| p>There's so much news about the real estate | | | | most common mistake I see sellers make is |
| markets - it's all over the media and everyone's | | | | thinking the price they set is the price they're |
| talking about it. You've decided to sell you home | | | | going to receive and then way overprice their |
| or real estate properties and wonder what's really | | | | home. Another mistake is thinking their home |
| going on in your area. Real estate in some places | | | | should sell for whatever the highest priced home |
| is regional, and in others, very localized. You want | | | | in the neighborhood sold for and totally disregard |
| to find out how your local market is doing, how to | | | | the differences in condition, floor plan, square |
| arrive at the right asking price, and sell your home | | | | footage, property size, market conditions, etc. |
| quickly right? | | | | That was only the price agreed on that particular |
| Here's what to do: | | | | house by that particular buyer and seller at that |
| - Go to a real estate website and look at how | | | | particular time and not necessarily what yours will |
| many homes are for sale in your neighborhood | | | | sell for! Overpricing causes a home to sit on the |
| and/or area. (I go to the website, click on | | | | market, get stale, and weaken bargaining power |
| neighborhood, then choose the county, the area, | | | | by having to make price reductions. Price it right |
| and the neighborhood). Register your name and | | | | the first time - based on the sales prices of |
| address on the website, then choose 5 to 10 | | | | similar homes sold or slightly below - and you'll |
| homes similar to yours in square footage, number | | | | have more interest and a quicker sale. Multiple |
| of bedrooms and baths, age and condition | | | | offers have even occurred in slower markets |
| (remodeled, partially remodeled, or original | | | | when homes are priced right. |
| condition), and save them in the website's | | | | - Remember to consider your carrying costs to |
| "favorites" area. Note how much they are asking. | | | | have your house on the market. For every |
| This will give you a starting ballpark for your | | | | month it's for sale, subtract your monthly |
| asking price and is not an accurate number to rely | | | | payment from the price of the house because |
| on to choose your selling price. Every time one of | | | | the longer it sits, the more out of pocket you are |
| them has a price change, you will be automatically | | | | paying. A house priced at $520,000 with a house |
| emailed notification. Note what the starting price | | | | payment of $3,500 a month that sits for 6 |
| was and what it is now. I saved some "favorites" | | | | months, costs $21,000 to carry just the |
| in my area on homes priced from $1 million to | | | | mortgage and could have been priced at |
| $1.4 million and recently received emails for | | | | $499,000, for the same profit. And the lower |
| $50,000 to $100,000 price reductions. | | | | price might have been the difference in selling it |
| - Call an agent whose 'for sale' signs you have | | | | immediately - and you being on your way to your |
| seen in the neighborhood. You want someone | | | | new home, instead of in six months of |
| who knows, without researching, what houses | | | | "listed-house worry" punishment! |
| have sold for in your neighborhood, and specifically | | | | - Try to get your home looking clean, |
| what kind of demand and challenges there are. | | | | well-maintained, and clutter free. Pack up |
| Ask how many homes they have sold (brought | | | | everything on your kitchen counter except a |
| the buyers) in the neighborhood recently, not just | | | | coffee pot and some flowers. Pack up everything |
| homes they've listed. Listing agents are | | | | from your bathroom counter except soap. Put |
| sometimes better at getting listings than they are | | | | away all your personal photos - they are too |
| at selling homes. | | | | distracting and also the buyer wants to picture |
| - Some questions to ask the agent are: What is | | | | themselves in the house, not be reminded they |
| their marketing plan? How will they create an | | | | are in someone else's home. Put away all toys, |
| attractive flyer? If your home is higher end, what | | | | paint any super bright or super dark wall colors |
| will the brochure they create look like, do they | | | | you have a light beige. If necessary and you have |
| have a sample, and will they use a special | | | | time, have a garage sale. If not, order a Pod to |
| photographer? (Eighty percent of home buyers | | | | come to your home and load extra furniture, |
| look at homes on the internet first. The | | | | Christmas decorations, collections, photos, toys, |
| photographs of your house in the listing are | | | | sports equipment, tv's, extra overflow of office |
| crucially important as they will either drive buyers | | | | files, books, garage items, and so on into the Pod |
| to your home or turn them off before they've | | | | and store it. You can have it delivered to your |
| even seen it). How much advertising will they do | | | | new address when you move. (Yes, it interferes |
| and where? Are open houses part of their | | | | with living - unbearably if you have small children. |
| strategy and why or why not? What kind of | | | | That's why it's even more important for you to |
| networking do they have with other agents? How | | | | price your house right.) |
| many buyers are they currently working with? | | | | - Try to minimize the negatives (outdated |
| How often will they communicate with you? Do | | | | elements) of your home. If you have a bathroom |
| they stage a home for sale? What suggestions do | | | | that hasn't been updated, what could you do to |
| they have to make your home more attractive | | | | make it better? Paint the cabinets white or dark |
| to buyers? | | | | brown? Change the handles from gold to brushed |
| - Ask the agent to run a competitive analysis or | | | | nickel? Change out the faucets and lighting? Take |
| "comp" on what price similar homes in your | | | | down flowered wallpaper and paint it? Small |
| neighborhood have SOLD for. This may be very | | | | improvements make a big difference. The fewer |
| different from their original asking price, so be | | | | things a new buyer has to change after moving |
| sure to get the sold prices. If the prices were | | | | in, the higher your house will be on their "potential |
| below asking price, how much below? | | | | house to buy" list. |
| - How long ago did they sell? In some markets, | | | | - Make sure your yard looks manicured. Plant |
| such as in large metropolitan areas, 6 months can | | | | bright colored flowers by your front door for a |
| be an eternity! Find out the most recent sales | | | | cheery first impression. Spend a few hundred |
| prices. | | | | dollars to get your yard weeded, pruned, plant |
| - Have more than one agent come to your home | | | | flowers, etc. If you can't do the work, hire your |
| and make a presentation to receive your listing. | | | | children or neighbor kids, or ask your neighbor for |
| Choose the one who has market knowledge of | | | | their gardener's phone number. It could be the |
| the area, has a large network of agents they | | | | thing that brings the buyer into your home and |
| work with (a larger real estate firm is usually | | | | gets you an offer and a SOLD sign in your front |
| better, but there are exceptions), and experience. | | | | yard. |
| This is not the time to hire your niece, unless she | | | | - You've got your house and yard looking fabulous |
| is the most expert agent in your neighborhood. | | | | and it still hasn't sold? It's overpriced. Go back to |
| - Agents are tempted to quote you a high listing | | | | step one above and research houses in your |
| number in order to get your listing. While the | | | | neighborhood. Price yours a little less than the |
| highest quote might seem to be music to your | | | | competition. This is not the time to be sitting with |
| ears, remember your home will not sell for the | | | | a listing. House prices may continue to go down |
| price you selected, it will sell for what a willing | | | | for a year or more, so the sooner you sell yours, |
| buying will pay and a willing seller will accept! The | | | | the better. |