Here are some tips
People sell their homes because they have been
transferred to a new job, a new location, or because they are trading up
to accommodate a growing family, or trading down when children move out on
their own. Whatever the reason, there are at least a few facts worth
remembering if you are thinking about selling your home.
a. Familiarize yourself with the market
Sellers need to understand the current real
estate market, because housing is a commodity, and the value of real
estate properties fluctuates according to many factors including
supply/demand, interest rates, and the general economy. Your home is
worth only what a qualified buyer is willing to pay for it at the time it
is put up for sale.
A professional real estate agent can educate you about
what homes in your area are selling for at the current time
b. Learn what your property is worth
Sellers should consider a professionally prepared
comparative market analysis (CMA), which allows them to see what similar
properties, in the same market, already have sold for in the recent past.
Your REALTORŪ will be able to help you with this process and may provide
you with a CMA.
For example, if you live in a ranch-style home, make
sure your CMA tracks the price of other, similar ranch-style homes. If you
live in a rural community, make sure your property is compared to
properties that also have been sold in a rural community.
While it may seem logical to compare the asking
price of others who are selling their homes, it is the closing
price - the price actually paid to the seller - that ultimately determines
relative worth in the real estate market.
c. Make the decision
People who must move to relocate for a new job don't
have the luxury of asking, "Why should I put my home on the market when
I haven't yet found the property I want to purchase?" They know they
must move and so they do. In fact, it is very rare that a seller fails to
find a suitable new property once an active and committed search is
underway.
Selling one's current property is the most common way
to finance the purchase of a new property. You won't know what you can
afford to buy, if you don't know what price you can expect to get for your
current home.
Sellers who don't want to list their property first
risk finding the home of their dreams, only to realize another buyer (with
financing and flexibility) has stepped in to make the purchase ahead of
them. If you are reluctant to put your current property up for sale,
perhaps you have not made the decision to move just yet.
First determine why, and then where you want to move.
In addition to familiarizing yourself with the selling market in your
current location, sellers must educate themselves about key factors in the
areas they intend to consider for relocation.
Schools, tax rates, property prices, commuting
distances, and availability of public transit and/or health care
facilities may all be factors for the seller who also will be a buyer. A
qualified REALTORŪ can be of enormous assistance here.
Sellers should try to take a fresh, impartial look at
their property prior to putting it on the market. Enhance your home's curb
appeal. You have just one chance to make a good first impression, so don't
under-estimate the importance of a fresh coat of paint, a well-tended yard
and entryway, and the need to eliminate clutter.
Although sellers often concede that new carpeting or
wall paint is warranted, they are sometimes too willing to let prospective
buyers worry about such improvements. In reality, buyers tend to make
mental deductions from the sale price for each new "job" they will have to
take care of, and they are inclined to inflate the cost of new carpeting
or other simple repairs. Your listing agent will give you specific advice,
but here are several suggestions for you to consider:
| DO |
DON'T |
| fertilize, seed, cut lawn and clip
shrubs and purchase fresh mulch; |
plant new shrubs or trees; |
| clean, wash, deodorize indoor carpets
and floors; |
select vivid colors for new paint or
carpeting - stay neutral; |
| consider applying fresh paint to
interior walls; |
purchase new wallpaper or light fixtures; |
| thoroughly scrub inside of
appliances; |
purchase new appliances; |
| use accents (like fresh bath towels,
decorative soaps, light air scents); |
clutter shelf tops with personal
photos, etc.; |
| make sure all closets and cabinets
are clean to the point of looking empty - they also will look larger; |
fill closets with items removed from
the rooms; |
| consider repairing/replacing damaged
roof shingles; |
replace entire windows; |
| reseal asphalt driveway; |
pave a gravel drive; |
| |
install new siding |
