Listing a house for sale can be a fun and profitable adventure or a long and frustrating nightmare. Knowing what to do at each stage of the selling process can make life much easier. Many factors that are beyond an individual’s control affect home sales. It is best to attend to details but also maintain a broad view.
This year, the Thai government is focused on improving its growing tourism industry, increasing domestic demand and boosting the farming industry in rural areas, reports Minoru Satake of the Nikkei Asian Review.
Tourism was up in the country by 15 percent from a year earlier in January. Manufacturing is the primary contributor to the gross domestic product. Tourism makes up about ten percent of the country’s economy. The GDP grew 2.8 percent in 2015.
This year, experts expect the Thai GDP to grow by an average of 3.3 percent, The Nation reports. The government plans 20 infrastructure projects this year. The Bank of Thailand most likely will not raise the policy rate until the GDP reaches 3.5 percent. Economists predict a rate increase in 2017 or later. To avoid higher mortgage loan interest rates, homebuyers would be wise to lock in before 2017.
Know the competition
Look at the property listings in your neighborhood. See how much the owners are asking and how long the properties have been on the market. For listings in Thailand, home sellers can start with the real estate listing website DDProperty and find a house for sale that is similar to the one they want to sell.
Determine whether the current market value of relevant properties in the area is high or low. If the homesteads are under valued, it is not a good time to sell and make a profit. Even minor home improvements may not be cost-effective.
Upgrades to a house when prices are depressed only make sense as a long-term investment. If the homeowner is willing to wait for a recovery, adding features to a house also can increase the quality of life for the current occupant.
In a down market, sellers should expect to lose profit on their investment because they will be forced to list the property at a competitive price that is undervalued. Of course, if the owner originally acquired the investment at a price even lower than current value, he still can profit from the sale.
If the residence is not advertised at or below current area rates, the home will remain unsold for a long time. Unless the seller is desperate for money, it might be better to rent out the estate until local inventory starts to move. By renting out the property, the owner will have more flexibility to leave of the area if necessary and find temporary housing.
Brave investors can take a risk and buy another dwelling. That tactic is similar to buying more of a depressed stock in hopes it will rebound to a profitable price. The important thing for the investor to avoid is financially overextending himself.
The housing sector is notorious for being slow to change. That can make it one of the safest investments most people can make. Slow moving industries are easier to predict. Unlike the price of a stock, the price of land is unlikely to drop significantly in one day. Homeowners sometimes become accidental, long-term investors.
With a steady, good paying job, that’s no problem. Unfortunately, today’s economy is much more mobile than it was 50 years ago. Living in an area with discounted home prices can make a 30-year mortgage a problem for a worker who needs to move to a better economic situation.
Stage the property
To sell a home quickly, there are several things a motivated individual can do. Home staging is relatively inexpensive. It is a common practice for high-end estates, but it also can work well for mid-range inventory.
The overall idea is to make the interior spaces of a building look inviting to prospects as they walk through it. To accomplish this, it is best to remove personal items including wall hangings and even refrigerator magnets. The visitor should not be unnecessarily distracted. If may be ideal to store unneeded items off-site.
Next, each room should have a focal point for anyone walking into it. This can be a coffee table or a television. Make it easy for the prospect to imagine how he will decorate and use the space after he moves in.
Sellers should work to improve the curb appeal of the exterior of the structure and the yard. This could mean repainting the walls and mailbox. Pressure washing the roof to remove moss and mold also will make the unit more attractive. Of course, mowing the lawn regularly and removing ugly vehicles from the driveway are a must.
If a homeowner has been tolerating illegal or obnoxious activities the neighborhood in an effort to get along, now, is the time to start complaining to local authorities. A rundown neighborhood can be a big turnoff for a prospective homebuyer. Assertive residents get local governments to act including repairing potholes and forcing neighbors to mow their lawns. Prosperous-looking residential areas fetch higher prices and attract more prospects.
List for success
To properly market the unit, a seller needs to find a confident and aggressive real estate agent. Working with an agent who has a huge inventory of listings is not a good idea. The seller should expect the agent to expend significant effort to market and show the property to buyers.
After the property is effectively staged, the agent, the owner or a professional photographer should take pictures that emphasize the best features of the estate. These photos can be used in an online listing and in print publications.
In today’s YouTube world, providing a video tour of the listing may attract more prospects than just a slide show. Businesses from many sectors use social media nowadays to market to prospects and pull them to their website. Home sellers can do the same. Posting on relevant social media platforms with a photo and a hyperlink at the most opportune times can drive traffic to an online listing. Appropriate hashtags, especially local ones can increase the reach of a social media post.
Close with confidence
Closing should be a painless endeavor; however, buyers and sellers continually make avoidable mistakes before and during the meeting. By paying for a commercial inspection of the property before listing it, a seller not only has a chance to repair defects and get everything up code, he also takes away some of the bargaining power of the buyer.
A smart buyer will obtain an inspection during the due diligence period after he makes an initial offer. If there is nothing to fix then the agreed upon price is less negotiable. Before closing, the seller’s mortgage lender should check to see the buyer is capable of paying for the transaction. Some areas require a prospective homeowner to have sufficient property insurance before the sale is complete.
By addressing these issues long before closing, the meeting can go smoothly. Don’t be too eager to sell on the big day and make concessions that are ridiculous. Be willing to walk away.