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The list below contains numerous tips to
help you sell your home. Clicking on an item will expand
the list. Clicking on an item again will collapse the list.
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Getting the
Highest Price in the Shortest Time
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In order
to get the highest price in the shortest time, you
need to know how to market your home. The better
you market your home, the more offers you will get.
And the more offers you get, the more choices you
have to get the price and terms you want.
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The
most important factor of marketing your home is
pricing it right. Your price should be adjusted
to reflect the market, and the property's worth.
The key is to get many people checking out your
property at a fair price instead of having no buyers
because your price is set too high.
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Another
important factor is the condition of your home.
Make sure that your home looks ready to be sold.
Fix any defects (peeling or faded paint, cracks,
stains, etc.) Condition alone can sometimes prompt
fast buying decisions. Not only should you fix any
defects, but consider upgrading your home by making
major repairs and cosmetic improvements before selling.
A nice looking home triggers the emotional response
that can lead to a financial response.
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Learn
how to negotiate the best terms for all parties
involved. Terms are another factor which may be
adjusted to attract buyers. If you insist on getting
your asking price, think of what you can offer to
the buyers, for example, improvements you've made,
or even offering seller financing at a lower than
market interest rate on a portion of the sale price.
Convince them why they should be paying the price
you have set. |
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Lastly,
get the buzz out about your home. List your house
with a hot agent that ensures your house is listed
on the MLS and on the internet. On your own, get
the word out. It should be visible to passerby’s
that your house if for sale, whether it be signs,
local advertisements or you telling friends, family,
and acquaintances. |
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Making a
Good First Impression
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If you
want buyers to be interested in your home, you need
to show it in its best light. A good first impression
can influence a buyer into making an offer; it influences
a buyer emotionally and visually. In addition, what
the buyer first sees is what they think of when
they consider the asking price.
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A bad
first impression weighs in as deeply. Don't show
your property until it's all fixed up. You do not
want to give buyers the chance to use the negative
first impression they have as means of negotiation.
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Ask around
for the opinions others have of your home. Real
estate agents who see houses everyday can give solid
advice on what needs to be done. Consider what architects
or landscape designers have to say. What you need
are objective opinions, and it's sometimes hard
to separate the personal and emotional ties you
have for the home from the property itself.
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Typically,
there are some general fix ups that need to be done
both outside and on the inside. As a seller, you
should consider the following:
*Landscaping
- Has the front yard been maintained? Are areas
of the house visible to the street in good condition?
*Cleaning
or Redoing the driveway - Is your driveway cluttered
with toys, tools, trash etc.?
*Painting
- Does both the exterior and the interior look like
they have been well taken care of?
*Carpeting
- Does the carpet have stains or look old and dirty?
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Know Why
You are Selling
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If you
know exactly why you are selling, then it is easier
for you to set the right plan of action to get what
it is that you want.
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If you
are a seller who needs to close a sale as quickly
as possible, then you should know that getting the
highest price possible is not one of your priorities.
It does not mean that you won't or cannot get the
highest price, but it means that the price is not
the deciding factor. A buyer who can give you a
quick closing time will appeal much more to you
than a buyer who can offer you more money but the
negotiation and closing time drag on.
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It's
always good to know how low you will go, in terms
of selling price. This will help to eliminate some
of the offers that you find simply offensive or
ridiculous. Even though you should consider all
offers seriously and take into consideration the
terms of each offer, sometimes, if you know the
bottom line and are strict about it, you can save
yourself time.
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Once
you know what your limits and reasons are, discuss
them with your agent so that they can help you set
your goals realistically. If you decide to list
your home on your own, make sure you do research
on the current market, and you get the proper advice
you need in terms of legal issues, etc. The key
is to be realistic and to know what your goals are
so that they can be met.
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Setting the
Price
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The price
is the first thing buyers notice about your property.
If you set your price too high, then the chance
of alienating buyers is higher. You want your house
to be taken seriously, and the asking price reflects
how serious you are about selling your home.
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Several
factors will contribute to your final decision.
First, you should compare your house to others that
are in the market. If you use an agent, he/she will
provide you with a CMA. The CMA will reflect the
following:
*houses
in your price range and area sold within the last
half-year
*asking
and selling prices of houses
*current
inventory of houses on the market
*features
of each house on the market
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From
the CMA, you will find out the difference between
the asking price and selling price for all homes
sold, the condition of the market, and other houses
comparable to yours.
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Also,
try to find out what types of houses are selling
and see if it applies to your area. Buyers follow
trends, and these trends can help you set your price.
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Always
be realistic. And understand and set your price
to reflect the current market situation.
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Plan of Action
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Analyze
why you are selling - If you understand your motives,
you will be able to better negotiate and to get
what it is that you want, whether it be a quick
sale, high price, or somewhere in the middle.
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Prepare
you home for the buyer - Maximize the strengths
of your property and fix up it's weaknesses. You
want the buyer to walk away from your home with
a lasting good impression.
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Find
a good real estate agent that understands your needs
- Make sure that your agent is loyal to you, and
can negotiate to help you achieve your goals. In
addition, they should be assertive and honest with
both you and the buyer.
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Be prepared
for negotiation - Learn and understand your buyer's
situation; what are their motives? Can you demand
a big deposit from them? Try to lock in the buyer
so that the deal goes through.
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Negotiate
for the best price and the best terms - Learn how
to counter offer to get more from every offer.
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Make
sure the contract is complete - Be honest with your
disclosures; you do not want to lose the deal because
you were lying or diminishing your home's defects.
Insist the buyers get a professional inspection.
This will protect both you and the buyer.
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Finding the
Right Agent
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Not all
agents work the same way. The most important attribute
of an agent is that he/she is well connected to
the real estate industry. He/she should know the
market and provide information on past sales, current
listings, his or her marketing plan, and at least
4 solid references. In addition, you also want to
look for an agent that is honest, assertive, and
one that best understands your needs.
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Try to
go with a local agent. They can better serve your
needs; they are familiar with what the local market
condition is, the local prices are, and what's hot
or not in your community.
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Considering
Offers
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When
reading an offer, keep in mind that you are out
to get the best price AND the best terms for you.
If you focus solely on the price, you may overlook
terms that could be favorable to you as a buyer.
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Some
terms that may work in your favor:
*higher-than-market-interest
in a second mortgage for your home
*the
buyer will pay for most or all of the closing costs
*the
buyer will take care of any repairs
*quick
close - the buyer is pre-approved and ready to close
in a time that best suits you
*all-cash
deal
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When
reading through offers, remember to look at the
whole package. Take the time that you need to assess
what is being offered and if it meets your needs.
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Insist on
a Home Inspection
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A professional
home inspection protects both you and the buyer.
It allows both you and the buyer the opportunity
to learn about the property's defects.
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A home
inspection usually covers the following:
*Plumbing
conditions - if there is leakage or clogging
*Roofing
conditions - the extent of deterioration, if there
is leakage
*Electrical
conditions - if there are inadequate circuits or
potential fire hazards
*Structural
problems - if there are problems with the underlying
foundation of your home
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As a
seller, the home inspection reports protect you
because it establishes the actual condition of the
property at the time of sale.
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