Because your home may well be your largest asset, selling it is probably one of the most important decisions you will make in your life.
1. Understand Why You Are Selling Your Home
Your motivation to sell is the determining factor as to how you will approach the process. It affects everything from how you set your asking price to how much time, money, and effort you’re willing to invest in order to prepare your home for sale. For example, if your goal is for a quick sale, this would determine one approach. If you want to maximize your profit, the sales process might take longer thus determining a different approach.
2. Keep the Reason(s) You are Selling to Yourself
The reason(s) you are selling your home will affect the way you negotiate its sale. By keeping this to yourself you don’t provide ammunition to your prospective buyers. For example, should they learn that you must move quickly, you could be placed at a disadvantage in the negotiation process. When asked, simply say that your housing needs have changed. Remember, the reason(s) you are selling is only for you to know.
3. Before Setting a Price - Do Your Homework
When you set your price, you make buyers aware of the absolute maximum they have to pay for your home. As a seller, you will want to get a selling price as close to the list price as possible. If you start out by pricing too high you run the risk of not being taken seriously by buyers and their agents and pricing too low can result in selling for much less than you were hoping for.
Setting Your Home’s Sale Price.
If You Live in a Subdivision — If your home is comprised of similar or identical floor plans, built in the same period, simply look at recent sales in your neighborhood subdivision to give you a good idea of what your home is worth.
If You Live in An Older Neighborhood — As neighborhoods change over time each home may be different in minor or substantial ways. Because of this, you will probably find that there aren’t many homes truly comparable to your own. In this case, you may want to consider seeking a Realtor® to help you with the pricing process.
If You Decide to Sell On Your Own — A good way to establish value is to look at homes that have sold in your neighborhood within the past 6 months, including those now on the market. This is how prospective buyers will assess the worth of your home. Also, a trip to City Hall can provide you with home sale information in its public records, for most communities.
4. Do Some “Home Shopping” Yourself
The best way to learn about your competition and discover what turns buyers off is to check out other open houses. Note floor plans, condition, appearance, size of the lot, location, and other features. Particularly note, not only the asking prices but what they are actually selling for. Remember, if you’re serious about getting your home sold fast, don’t price it higher than your neighbor’s.
5. When Getting an Appraisal is a Benefit
Sometimes a good appraisal can be a benefit in marketing your home. Getting an appraisal is a good way to let prospective buyers know that your home can be financed. However, an appraisal does cost money, has a limited life, and there’s no guarantee you’ll like the figure you hear.
6. Tax Assessments - What They Really Mean
Some people think that tax assessments are a way of evaluating a home. The difficulty here is that 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 value.
7. Deciding Upon a Realtor®
According to the National Association of Realtors, nearly two-thirds of the people surveyed who sell their own homes say they wouldn’t do it again themselves. Primary reasons included setting a price, marketing handicaps, liability concerns, and time constraints. When deciding upon 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 professional Realtor® knows the market and has information on past sales, current listings, and a marketing plan, and will provide their background and references. Evaluate each candidate carefully on the basis of their experience, qualifications, enthusiasm, and 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 on your own, you can still talk to a Realtor®. Many are more than willing to help do-it-yourselfers with paperwork, contracts, etc., and should problems arise, you now have someone you can readily call upon.
8. 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 selling 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.
9. Appearances 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 to sell.
10. Invite the Honest Opinions of Others
The biggest mistake you can make at this point is to rely solely on your own judgment. Don’t be shy about seeking the honest opinions of others. You need to be objective about your home’s good points as well as bad. Fortunately, your Realtor® will be unabashed about discussing what should be done to make your home more marketable.
11. Get it Spic n’ Span Clean and Fix Everything
Even If It Seems Insignificant Scrub, scour, tidy up, straighten, get rid of the clutter, declare war on dust, 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’ll never know what turns buyers off. Remember, you’re not just competing with other resale homes, but brand-new ones as well.
12. Allow Prospective Buyers to Visualize Themselves in Your Home
The last thing you want prospective buyers to feel when viewing your home is that they may be intruding into someone’s life. Avoid clutter such as too many knick-knacks, etc. Decorate in neutral colors, like white or beige, and place a few carefully chosen items to add warmth and character. You can enhance the attractiveness of your home with a well-placed vase of flowers or potpourri in the bathroom. Home decor magazines are great for tips.
13. Deal Killer Odors - Must Go!
You may not realize that odd smells like traces of food, pets, and smoking odors can kill deals quickly. If prospective buyers know you have a dog, or that you smoke, they’ll start being aware of odors and seeing stains that may not even exist. Don’t leave any clues.
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