Selling a house
1. Preparing for Sale
- When will you sell your house? Have you already decided on the house you will move to after selling? Is it better to buy before selling or sell before buying? Regardless of the country, there are peak and off-peak seasons for selling. The busiest time for selling is usually during the spring season, with most people planning to move during the summer vacation. Many households who miss this time rush to put their houses up for sale in the fall.
- Even when looking at statistical data on real estate prices, the most common pattern is a zigzag upward trend during the spring season with a sharp increase, a slight decrease in the summer, another increase in the fall, and a decrease in the winter.
- No matter how good the market may be, it is recommended that you buy the house you will move to after selling your own home. If you sell your home first and then buy a new one, you may become anxious and rushed, wondering what will happen if your house doesn't sell for the price you want. If it doesn't sell, you may face a very difficult problem to deal with.
- Sometimes, when the real estate market is good, you may have an impulse to sell because you feel like prices have gone up too much and you think they will soon go down. You may also receive advice from people around you to sell and rent for a while until prices drop before buying again. However, this is a very risky move. Real estate situations don't change according to our feelings.
- If you have a special reason to sell, such as needing to move or needing funds for a household emergency, then you must sell. However, selling just because the market is good and seeing what happens is very likely to fail.
- It is better to make plans to buy a new property at the same time you sell your current one, rather than selling and then renting. Selling a large home and downsizing to a smaller one, and using the remaining funds to invest in something like a new condo to rent out can be a very desirable asset plan.
- Cash assets deposited in a bank account can be used at any time, making them very useful for asset growth and retirement planning.
2. Selection of a Real Estate Agent
It is recommended to choose a real estate agent who can be trusted for their honesty and diligence in the first, second, and last stages of the transaction, who has a deep understanding of the real estate market, and who can thoroughly prepare by understanding the perspective of the buyer. Additionally, it is recommended to choose an agent who can proactively market through various advertising channels beyond MLS listings.
At MyBestHome, we strive to achieve the best possible sale price by utilizing not only the MLS listings, but also Korean real estate networks, foreign markets, and our network of thousands of MyBestHome VIP members.
- Responsibilities of a Real Estate Agent
- To calculate a fair and reasonable maximum selling price that benefits the seller (not necessarily the highest price possible, but the maximum value that buyers can accept within the current market conditions).
- To ensure the absolute protection of the seller's privacy and information.
- To help prepare the property for sale by minimizing expenses on repairs, painting, or rearranging if necessary, and to provide assistance with tasteful interior design and materials (staging) if possible. If the agent can also effectively design and maintain the exterior garden, the result can be a perfect team.
- If the agent can also effectively design and maintain the exterior garden, the result can be a perfect team.
- These days, staging is becoming increasingly important in the sale of a property. If the realtor has a sense of design and can stage the property themselves, or if they seek the help of a high-quality stager, the cost of staging can often be outweighed by the increased sale value of the property.
- Once a real estate agent is selected, the seller must prepare the necessary documents for the sale. These documents include land survey maps, registration documents, property tax statements and payment receipts, utility payment receipts, and other mortgage-related documents.
- When determining the listing price, it is helpful for the seller to follow the real estate agent's professional analysis of objective market prices. If the price is set higher than the market value, it may ultimately lead to a price reduction and a longer time to sell. This can create a negative impression on potential buyers, leading to further price reductions or an even longer time on the market.
- Once the real estate agent and the seller have written and signed the listing agreement and listed the property on MLS, potential buyers will begin to view the property.
3. Objective assessment and preparation
- Evaluate yourself as a buyer and objectively assess whether you would want to see and buy this house, and seek the opinion of a third party or a professional agent.
- Prepare in advance
- Eliminate odors
Take measures to remove unpleasant smells (such as old, musty smells, carpets, and food odors) and ensure that there is a faint fragrance in the house.
- Kitchen and bathroom improvements
The kitchen and bathroom are the first places that buyers look at, so make them look as spacious as possible and consider improvements in materials, lighting, and flooring.
- Painting
Choosing the right paint color can increase the value of your home more than ten times the cost of the paint itself. It’s also important to consider color harmony and finishing.
- Flooring and molding
Improvements in flooring materials such as hardwood or decorative molding on the ceiling can ultimately result in greater profits.
- Repair and replacement
Easily noticeable items such as old doorknobs or rusty or outdated faucets should be repaired or replaced with higher-quality ones.
- Garden maintenance
For luxury homes or estates, landscaping may need to be redone or improved, and for general homes, minimal expenses can be used to maintain the garden (such as managing grass, removing weeds, pruning trees, and trimming flower bed borders) and create a professional-looking garden by using items such as rocks, gravel, topsoil, and colorful mulch.
- Other
Get rid of unnecessary items that are not needed for decoration (especially family photos) to make the house look more spacious, and prepare decorative items such as harmony, potted plants, sculptures, and decorative frames that can help attract buyers.
4. Showing Preparation
- Vacation of the house
When there’s no one in the house, people who come to see it can comfortably admire every corner of the house with ease of mind. For this, installation of a lock box is necessary.
- Clearing up space and organizing neatly
Getting rid of unnecessary items makes the house look more spacious, brighter, and easier to move around for people who come to see it. Also, a tidy appearance shows the etiquette of the house.
- Decoration
When decorative furniture, frames, plants, and accessories are arranged properly, people who come to see the house can have happy dreams of “I can live like this if I move to this house.”
- Odor
Definitely eliminate any bad odors – essential! essential! essential! Prepare the fragrance of natural scents.
- Lighting and music
Brighten up all visible places and play soft music to calm people’s minds and make them feel grateful for the sincerity.
