| The Premier Information Guide |
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Selling a property |
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- View - Getting Ready to Sell
- View - Preparing your Property for Sale
- View - Pricing Your Home
- View - Making Your Home Look Its Best
- View - Marketing Your Home
- View - An Offer!
So now you're moving up - you're selling that "starter home" to move into a bigger one. Or maybe your young ones have left the nest and you're trading a large house for a smaller one or a rental apartment. Selling your home is a big decision, legally and emotionally. Knowing a little bit about real estate and about the processes surrounding the sale of a home can help ease your fears.
Getting Ready to Sell
The condition and appearance of your home can have a dramatic effect on its sale price. Obviously, a residence that is clean and free from unpleasant odors makes a better impression on a potential buyer. It is reasonable to assume that better impressions lead to better offers. In addition, new carpeting, a fresh coat of paint, and minor repairs may be worth much more than their respective costs.
The other "preparation" you need to do is to set your asking price, a sometimes difficult task. You want to ask enough that you don't lose money on the deal, but you don't want to ask so much that you scare off potential buyers. Your agent can help you set your asking price by comparing your house to similar properties that have sold recently, then using the selling prices of those houses as a guideline.
Preparing your Property for Sale
To renovate or not to renovate?
From the moment your home is put on the market, potential purchasers will be driving by to look it over and your agent may also arrange for prospective buyers to inspect your home at short notice. If these prospective buyers fall in love with your home at first sight, they may be willing to negotiate immediately. It is therefore essential that you get your property looking as attractive as possible. Renovating can be a great way to add value to your property.
But it is important to keep in mind that the cost of renovations may not always be covered by the corresponding increase in sale price. Don't 'overcapitalise', or spend a lot of money on expensive renovations - like building on a new bedroom or re-tiling the roof - which you won't get back when the house is sold.
Make a master list of all the repairs, touch-ups and improvements which need to be done.
Ask your agent, friends and relatives to come over and point out anything you may have overlooked: and ask them to speak their mind! You might then organize a working bee to carry out the biggest tasks, or hire a professional handyman. It is not a good idea to try to 'make your home something it's not'. Renovations which suit the period of your home may well increase its value, but renovations which look too modern (or cheap!) may look 'tacked on' and turn off prospective buyers. Remember also that prospective buyers often pay a premium for the potential they can see in a "renovator's delight".
Pricing Your Home
If you’re planning on selling a house, you’ll have to decide what price you’re going to ask for the home. This is one of the most important and difficult decisions you’ll have to make. Buyers select by comparison shopping, so your home will need to have a fair market price in order for it to sell. A real estate professional can help you determine the market value of your home while still obtaining the top dollar price for your piece of property.
Some of the things to consider when choosing a price for your home are:
- What is the age and condition of your home?
- Does it need updating?
- What have similar homes in your areas sold for?
- Have homes in your area been increasing or decreasing in value?
- Are there a lot of homes for sale in your area?
Remember, your home is only worth what someone is willing to pay for it. By working with a qualified real estate professional, you can ensure that your property will receive the needed exposure to attract interested parties who are willing to make an offer.
Making Your Home Look Its Best
When you’re selling your home you’ll want to put forth the very best product. Buyers aren’t coming for just a quick look but for a careful inspection. Keep the exterior neat by painting the trim, clipping the hedges, mowing, edging, and weeding the lawn and you may even want to plant a few flowers.
Inside you’ll want to lighten up the darker corners, perhaps add some fresh paint and put the clutter away to give the rooms an open feeling. Make sure there are no “stale” odors in the home. This can be especially important for remote areas such as a basement or attic. On the day of your open house, you may want to consider baking some cookies or bring in some fragrant fresh flowers. This will add a cheery and pleasant scent to your home. These little things just may help you sell your home a bit more quickly.
Marketing Your Home
When selling your home, you must realize that it’s not likely that the right buyer will simply walk through your door on their own. Generally, you have to bring your home to the buyer, and that means counting on a real estate professional to put forth a successful marketing campaign. You’ll want an agent who will make the best use of advertising and one who uses state of the art techniques such as the Internet.
An Offer!
When you have a home for sale, eventually a prospective buyer will “make an offer”. As the seller, you basically have three options: you can accept the offer, reject the offer or give a counter offer. A counter offer usually will encourage a buyer to continue their negotiations. You may also receive multiple offers. You may prefer to take slightly less for your property from someone who is willing to pay cash versus someone who needs to sell his or her current home first. Contingencies, move-in dates, and financing are all things to consider when weighing an offer. If things seem a bit overwhelming, rely on your experienced real estate professional, who can go over the various points with you and help you choose the best offer.
ONE FINAL SUGGESTION: Ask your agent to take a walk through your house and offer suggestions on how to make it show better. There’s simply no better source of ideas for making a house more marketable.
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