selling your home
By on Jun 19, 2008
1) PRICING TOO HIGH
"The single most important thing is when you price a home," says Brad Lamb, broker of Brad J. Lamb Realty. In the world of real estate, it's no secret, price is everything. "Make sure to hire the proper agent, someone who has the right experience and knowledge to determine the listing price," adds Lamb. When your home is overpriced, you are in competition with homes that may be newer, larger, or have more amenities than yours. You help the competition sell their home. This leads to long days on the market, and costs you, the seller, money in the long run. Statistics show that the best opportunity to sell your home is often within the first few weeks of putting it on the market.
2)POOR CONDITION
A home that is in disrepair, or otherwise poor condition, does not excite buyers. Such a home is looked upon by buyers as a work project and money pit. Having your home in good repair and great showing condition will significantly improve your chances for a sale at top dollar value. Having your home inspected by a home inspector will also have a positive impact on buyers.
3) LET THERE BE LIGHT
Buyers prefer updated, light, and bright homes. Open your home up and make sure you let the sunshine in. "When preparing your home to be shown, look at it from the buyer?s perspective," recommends Jim Gallagher, a Mississauga real estate agent with Royal LePage. "Walk through your home and remove clutter; touch up and update paint, countertops, and carpets." Dark carpets, paint, and curtains are often buyer turn offs. Offensive odours from pets and smoking are huge turn offs to most buyers. Get rid of offensive smells by burning scented candles or baking cookies and create a pleasant aroma. You should focus your efforts on the living room, family room, kitchen, and master bedroom, as these important rooms largely determine your entire home's atmosphere.
4) POOR CURB APPEAL
Most buyers today want to drive by. If your home is an attractive drive-by, it will gain more attention and certainly more showings. Doing the little things to help your home's curb appeal will make a huge difference.
5) DON'T OVER IMPROVE
Get your home in good showing condition, but don't overdo it. Huge projects such as complete kitchen remodeling, adding a deck, and room size expansions may not pay back your investment. Before you jump into a huge improvement project, get some good advice on the returns you should expect.
6) GET GOOD ADVICE AND GOOD MARKET EXPOSURE
"Your home is one of your greatest assets. Listing your home on the MLS allows thousands of purchasers to access information about your home. A strong agent with a proven track record will help sell your home for top market value and get your home exposed to the largest number of potential buyers," says Tracy Drew, a real estate agent with Royal LePage in Toronto. Paying the agent fee is often the least expensive part of selling your home. Trying to sell your home yourself can be costly. Most 'for sale by owner' homes close for less than comparable homes listed with an agent, and you have no representation.
7) LEAVE THE HOUSE DURING SHOWINGS
When your home is being shown, go for a drive or a walk. Take yourself, your family, and pets out of the home, and let the agent and their clients have the freedom they need. An agent can always do their best job of showing your home when you are not present. Buyers are more at ease and much more likely to spend time looking at your home's features and benefits.
8) BE FINANCEABLE
Bad roofs or structural problems may make your home difficult to finance for a prospective homebuyer. The wider the scope of financing that your home can qualify for, the higher the overall market value.
9) LET YOUR AGENT DO THE NEGOTIATING
If there is ever a good reason to have a top agent working for you, it's during the negotiation of your home sale. A good negotiator can mean thousands of dollars to you, and make sure that your interests are protected. Don't let your emotions run wild during negotiations. It is essential to separate your emotions from your business side. Remain cool and calm during this time.
10) ACT FAST WITH OFFERS
When you do get an offer on your home, act quickly and decisively. Letting offers sit around without acting can be a huge mistake. Things can change quickly in the mind of a prospective buyer. Acting quickly while the buyer's excitement and interest level are at a high point can be very important. Typically, a buyer's motivation level decreases with time and buyers' remorse may even set in. Acting in a timely manner is essential.
