Decided to put your Hamilton property out on the market? Congrats, you couldn't have picked a better time for it!
During the last two to three months, the average price of a house for sale in Hamilton has experienced a sharp uptick. Along with this, the total properties sold count is also on the upswing, so getting a buyer for your property won't take long.
However, remember, this increasing buyer activity has aced up the competition among sellers in the real estate market. New listings in Hamilton have hiked up by a whopping 38% in the span of just one month.
All this means you need to put in extra hard work and effort to sell your home faster and for a mind-blowing offer. Here is a step-by-step guide that can help you win more buyers for your property and sell it for the most money -
STEP 1 - Choose Between Going Solo or Teaming Up with a Real Estate Expert
The first thing a home seller should do before putting their home in Hamilton for sale is decide whether they will go through this process alone or hire a real estate agent. A real estate agent/listing agent will market the home, prepare the paperwork, and close the deal on your behalf Listing agents typically charge 5-6% of the sale price as commission fees that he/she split with the buyer's agent.
Choosing to go through the home-selling process alone is called the For Sale By Owner (FSBO) method. No doubt, the FSBO approach can save you money but it will require more time and effort. You will have to handle all the tasks for the home-selling process on your own - listing, marketing, scheduling showings, negotiating, and closing the deal.
STEP 2 - Fix the Asking Price for the House for Sale in Hamilton
Even if the housing market is competitive, only a few homebuyers will be willing to pay more than they have to. This is why you, the home seller, should think carefully while setting a price tag on the home.
Setting the asking price for your property too high could keep your home on the market longer than you'd like. On the other hand, by keeping the sale price too low, you'll end up leaving a lot of money on the table.
To price your home accurately, apply the Comparable Market Analysis (CMA) method. If you have hired a real estate agent for the home-selling process, then this process will be done by the expert or else you'll have to do it on your own.
In the CMA method, you will have to analyse the recent sales data of similar houses for sale Hamilton (comps) in your area. This will give you an idea of what similar properties in the neighbourhood are selling for, thus helping you set the price tag on your home.
Here are two things you need to keep in mind regarding the asking price of your property -
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It's perfectly okay to expect a top-dollar deal for your home. However, it's smart to have a plan B in place if no homebuyer bites at the initial price. So, set a date by which you will reduce the price if you don't get any interested buyers, for instance, 2 to 3 weeks after listing a property. Even a minor price reduction can entice many homebuyers to consider your home for a second time.
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If you don't want to lower the initial asking price of the houses for sale in Hamilton, consider offering sales incentives. For instance - consider installing a new fence or replacing the AC before transferring the ownership of the home.
STEP 3 - Ready Your Home for Showcasing to Potential Buyers
The more appeal your home has, the more offers you will receive from buyers and the easier it will be for you to justify the asking price. Here are a few things you can do to get your property in tip-top condition before showings -
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Declutter - Decluttering is an important step in preparing a home in Hamilton for sale. While decluttering, start with key areas that homebuyers pay the most attention to like the kitchen, living room, and bathrooms. Clear countertops, remove excess furniture and pack away appliances you don't use daily.
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Decor - Decorating your property for sale means making the space look as neutral as possible. This means no funky accessories on the walls, personal items anywhere, or overpowering colours.
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Handle quick repairs - Many of the small things that you may overlook in your home can be a big deal for homebuyers. So, before inviting potential buyers to your home, repair minor issues that can catch their eye like scratched floors and peeling walls.
STEP 4 - Time to Put Your House in Hamilton for Sale and Grab the Attention of Buyers
If you are working with a real estate agent, he/she will list your home on the MLS database and the top listing platforms in Hamilton. They will also take on a variety of marketing tasks to entice the eyes of buyers to your property like -
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They will craft compelling property listing descriptions that will highlight your home's unique features.
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They will click professional photos and videos of your home to showcase your home in its best light.
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They will market your property on social media and their real estate website to reach a wider audience of potential buyers.
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They will install prominent yard signs to grab the attention of passersby and create flyers with essential property details for distribution.
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They will organize open house events to allow potential buyers to tour your home for sale in Hamilton firsthand.
Choosing the FSBO method means you will have to do all of this alone.
STEP 5 - Review Offers Made by Potential Buyers and Negotiate Both Price and Sale Terms
After a few open houses and showings, you will start receiving offers from buyers on your property. Once you receive an offer(s) from a potential buyer, consider the following points -
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Check how the price offer of the buyers compares to your initial asking price.
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Consider if it is a cash offer or a financed offer. Cash offers are generally more attractive as they close faster and are less likely to fall through due to financing issues. However, a financed offer with a mortgage pre-approval is not a bad option either.
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Take a look at how quickly the homebuyer can close on the house for sale in Hamilton. A faster closing may be more attractive to you, especially if you need to move out soon.
If you want to negotiate the price offer of a buyer, you can send them a counteroffer regarding the price or sale terms. When making the counteroffer, explain your reasoning based on comps, market conditions, or specific terms in the offer.
STEP 6 - Accept Offer and Hand Over the Keys of Your Property
After you accept an offer from a homebuyer, the buyer would typically do a home inspection on the property. Once the inspection process is done, the homebuyer will obtain financing for the home for sale in Hamilton.
Next, a closing meeting will take place, usually at the title company's office. Both you and the buyer will sign some paperwork to finalize the transfer of ownership and settle all financial obligations. Once all this is done, you will have to hand over the keys to your property to the new owner.
In conclusion, by following these steps, you can successfully sell your property in Hamilton quickly and for top dollar, despite the cutthroat market.
