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Maximize
your price and minimize your hassles:
Some 5 million existing homes are sold each
year, and while each transaction is
different every owner wants the same thing -
the best possible deal with the least amount
of hassle and aggravation.
Unfortunately, home selling has become a
more complex business than it used to be.
New seller disclosure statements, longer and
more mysterious form agreements, and a range
of environmental concerns have all emerged
in the past decade.
More
importantly, the home-selling process has
changed. Realtors representing homebuyers is
now common nationwide, and good realtors
want the best for their clients. The result
is that while almost 100,000 existing homes
are sold each week, the process is not as
easy for sellers as it was 10 or 15 years
ago. Surviving in today's real estate world
requires experience and training in such
fields as real estate marketing, financing,
negotiation and closing - the very expertise
available from your local Realtor.
Are you
ready?
The home-selling process typically
starts several months before a property is
made available for sale. It's necessary to
look at a home through the eyes of a
prospective buyer and determine what needs
to be cleaned, painted, repaired and tossed
out. Ask yourself: If you were buying this
home what would you want to see? The goal is
to show a home which looks good, maximizes
space and attracts as many buyers - and as
much demand - as possible.
While part of
the "getting ready" phase relates to
repairs, painting and other home
improvements, this is also a good time to
ask why you really want to sell. Selling a
home is an important matter and there should
be a good reason to sell - perhaps a job
change to a new community or the need for
more space. Your reason for selling can
impact the negotiating process so it's
important to discuss your needs and wants
with the Realtor who lists your home.
When
should you sell?
The marketplace tends to be more active
in the summer because parents want to enroll
children in classes at the beginning of the
school year (usually August). The summer is
also typically when most homes are likely to
be available. Generally speaking, markets
tend to have some balance between buyers and
sellers year-round. In a given community,
for example, there may be fewer buyers in
late December, but there are also likely to
be fewer homes available for purchase. So,
home prices tend to rise or fall because of
general demand patterns rather than the time
of the year. Owners are encouraged to sell
when the property is ready for sale, there
is a need or desire to sell, and the
services of a local Realtor have been
retained.
How do you
improve your home's value?
The general rule in real estate is that
buyers seek the least expensive home in the
best neighborhood they can afford. In terms
of improvements, this means you want a home
that fits in the neighborhood but is not
over-improved. For example, if most homes in
your neighborhood have three bedrooms, two
baths and 2,500 sq. ft. of finished space, a
property with five bedrooms, more baths and
far more space would likely be priced much
higher and likely be more difficult to sell.
Improvements
should be made so that the property shows
well, is consistent with the neighborhood
and does not involve capital investments,
the cost of which cannot be recovered from
the sale. Furthermore, improvements should
reflect community preferences. Cosmetic
improvements - paint, wallpaper and
landscaping - help a home "show" better and
often are good investments. Mechanical
repairs - to ensure that all systems and
appliances are in good working condition -
are required to get a top price. Ideally,
you want to be sure that your property is
competitive with other homes available in
the community. Your Realtor can provide
suggestions that are consistent with your
marketplace. |
