4 Ways to Make Your House Selling Process a Catalyst for Financial Stability

 

 

 

 

You've been waiting for a chance to sell your home, and now it's here. You may not be sure what to expect when you put your house on the market, but there are a few things you can do to make the process go more smoothly and even turn it into a catalyst for financial stability. 

One of the things is to keep a pulse on consumers’ sentiments and their purchasing power. According to a survey by NerdWallet, roughly 34% of Americans are more confident in their ability to buy a home in 2022 as compared to 2021. That means if you're looking to sell your house or condo, there's no better time than now.

This increase in confidence also means that sellers who leverage the selling process to their advantage have a greater chance at success than ever before. There are plenty of ways you can use your house-selling process as a catalyst for financial stability: 

Take Care of Any Pending Repairs

Whether you own a tiny apartment or a standalone condo, the most important part of selling your house is getting it ready for market and making sure it's in tip-top shape. If you're thinking about selling your home, but haven't done the necessary maintenance and repairs, now's the time to get those things taken care of.

According to the 2022 Home Improvement Report, 1 in 5 homeowners will consider home improvement projects in the next two years, as this will improve the appeal of their homes to potential buyers. In other words, even if you don't think you need any work done right now, it might be worth taking care of any small fixes while they're still easy so they won't cost as much later.

Here are a few ways that taking care of due maintenance and repairs can help sellers achieve financial stability while selling their property:

1. You Will Be Able to Sell Your House Faster

If you want to sell your house or condo quickly and with minimal effort, then you need to make sure that all the major systems are working properly. When potential buyers come to see your house, they want to see all the features in working order so they can imagine themselves living there. If any of those features aren't working properly, it will be hard for them to imagine themselves living there.

2. You Will Get More Money for Your House

A buyer who doesn’t have any issues with their new home is much more likely to pay more than a buyer who has to deal with fixing things before they even move in. People want their houses to be perfect from day one so they don’t have any surprises later on down the line when they move in and start using it regularly. 

Leverage Technology to Find Potential Buyers

If you're looking to sell your home, you're probably already aware that technology has changed the game. To make your house-selling process a catalyst for financial stability, you can leverage technology to find potential buyers.

One of the best ways to do this is by creating a website that shows off the features and benefits of your home. A website allows you to reach people in your community who may not otherwise know you're selling your home, so they can learn more about it before they even meet with you.

As per the National Association of Realtors (NAR), 70% of brokers and 69% of sales agents have a website in 2022. Moreover, a whopping 74% of realtors use Facebook, while 56% use LinkedIn for business purposes.

Being a homeowner, you can also use social media platforms like Facebook and LinkedIn to attract potential buyers and save valuable resources like money and time. You can post an ad on Craigslist or Facebook Marketplace to let people know that you're selling your apartment or condo.

If you own a condo, you can even find websites that specialize in condo sales. These sites enable target buyers to compare the features and prices of different condos before making the final decision. These sites are especially useful if your neighborhood has a high concentration of tech-savvy residents, which is the case with developed countries like the United States.

Hence, if you're not leveraging technology in your home selling process, then you're already behind the times.

“Do It Yourself” When You Can

When it comes to house selling, there's no such thing as a simple transaction. It involves many moving parts, from finding a realtor to getting the house ready for prospective buyers.

But here's something that might surprise you: DIY projects can actually help you keep your trajectory of financial stability higher than ever during the house-selling process. According to the Hippo 2022 Homeowner Preparedness Report, homeowners spend an average of $4,000 on unexpected repairs.

However, DIY projects can significantly decrease these unexpected repairs, helping homeowners to keep achieve better financial independence. According to a survey, 39% of all home improvement projects are DIY from 2019 to 2021. That means more and more homeowners are willing to hop on the trend of DIY to keep their financial stability intact.

So, what does this mean? It means that when you're selling your house, you may want to consider doing some of the repairs yourself. You'll be able to save yourself thousands of dollars in unexpected costs while also maintaining your financial stability. You'll be able to stay on track with your goals and continue making progress in your life instead of getting bogged down by expensive repair bills.

List a Realistic Asking Price

Listing your apartment or condo at a realistic asking price is crucial to maximizing your profits when you sell.

As per a recent survey, homes currently listed for sale in the US market, according to 85% of Americans polled, are overpriced. This figure means that many homeowners are leaving money on the table because they're not listing their homes at prices buyers will actually pay.

If you want to make sure you're not one of them, here are three ways you can list your house at an appropriate price point:

1. Look at similar homes in your neighborhood and compare them to yours based on age, size, and features that would impact value. 
2. Don't be afraid to ask for a slightly lower price than what you think it's worth. It's better to get less than expected than miss out on profit entirely.
3. Consider factors like whether there's been recent remodeling or repairs done in the home; if so, factor those costs into your final asking price. If there hasn't been recent work done and the property needs work now, then consider lowering your asking price accordingly so as not to scare off potential buyers who aren't willing or able.

Final Thoughts

Selling your home is a huge deal. It’s an exciting opportunity to move forward with your life, get out of debt, and build up your savings. The process can be stressful, but with the right mindset and some tips to make the most of it, you can turn this process into a catalyst for financial stability.