When selling your home, the primary goal is to sell quickly and at the maximum price possible.
Here are 8 basic steps that will assist you in selling at top dollar and top speed:
- Know your reasons to sell - The reasons behind your decision to sell affect everything from setting a price to determining how much time and money is needed to ready your home for sale. What is most important to you: The money you walk away with, or the length of time your property is on the market? Different goals will dictate different strategies.
- Find a good real estate agent - Nearly three-quarters of homeowners claim they wouldn't use the same realtor who sold their last home. Dissatisfaction generally comes down to poor communication, resulting in lower pricing and strained relations.
- Do your homework before setting your price - Setting a listing price should not be done hastily. Have your agent pull 6-12 months' sales records for similar neighborhoods and properties and research what comparable homes are listed for. More and more buyers are entering the market armed with exhaustive internet research.
- Package your home's sales potential - Each year, businesses spend billions on product and packaging design. Appearance is critical, and it would be foolish to ignore this when selling your home.
You may not be able to change your home’s location or floor plan, but you can do a lot to improve both its curb appeal and overall attractiveness. The look and feel of your home generates a greater emotional response than any other factor. The decision to buy is based on emotion, not logic. So allow the buyers to imagine themselves living in your home.
- Make information on your home easy to access - Make sure the ads your agent places for your home are attached to a 24-hour prerecorded hotline with a specific ID# for your home which provides detailed information about your property 24/7. It has been determined that this approach will produce 3 times as many calls from potential buyers.
- Know your buyer - In the negotiation process, your objective is to control the pace and set the duration. What is your buyer's motivation? Does the buyer need to move quickly? Do they have the money to close at the asking price? This information gives you an advantage in the negotiation to push for your price.
- Make sure the contract is complete - As a seller, make sure you disclose everything. Smart sellers proactively go above and beyond the laws to disclose all known defects to their buyers in writing. Doing this greatly reduces your liability.
Make sure all terms, costs and responsibilities are spelled out in the contract of sale, and resist the temptation to deviate from the contract. For example, if the buyer requests a move-in prior to closing, just say no. Now is not the time to take any chances on the deal falling through.
- Don't move out before you sell - Studies have shown it's more difficult to sell a vacant because it looks forlorn, abandoned and/or simply unappealing. This strategic error could cost you thousands of dollars.
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