What Do I Need to Know to Sell My House?
Before you rush to hang a "For Sale" sign in your front lawn, learn about the home selling process to get the most out of the deal. Rushing into selling your home potentially causes stress and lost money on the transaction. Everything from the method of selling to the presentation of the house plays a role in the offers you receive.
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Selling Options
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Weigh the pros and cons of selling your home with a real estate agent versus selling it yourself. Going with an agency means less work for you in all areas of selling, including the pricing, marketing, open houses, paperwork and legal aspects. You do pay a portion of the sale price in fees, which means less profit for you. Selling your own home keeps more money in your pocket, but you'll earn the money with the extra work to get your house noticed and sold. If you choose to sell your own home, hire a real estate attorney to help you through the legal process.
Market Conditions
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The local real estate market influences how quickly your home will sell, as well as any concessions you'll have to make during the sale. If home sales are slow, the buyer has the upper hand in negotiations. You may need to make improvements to your home, or mark down the price to attract buyers. Paying part of the closing fees or offering allowances toward home improvements is another way to appeal to buyers.
When houses are selling quickly, you may get higher offers without providing any special incentives to the buyer. However, you will also face higher prices when attempting to purchase a new home. If your home sells before you find a new house, you may have to move temporarily to a rental to accommodate your buyer's closing date.
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Buyer's Perspective
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Your personal connection to your home makes it difficult to look at it impartially to find areas of improvement. Step out of your role as homeowner and look at house from a buyer's perspective. Identify features of the home that may turn away potential buyers, such as lots of personal belongings sitting around, or distinct decorating styles. Remove these personal items and tone down your decorating style by repainting, or possibly removing some decorations. Approach home improvement projects and repairs with the same perspective. Making minor improvements and repairs reduces the work the buyer will have to complete on the house. This makes the home more appealing. A professional home inspection is one way to identify potential problems. You can also offer a copy of the inspection report to potential buyers to give them peace of mind about the condition of the home.
Personal Factors
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An evaluation of the personal factors behind the sale helps you plan your approach. If you are going through a divorce, you may need a certain sale price to cover related costs. If you don't need to move for any particular reason, you can take a more leisurely approach to the sale. You might also decide that remodeling or completing an addition is more cost effective than selling. Discuss your personal factors with your real estate agent so she can accommodate your needs.
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References
- Photo Credit House for sale image by Heng kong Chen from Fotolia.com
