Because you home may well be your largest asset, selling it is probably one of the most important decisions you will make in your life.
To better understand the home selling process, I have prepared a 27 tip guide to help you discover how to protect and capitalize on your most important investment, to reduce stress, and to be in control of your situation and make the most profit possible.
1. Understand Why You Are Selling Your Home -
- Your motivation to sell is the determining factor as to how you will approach the whole process.
- If your goal is a quick sale, this would determine one approach
- If you want to maximize your profit, the process might take longer, calling for a different approach
2. Keep The Reasons You Are Selling To Yourself -
- Your reasons may affect the way to negotiate your sale
- You don't want to hand ammunition to your buyers
- When asked, simply say "My Housing Needs Have Changed"
3. Before Setting a Price , Do Your Homework -
- The price you set is seen as the absolute maximun buyers must pay for your home.
- You want to get a selling price as close to the listing price as possible
- Pricing too high can make buyers and agents not take you seriously
- Pricing too low can make you lose rightful money
4. Setting Your Homes Sale Price -
- If You Live in a Subdivision - When your home is comprised of similar or identical floorplans, built in the same period, simply look at recent sales in your neighborhood to give you a good idea of what your home is worth.
- If You Live in an Older Neighborhood - As neighborhoods change over time, with remodels and such, you will most likely not be able to find homes comparable to yours. In this case, using a realtor would probably be your best bet.
- If You Decide To Sell Your Own Home - Look at homes that have sold within your area in the past 6 months, including those on the market now. This is also how buyers will prospect the price of your home. Also, a trip to city hall can provide you with home sale information in it's public records, for most communities.
5. Do Some "Home Shopping" Yourself -
- Checking out other open houses is the best way to learn about your competition. Particularly note, not only the asking prices, but what they are actually selling for.
- If your serious about getting your home sold fast, DONT price it higher than your neighbors.
6. When Getting an Appraisal is a Benefit -
- Sometimes a good appraisal can be a benefit in marketing your home.
- Letting prospective buyers know that your home can be financed is never a bad idea.
- However, an appraisal has a limited life, and theres no guarantee you will like the figure you get.
7. Tax Assessments - What They Really Mean -
- Some people think that tax assessments are a way of evaluating a home.
- The assessments are based on a number of criteria that may not be related to property values, so they may not necessarily reflect your home's true values.
8. Deciding Upon a Realtor -
- according to the National Association of Realtors - almost 2/3 of the people surveyed who sold their homes on their own, said they would NOT do it themselves again.
- Primary reasons included: setting a price, marketing handicaps, liability concerns, and time constraints.
- When looking for a realtor, consider two or three. Be as wary of quotes that are too low as those that are too high.
- All Realtors are not the same!!!!!
- A realtor knows the market and has information on past sales, current listings, a marketing plan, and will provide their backround and references.
- Evaluate each candidate carefully on the basis of their: experience, qualifications, enthusiasm & personality.
- Be sure you choose someone that you trust and feel confident that they will do a good job on your behalf.
- If you choose to sell your own home, you can still talk to a realtor. Many are more than willing to help do-it-yourselfers with paperwork, contracts etc. and should any problems come up, you now have someone you can readily call upon.
9. Ensure You Have Room to Negotiate -
- Before settling on your asking price, make sure you leave yourself enough room in which to bargain.
- For example, set your lowest and highest asking price. Then check your priorities to know if you'll price high to maximize your profit, or price closer to market value if you want to sell quickly.
10. Appearences DO Matter - Make Them Count -
- Appearance is so critical that it would be unwise to ignore this when selling your home.
- The "look and feel" of your home will generate a greater emotional response than any other factor.
- Prospective buyers react to what they see, hear, feel, and smell even though you may have priced your home correctly.
11. Invite The Honest Opinions of Others -
- The biggest mistake you can make at this point is to rely on ONLY your judgement.
- Don't be shy about seeking the say of others.
- You need to be objective about your homes good points as well as the bad.
- Fortunately, your realtor will be honest about what needs to be done to make your home more marketable.
12. Get it Spic n' Span - Even if it Seems Insignificant -
- Scrub, brush, tidy up, get rid of clutter, repair squeaks, the light switch that doesn't work, and the tiny crack in the bathroom mirror because these can be deal killers and you never know what may turn buyers off.
- Remember, you are not just competing with other resale homes, but brand new ones as well.
13. Allow Prospective Buyers to Visualize Themselves in Your Home -
- The last feeling you want to give buyers is that they are "intruding" into someone else's life.
- Avoid clutter such as too many knick knacks, decorate in neutral colors, and place a FEW carefully chosen items to add a small amount of warmth and character.
- You can embrace the attractiveness of your home with a well placed vase of flowers or potpourri in the bathroom.
- Home magazines are great for tips on decor!
That's it for now folks, I'll finish up a little later. Check out Part 2 when you get a chance.
Make it an awesome day!
Glen Russell 610.792.3000 (Call me anytime with questions or comments)
www.GlenRussell.Com
