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Selling your home can be a tough challenge considering the amount of time and effort that it takes to do so. Agents must be contacted, listings must be made and a lot of redecorating or renovating might be required in order to bring it up to scratch both inside and out.
Additionally, you might have to be open to letting strangers often look around and this can feel like invaded privacy which can result in wildly conflicting emotions about whether you should be selling your house at all.
While there are many variables and facets to selling your house, there are some key factors that you should always be on the lookout for when deciding to sell, are in the process of selling, or when nearing the end of a transaction.
Some of these include:
Quick Sale Sharks
You have probably seen the adverts stating “we buy any home” or “we buy homes for cash” and while there are many reputable companies out there that are highly respected and will give you a fair, albeit usually lower price for your home when you need a quick sell, there are probably just as many who will be looking to fleece you as much as they can. A 2019 report in the UK found that the average cost of a typical property scam costs the victim around £108,000 at a total of £74 million since 2005 with property fraud accounting for 71% of all fraud committed, although most of this was related to mortgage and rental scams.
However, it still serves to highlight the importance of being vigilant when selling your home as it could cost you a significant amount of money, time, and heartache should you fall victim to a complex scam or even a shrewd buyer looking to take advantage of your vulnerable position. Cash buying for homes is a popular choice for many home sellers that are looking to sell as quickly as possible but there are some things you need to be aware of on how to find a cash buyer for your house.
There are benefits to selling to a cash buyer such as being able to sell on your own terms without an agent, showing when you want to, and most importantly, keeping all the profit for yourself. So when considering a cash buyer only use reputable firms that have experience, can prove that they have the cash, and have genuine promising reviews that you can access from third-party sources.
The economy plays a key role in many things such as jobs, national GDP, and commerce but it also has a large impact on housing and the sales thereof. Sometimes, however, the housing market can operate independently of the national economy, and even in times of recession can be a good time to either sell or buy, depending on certain specific factors. This makes keeping an eye on both the national economic situation and the housing economy a pivotal part of considering a home sale.
During the 2008 crash, housing prices dropped by as much as 20% which made them prime targets for those with the cash to buy them up at a much lower rate as they looked to take advantage of people in need of quick money. Fortunately, even the Covid-19 pandemic hasn't had quite as much an effect on house prices as 2008 but it has still had an impact at around 1 to 4%, which can mean a potentially negative ROI on some properties that are on the market now.
Fortunately, most economic downturns are temporary and housing prices may only be temporarily affected. Through various sources such as the internet, radio, and TV it is possible to predict when a negative turn might be coming and you can either choose to get ahead of it by listing a property sooner rather than later or weathering the storm if you are able to wait since the housing economy usually bounces back pretty quickly.
One of the most important aspects when it comes to selling a home is the emotional attachments that come with it. You might have spent many years making your home what it is from initially renovating, redecorating every few years, holding important family events, and even raising children. All of these are what makes a house your dream home and it's only natural that you become emotionally involved with the property itself, which can sometimes feel like part of the family itself.
When looking to sell, you need to begin the process of thinking of your home purely as an item of sale rather than the place where you built a life. Should you fail to do this you run the risk of changing your mind, off-putting property sale tasks, and taking it off the market altogether. In short, without an emotional detachment, it could become all but impossible to sell your house.
A good rule of thumb is to remember all of the great times in your home while also trying to remember the excitement and adventure you felt when buying it. This can help prepare you for getting excited about your next property purchase and occupancy that is set to become a new chapter of your life where you can make many new memories and allow your previous home to do the same for another family.
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