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Step 1:
Plan / Prepare
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. |
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Seller's Guide
Step 1: Plan/Prepare
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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. Buyer brokerage - where REALTORS®
represent homebuyers - is now common nationwide, and good buyer-brokers
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 five or 10 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 local REALTORS®.
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 in private 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. REALTORS®, who see numerous homes, can provide suggestions
that are consistent with your marketplace.
NEXT STEP: Get A REALTOR®
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