Selling Your Home
This report provides some suggestions on ways to make selling your house easier. The first decision you will be making is selection of a realtor and this is a critical first step. Selection of the right realtor will make the other suggestions a lot easier as your realtor will provide many of the answers to your questions and should have a good knowledge of selling within your market area. Key points in selling a home include setting the price, placing the home correctly into the market and being aware of the competitive homes for sale in your area. The suggestions below will give you a better perspective of what you need to do.
Select a Realtor
- This is your first critical decision. You will want someone that is very familar with the housing market in your geographical area. Going to open houses in your area is one way to meet realtors and get a good impression of how they present a house.
- Does the open house seem to be set up well?
- Are there attractive brochures available?
- Is the realtor presentable and friendly.
- Find out what your Realtors' background is.
- What kind of experience do they have in real estate?
- What kind of standing do they have in their profession?
- Do they have a network to help promote your house?
If you have friends that have sold their home, ask who they used. Chances are they will tell you in all honesty if their Realtor was good or not. If you have access to a computer, browse some of the real estate sites in the area that you desire. Many of these sites will provide you information on individual realtors as well as show the types of homes that person is selling. Don't be nervous about asking a potential realtor to give you a list of homes that he or she sold in the area, along with comments on how long it took to sell and reasons for quick or slow sale. Feel free to ask the realtor to review your home and give you a presentation on selling it, along with potential pricing for the market and what their commission would be. You may even want to have several different realtors give presentations to help in your selection. This is especially true if your home will probably be highly priced. A good realtor will also help to evaluate potential buyers before showing them the house so that you are not constantly preparing your house for presentation for people that are not truly interested or can't afford your price range.
Presenting Your House
- The better the home is presented the easier and faster it will sell. Taking care of significant repairs such as painting and yard maintenance will speed up the process and can help considerably with a buyer's valuation of the house and its price. If your house will probably require special reports such as septic tank condition or well water analysis, have these done ahead of time so that potential buyer's can review them. Your realtor will know what might be required here. If your realtor is going to show the house, make sure that it is clean. Some potential buyers have little imagination and find it very hard to get past a dirty or messy house. Furthermore, the presentation of your house will give a good indication to a potential buyer on how well the house was maintained.
- Many times a home that is not properly priced will sit on the market for many months while similar homes are being sold. The best way to price your home is by doing a professional Market Analysis which shows what comparable homes in your area are selling for. This analysis will also give you a good idea of how long it might take to sell your house. Your realtor can prepare this analysis for you and help you to understand the results.
- Interest rates may determine what kind of market will exist for your house. Low interest rates generally promote a good seller's market.
- The timing is a condition of the real estate market at the time of the sale. It may be a Seller's market or a Buyer's market. No one can change the condition of the market at the time the property is for sale. Your realtor will know the condition of the local market and can advise you on the best strategy to sell the home. If you are not in a hurry to sell, it might be better to wait for the correct type of market condition.
- Most buyers make a final decision on a house and its value by comparing it to the other available property on the market. Looking at the other homes for sale in the area can help you determine the best price. The Market Analysis discussed under the Price Section is the best way to determine the active competition.
- Promotion includes the traditional marketing methods such as advertising and connection to and communications with the people looking to purchase properties. However, It is important to note that even the very best promotion cannot overcome problems with the factors we have discussed above. If these factors are out of balance the house may be difficult to sell. A good realtor will show you the methods in which the house will be promoted. Some of these include:
- open houses
- Internet web site placement