27 VALUABLE TIPS You Should Know To Get Your Home SOLD FAST and for TOP DOLLAR!
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. To better understand
the home selling process, a guide has been prepared from current industry
insider reports. Through these 27 tips you will discover how to protect and
capitalize on your most important investment, reduce stress, be in control of
your situation, and make the most profit possible.
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 what you set your asking price at 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 a 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. For most communities, a trip to City Hall can provide
you with home sale information from the public records.
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 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, 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. Make sure you 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 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.
You'll never know what turns buyers off. So 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 .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 this but 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.
14) Be a Smart Seller- Disclose Everything.
Smart sellers are proactive in disclosing all known defects to their buyers in
writing. This can reduce liability and prevent law suits later on.
15) It's Better With More Prospects.
When you maximize your home's marketability, you will most likely attract more
than one prospective buyer. It is much better to have several buyers because
they will compete with each other; a single buyer will end up competing with
you.
16) Keep Emotions in Check During Negotiations.
Let go of the emotions you've invested in your home. Be detached, using a
business-like manner in your negotiations. You'll definitely have an advantage
over those who get caught up emotionally in the situation.
17) Learn Why Your Buyer is Motivated.
The better you know your buyers, the better you can use the negotiation process
to your advantage. This allows you to control the pace and duration of the
process. As a rule, buyers are looking to purchase the best affordable property
for the least amount of money. Knowing what motivates them enables you to
negotiate more effectively. For example, does your buyer need to move quickly?
Armed with this information you are in a better position to bargain.
18) What the Buyer Can Really Pay.
As soon as possible, try to learn the amount of mortgage the buyer is qualified
to carry and how much his/her down payment is. If their offer is low, ask their
Realtor® about the buyer's ability to pay what your home is worth.
19) When the Buyer Would Like to Close.
Quite often, when buyers would "like" to close is when they need to close.
Knowledge of their deadlines for completing negotiations again creates a
negotiating advantage for you.
20) Never Sign a Deal on Your Next Home Until
You Sell Your Current Home Beware of closing on your new home while you're still
making mortgage payments on the old one or you might end up becoming a seller
who is eager (even desperate) for the first deal that comes along.
21) Moving Out Before You Sell Can Put You at a Disadvantage.
It has been proven that it's more difficult to sell a home that is vacant
because it becomes forlorn and looking forgotten, no longer an appealing sight.
Buyers start getting the message that you have a another home and are probably
motivated to sell. This could cost you thousands of dollars.
22) Deadlines Create A Serious Disadvantage.
Don't try to sell by a certain date. This adds unnecessary pressure and is a
serious disadvantage in negotiations.
23) A Low Offer- Don't Take It Personally.
Invariably the initial offer is below what both you and the buyer knows he'll
pay for your property. Don't be upset, evaluate the offer objectively. Ensure it
spells out the offering price, sufficient deposit, amount of down payment,
mortgage amount, a closing date and any special requests. This can simply
provide a starting point from which you can negotiate.
24) Turn That Low Offer Around.
You can counter a low offer or even an offer that’s just under your asking
price. This lets the buyer know that the first offer wasn’t seen as being a
serious one. Now you’ll be negotiating only with buyers with serious offers.
25) Maybe the Buyer's Not Qualified.
If you feel an offer is inadequate, now is the time to make sure the buyer is
qualified to carry the size of mortgage the deal requires. Inquire how they
arrived at their figure and suggest they compare your price to the prices of
homes for sale in your neighborhood.
26) Ensure the Contract is Complete.
To avoid problems, ensure that all terms, costs and responsibilities are spelled
out in the contract of sale. It should include such items as the date it was
made, names of parties involved, address of property being sold, purchase
price, where deposit monies will be held, date for loan approval, date and place
of closing, type of deed, including any contingencies that remain to be settled
and what personal property is included (or not) in the sale.
27) Resist Deviating From the Contract.
For example, if the buyer requests a move-in prior to closing, just say no. Tell
them that you’ve been advised against it. Now is not the time to take any
chances of the deal falling through.