 Selling Your Home
The final step in the real estate cycle of business
is selling your home. Now is the time to reflect on all the complaints
and problems you had when you purchased your home years ago. Try to
learn from the mistakes you saw in the past.
What is the Value of Your Home:
Before scheduling an appointment with a Realtor,
find out what your home is worth. There are several ways to do that but the easiest is to
look on the Internet. There are several web sites available which will give you a
close estimate. These sites may be able to provide you with aerial
photograph of your home and the surrounding neighborhood. They may also
show you the sales in your neighborhood in recent months.
All
neighborhoods have a market range. The number of bedrooms and baths may
influence the value but other things such as condition and street appeal
are more important. If you determine that your neighborhood price range is
from $230,000 to $260,000, don't list your home for $300,000.
Why is this step important?
If you get a Realtor to represent you, one of the
questions you will be asked is "What is your asking price?" If, in the above example,
if you say $300,000 she will
probably take the listing, tell you she is going to 'test' the market, and
a couple weeks later will tell you it is overpriced. If you say $200,000, she may or
may not tell you it is undervalued.
My recommendation is to not give the Realtor your
asking price. Let her tell you what your home is worth. If she is on a
listing appointment and has done her homework she will already know the
selling price range for your home and neighborhood. Once she gives you
her findings, then discuss your desired listing price.
If you decide to sell the house yourself, you will
need this information, especially if you use one of the 'For Sale By
Owner' agencies. When you list with them you will want to know the price and
they may or may not help you determine the value.
Putting Your Home on the Market:
How you put your home on the market depends a lot on
circumstances and your knowledge of the real estate business. The two
extremes are do-it-yourself on one end and using a Realtor on the other.
In the middle is a For Sale By Owner Company who can take care of some
of your responsibilities. Their commission is generally based on what
services they provide but should be lower than a full service Realtor.
Selling Your Home:
No matter how your home is placed on the market, you have
to get ready for prospective buyers. Here are a few of the items you
have to consider:
Now that you have a contract you have a few
more things to consider:
- Does The Contract have a
Contingency Clause?
- Mortgage Conditions
- The Appraisal
- Termite Inspection
- Engineering Inspection
- Smoke Detector or other Township Inspections
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