced only once or multiple times? How many days was it on the market? These are all questions that can be answered by researching sold comps.
4) Learn from Expired Listings – The last thing you want when selling your home is for it to sit on the market too long. Expired listings are those that have not sold, mainly because they were overpriced and/or not marketed properly. The best real estate agents will sell a home fast, but they will also get top dollar for it.
5) Study the Market – The same home could sell for different prices at different times based on different real estate market conditions, which is why it pays to invest some extra time in studying the local economy. Determining whether it is a buyers’ or sellers’ market will help you maximize how much you can make.
6) Price Your Home – Last but certainly not least, make sure to price your home in accordance with everything you have learned during the research process. If you do not follow all of these steps carefully, you may risk losing out on a timely sale that could ultimately decide when you are able to buy a new home.