Question

Ike and Tina married and moved into their new home (purchase price $800,000) 18 months ago. They are thinking of selling the home which is now worth $1,300,000. They plan to reinvest in a smaller home costing approximately $600,000. What should they consider before selling their home?

Answer 1

As Ike and Tina is going to sell their new home and going to buy small house. Some of the factors should be remember before selling their house. I will be explaining all the factors should be kept in mind before selling the house are as follows:-

• Market Information: - With proper information a seller can get a good amount from their sale proceeds. As you know that Market price does not remain same it changes due to changes in economy conditions, policy, demand and supply of the real estate market. So as a seller should study market dynamics before taking any final decisions. After study market dynamics a seller can get better pricing and other factors and it will be gain positions for the seller.
• Location: - The location of the house is the important factor while deciding the pricing. If the house is in posh location or in the main street so better pricing can be achieved. Even if the house is in the inside the street still the seller can achieve good pricing by changing surrounding such as proper fencing, good water connection and electricity these important factors should be taken to good pricing.
• Maintenance of House: - With real estate market is booming there is a huge competition for selling. So before selling procedure start look for any repair need to be done, clean your house, if necessary paint your house it became attractive. Buyer always looks for house which is attractive and clean. The most important things prepare your paper work in advance of your house. It’s complicated and lengthy process so better start checking all legal paper in advance.
• Advertisement: - Due to Digitalization and busy life a buyer cannot visit physically every house in first place. They will try to look for online portal for shortlisting then only they will busy physically to see. So as a seller we should advertisement on Online and offline Portal. In online portal we should click numerous pictures with detail description of the house. Listing property online will not only enhance of chance for better visibility and gives a pictures how sellers are valuing their property.
• Legal Advisory: - While selling house you need the help of legal person i.e. attorney who will help to close the sale deals. Because in that deal where there are numerous legal terms i.e. contracts and title deeds that are understood by attorney can’t be handled by own. So you should consider using an attorney help.
• Prepare Home for Big Day: - Preparation of home is not one day affair. A seller should be prepared themselves emotionally, physically because in those house lots of memories are attached to it. Homeowners need to check a number of things before selling the house, what are the items need to be sell and what are the items need to be kept aside. So selling home cannot be compare to picking cosmetics from the market.

Conclusion: - As the couple are going to sell their house with intentions to invest in some other real estate project. They need to be patience and cool, these types of deals takes time and properly check all the legal paper before signing the deal.