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  So you’ve decided to sell your house. You hope to get a good deal for it, but you’re not sure how to proceed with the process. What do you do first? And how should you go about the process in order to successfully close a sale you’ll consider fair? These are questions you should ask before setting out. There are a number of others, as you’re about to find out. It’s important that you get the right answers to them. Doing so will make your journey to selling your house much easier. Here is a roundup of the questions you need to answer before selling your house.
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When Should You Sell Your House?

You’re less likely to sell your house at the beginning (January) or end (December) of the year than at any other time, as people typically don’t have enough disposable income to spare at those times. Another factor you’ll want to consider is the state of the broader economy. There won’t be a lot of people who have the funds to purchase a house in the middle of a recession, for instance. Also, be sure that local market conditions are such that potential buyers are willing to purchase a property.

What Steps Should You Take?

The process of selling a house involves several steps. You will have to research the local property market, learn what the prevailing prices are, find a real estate agent who will help you find buyers, and plan to market your abode to the right audience. All of this requires a good deal of effort on your part. If you know these steps beforehand, you’ll save yourself the cost of wandering around without an idea of what you ought to be doing at each point.

How Long Will It Take To Sell The House?

A house that’s located in an area in which there’s a high demand for property is likely to sell quicker than one that’s situated in a low-demand area. This indicates at least one fact: average wait times for houses on the market vary across districts, cities, and regions. The competence of your real estate agent could play a role as well. If he or she is a great marketer and has a large network, they could get your house sold in a relatively short period; but you shouldn’t expect this of every real estate agent.
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Are There Any Fixes To Be Made?

Most buyers want to purchase a house that’s in good condition. It’s also worth noting that a building with interior and exterior defects will almost always sell for less than a similar property that is in decent shape. So you should consider fixing whatever is damaged in your house (wall and floor cracks, wiring, plumbing, handles, etc.) before selling.

What Is The Right Price To Sell At?

You could hire a property appraiser to help you determine your house’s worth. Or you may ask your real estate agent to do this for you if they are experienced enough and have a good idea of what the current market price is for a property like yours. Make sure the price you set factors in such things as repair and upgrade costs and your agent’s commission.

What Costs Will You Incur While Selling?

We have already noted that you may have to repair parts of your house or even totally renovate it. This will cost you some money, as will the services of a real estate agent and the marketing that you’ll need to attract potential buyers. Of course, you can avoid the cost of a real estate agent if you choose to handle the process of selling your house yourself.
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What Should You Do If Your House Isn’t Selling?

There are a number of reasons why your house may not sell within the timeframe you’ve planned for it. Perhaps you’ve set an excessively high price, or prospective buyers have been put off by the broken things in the house that hasn’t been fixed. You could remedy these situations by lowering your price and repairing the damaged things in and around your property. But if your house has gone a very long while without selling, you may hire a new agent to get it sold, or even take it off the market for a while if economic conditions make it hard to sell.

Final Words

You have to examine every aspect of the process of selling your house before diving into it. Asking the right questions could enable you to figure out the steps you can take to successfully sell your property. Featured Image Source: HGTV
Got a suggestion? Contact us: editor@connectnigeria.com

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This article was first published on 22nd November 2022

ikenna-nwachukwu

Ikenna Nwachukwu holds a bachelor's degree in Economics from the University of Nigeria, Nsukka. He loves to look at the world through multiple lenses- economic, political, religious and philosophical- and to write about what he observes in a witty, yet reflective style.


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