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If the current real estate market is
“HOT” you stand a better chance of selling your home at
the price you want. But remember, if you sell in a “HOT”
market, chances are you will be buying in the same market.
That means you will have to respond quickly to offers
and compete aggressively to find your next house.
If the current real estate market
is weak you stand to lose a large percentage of what you
have paid into your home. To get a decent price you may
have to spend money to make improvements to your property
and offer incentives to compete with other homes on the
market. Take advantage of the cyclical nature of the housing market and stay put (if you can) until the market
improves. |
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Even 5% over real estate market value can discourage buyers. It
is important that you realize that your selling price
is determined by the current market and not by what you
have to get out of the deal, or even by an appraisal.
If your house is not priced competitively for the current
market, people looking in your price range will reject
your house in favor of other, larger homes for the same
price. At the same time, the people who should be looking
at your house will not view it because it is priced over
their heads.
Special Note: If circumstances dictate that you must ask
more than your realtor and the real estate market says is the optimum
price for your home then re-evaluate your decision to
sell at this time. If possible you should stay put until
the market improves or your property appreciates. |
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| If you insist on pricing your real estate higher than the existing market trend with the idea that you can always lower the
price you may be sabotaging your own sale. Just asking
$2,000 or $3,000 more than market value can mean the difference
between selling quickly at a good price and delaying the
sale. And don’t forget, keeping your house on the
market for a prolonged period can incur additional expenses
like carrying costs and upkeep. Ask your realtor how much
bargaining room you can leave in your price. |
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| The longer your home is on the real estate market the less likely
you are to get a full price offer. If a month goes by
with no serious offers, do something! Review your price,
offer incentives or make some improvements or repairs.
Then hold an Open House to announce the changes. |
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| Hiring a relative to sell your real estate is one of the most common, serious
errors committed by home sellers. Making this mistake
could mean your home will sell more slowly and for less
money than it otherwise would. Selling your home is one
of your most important financial transactions, having
a professional realtor in your corner can make all the
difference in getting your price, fast. |
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| Chances are you will be perfectly happy with the efforts
of your realtor on your behalf, but circumstances can
change. Protect yourself by getting a “guarantee
of performance” clause with a right to cancel your
contract with your realtor if you are not satisfied. You
must be able to work together as a team to get the best
price for your home in the shortest amount of time. |
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| When selling your real estate, always tell the truth. It’s natural to be optimistic
about your home but it doesn’t pay to deliberately
misrepresent it. While most sellers wouldn’t commit
an outrageous misrepresentation, there is a tendency to
fudge about room sizes, screen porches, decks or unfinished
basements. When calculating a home’s total square
footage only living areas should be counted. You set people
up for a disappointment when you misrepresent your home
on the listing and once they’re disappointed, it’s
difficult to recapture their interest. |
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| Maximize your “Curb Appeal”! You have to
get buyers in the door because you can’t sell to
someone who isn’t there! A well-kept yard free of
clutter will get them out of the car and on to your doorstep.
An unkempt yard will put off a prospective buyer before
they even get in your door. Improve the view of your house
from the street by sprucing up shrubs, shutters, windows,
front door and even the mailbox. Place potted plants on
the front step, hang a wreath on the door and install
brass outdoor lighting fixtures. Do whatever it takes
to enhance your home’s “buy me” look.
And never under estimate the appeal of fresh flowers and
a mowed lawn (minus the bicycles and dog poop). |
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| This is your only chance to “Show Case”
your home! Once you’ve got them in the door your
responsibility doesn’t end there. CLEAN YOUR HOUSE!
This one’s a no-brainer. Prospective buyers are
looking for a home and they must be able to picture themselves
in yours. If you think about it, nobody pictures themselves
in a malodorous home with a dirty bathroom, greasy kitchen
or messy bedrooms. Think military, think white glove,
think spotless! |
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| This is one of the three most evaluated places in your
home. Even if the appliances aren’t part of the
deal, some prospective buyers will judge your whole house
by the cleanliness of your stove or refrigerator. Keep
your kitchen counters clear and uncluttered and your fridge
sweet smelling. A clean kitchen will go a long way in
your favor. |
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| The ideal garage stores cars and an orderly array of
garden tools, that’s it! Throw out your junk to
show that there’s lots of room for theirs. |
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| This rounds out the group of three most inspected rooms
in your home. Take the time to arrange the furniture to
create a feeling of spaciousness. And make sure it’s
clean and sweet smelling, don’t forget to make the
ensuite bathroom sparkle, they’ll be checking. |
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| Clean out your closets, your spare room and yes, even
your basement. You can’t hide your junk any longer
because these “visitors” to your home are
going to open all your closet doors and look in all the
nooks and crannies. Be ruthless, dump the junk! Think
how nice it will be to start fresh in your new home! |
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| If your home seems more like a dungeon cell than a bright,
modern home you might consider recruiting the two stars
of home improvement, paint and carpet. Probably the best
dollar-for-dollar investment for selling your home fast
is fresh paint. Neutral colors are best. Next to fresh
paint, new carpeting – replaced for either condition
or color – can make a huge difference. |
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It’s a fact; repairs can increase the value of
your home. Your real estate agent will be able to point out which repairs could significantly increase the value of your home.
Selling “as is” can cost you more
than the repairs; even minor improvements will yield as
much as three to five times the repair cost at the time
of sale. Even seemingly small fix up jobs can have
quite an impact on saleability and price. |
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| Keep in mind that if you do extensive remodeling you
run the risk of “over-improving” your home
(yes, there is such a thing). You might not be able to
recoup your investment when you sell. If your improvements
will push your home’s value to more than 20% over
the average neighboring home values then don’t expect
to recoup the entire cost. (However, some major projects,
like replacing a roof or deck, should be done if they
are needed.) |
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| Keep company to a minimum when your house is being shown.
Don’t have crowds of visitors when someone is looking
at your home; prospective buyers will feel like intruders
if they enter a room filled with people. |
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| Keep your pets out of the way (no mater how cute they
are). Not everybody likes pets; some people are even allergic
to them (horrors). Pets also raise suspicion of hidden
spots on the carpet and unexplained odors. |
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| Let your realtor do their job. Buying a home is an emotional
decision; people like to “try on” a house
and see if it’s comfortable for them. This is difficult
to do if you follow them around pointing out every improvement
that you made. It may even make them feel that they are
intruding on your private space and that’s something
you don’t want, they should feel “at home”!
• -Keep a low profile when your home is being shown,
the realtor can do a better job of selling your home if
you stay in the background. Turn down the volume on your
stereo or TV and keep the kids from hanging off the coat
tails of prospective buyers. Plan to be away, but reachable,
during Open House. |
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| Let the prospective buyer discover things for themselves.
If you’re worried that they may miss one of the
amenities of your home, a tasteful sign works better than
following them around with a running commentary. |
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| You don’t need to worry about this if you have
listed your home with a reputable realtor. Realtors will
only bring qualified buyers, those who are ready, willing,
and able to buy your house. An agent will determine how
much a buyer can really spend for a house, how much he
has available for a down payment, how good his credit
is, how much he can pay each month, how much he will realize
(realistically!) when he sells his present home - and
about a dozen other similar questions. If you only show
your home to qualified buyers the number will be fewer
(but the quality much higher) than if you open your front
door to everyone who walks down the street with a dream
of owning a home…some day. |
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| Cash is not always the most advantageous transaction.
Income level, tax benefits and current legislation are
all critical factors when considering purchase terms.
Check with your tax advisor to see if a straight sale
is the best option for you. You should also decide whether
you are willing, and able, to carry financing or offer
a “Lease with option to buy” arrangement.
This would increase the pool of potential buyers you have
to choose from. |
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| The contract for the sale and purchase of a home is
a legally binding document. Real estate law is extensive
and complex and if you don’t have a legal background
or real estate experience you should leave this to the
experts. Did you know: • -You can lose a sale or
pay thousands in repairs or remedies for title defects
because of an improperly written contract. • -You
need to know which repairs and closing costs are your
responsibility. • -You also need to know whether
the property can legally be sold “as is” and
how deed restrictions and local zoning will affect the
transaction. • -You or your realtor must remedy
any defects in your title and determine if your property
is in conflict with local restrictions or you might have
to pay through the nose. |
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| You can make it easier for your realtor to sell your
house. For instance, most potential buyers call during
business hours. Arrange to be available to take calls
from your realtor during the day, it could make the difference
between selling your home and not. |
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| Make your home accessible! The more accessible your home is the more it will be shown and that gives you better
odds of finding a buyer willing to pay top dollar. A lock
box is favored because it offers realtors unlimited access
(within reason) to show your home. “Appointment
only” arrangements are more restrictive. In today’s
competitive market buyers who can’t see a home at
their convenience will go on to view, and purchase, other
homes. You never know if the one that couldn’t get
a viewing was the one that got away. |
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| There are lots of ways to sell your home besides a “For
Sale” sign and an ad in the paper. Request ‘round
the clock and online advertising and take time to discuss
your options with your realtor, then be prepared to participate
in marketing your home. Let your realtor know if other
realtors have shown your home (they should leave their
card). This allows your realtor to follow up “hot”
leads. |
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| Approach negotiations in a positive frame of mind, not
as an adversary of the buyer. After all, you both want
the same thing – a sale. Reply immediately to an
offer. When buyers make an offer they are in the mood
to buy at that moment. Moods change and you don’t
want to lose a sale because you stall in replying. Participate
when asked but leave most of the discussion of price,
terms, possession and other conditions up to your agent. |
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| Don’t make costly mistakes when selling your home.
There are lots of things you can do to help with the sale,
most are common sense, some may be new to you but all
will contribute to a fast sale at a fair price. Do your
homework before you put up the For Sale sign and be a
Winner. |
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1.
Watch the market! – As they say in showbiz,
“Timing is everything”!