Property is an investment and like every investment you can make or suffer loss on your home. You can usually make significant money with your home when you sell during a seller’s market and your property is in good repair with plenty of the improvements that homeowners are looking for. Alternatively, it is easy to make very little income, or even suffer loss, when you try to sell during a buyer’s market and your home could use some shaping up.
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Nonetheless whether it is a buyer’s market or seller’s market your own sweat equity and the help of an experienced real estate agent you can receive the best price possible for your house
Earn Good Money for Your Property with Repairs, Upgrading and Staging
Just as you would not pay top dollar for damaged goods, home buyers will not pay maximum prices for worn-out homes in disrepair. In order to get the most money for your house, you must make sure your home is repaired, renovated and staged according to your budget prior to putting it up for sale.
First, focus on making sure your home is functioning properly. Repair or replace faulty plumbing and electrical systems, water fixtures, windows and roofs. Home buyers do not want to purchase a property that may be unsafe or one that requires extensive work. After that, move on to the convenience improvements. While improvements like appealing light fixtures, new appliances and countertops and flooring made of quality materials do not have to cost a fortune, they do reduce the number of things the home buyers have to bother about doing themselves. Lastly, smarten the place up. A neat home with fresh paint, nicely arranged furniture and a perfectly groomed lawn help stages a home for prospective home buyers.
It may cost a bit more than you want to put out, particularly since you will not be residing in the home anymore, but generally prudent money invested in your home will give you a good return.
Let a Realtor Help You Market Your Home
While following the FSBO path (“For Sale by Owner”) can save you some money in the closing costs, employing an skilled real estate agent can actually help in getting the best price for your home. Not only can a real estate agent place your home on the Multiple Listing Service (MLS), thereby increasing its exposure, but a realtor is also aware of the homes currently on the market and can give you tips on the types of repairs and upgrades you need to make to get your home on par or better than the rest.
A real estate agent can also make sure your home is promoted expressly to people who would most prone be interested in the kind of house you are selling. For example, if you are putting a condo up for sale, your realtor may present your property to singles or newlyweds looking for low-maintanence rather than to large families looking for extra square footage. Alternatively, if you own a five-bedroom estate with a casita and luxury swimming pool, your realtor will probably focus on more established and prosperous home buyers rather than those looking for first properties. Being familiar with to whom you should market your home is more efficient and earns the best price.
Karen B
http://www.articlesbase.com/real-estate-articles/do-you-want-to-sell-your-home-for-a-good-price-675743.html
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8 Responses to “Do You Want to Sell Your Home for a Good Price?”
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January 2nd, 2010 at 7:14 pm
Is this a good way of fixing a selling price of your home when selling on your own?
Let’s say my house is appraised at $200k and that’s the MIDDLE OF THE WINDOW. I figure by selling on my own I save $12,000 in fees so I drop the price to $194k and I and the buyer both come out ahead. Now I realize finding a buyer on my own is tough but how’s the price? Fair?
Let’s say $200k is the lowest I would accept.
January 3rd, 2010 at 12:16 am
I always found that is better to set a price in your mind that you have to have. Say if your home is worth 200K and you really want 194k out of it, then offer to sell at a higher price, like 198k. That way,when talking to potential buyer, they will feel like they got a good deal, by talking you down to your mind set price. People like to talk a price down. It makes them feel like they have done something and got a bargain.
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January 3rd, 2010 at 12:18 am
What you will accept is meaningless in this equation. It is what a willing seller will pay.
If we assume there is a 5% fluctuation either direction from appraised value (and there may be more at this time), then you need to price your home at least 5% less than the appraisal. That may not be low enough but it is a starting point.
Do not overprice your home or you will not get any offers.
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January 3rd, 2010 at 12:20 am
Spend the money on the agent and with them you can get one or two good tips that will earn enough from the sell to MORE than make up for their fee. You will have to pay someone to go over your contracts and help close the deal sooooo.
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January 3rd, 2010 at 12:22 am
Always understand that, if you ‘sell on your own’, buyers will know what you are attempting. They KNOW that you are trying to save the brokerage fees. Do you think that they will not know, and not want ALL of what you are trying to save ?
You need to understand that ‘market price’ for any property offered for sale includes the cost of the brokerage fees involved. Any savvy buyer understands that, and will immediately deduct the costs of such brokerage fees from an offer tendered. YOU want to cut those costs. Buyers ALSO understand what you are doing. It is nowhere near as easy as you think it may be.
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January 3rd, 2010 at 12:24 am
if $200k is similar to what other homes sell for then I think that is good. most smart buyers will demand you knock price down to $188k but lets hope you find a stupid one.
For FSBO I would put price right on sign that is in yard in big numbers. make sure all buyers who drive by know your price vs homes listed by realtors.
do not rely on flyers. put big numbers on sign with price.
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January 3rd, 2010 at 12:26 am
The appraisal and broker fees should not play into the pricing of your home. Do a search of comparable properties that have recently sold and determine a price off that.
The appraisal does come into play with the buyers lender – they will only be able to get financing if the property appraises for at the least the selling price.
I can understand you wanting to save on commission, but keep in mind that incorrect price and insufficient marketing are the only 2 reasons that a property does not sell. An agent will price your home correctly to get you the most money and a quick sale. They will be able to reach more (qualified) buyers and save you the stress and aggravation of doing it all on your own.
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January 3rd, 2010 at 12:28 am
A real estate professional is not going to help you answer that very important question. If you want professional advice…. that is right hire the professional. The markets we are in; even good Realtors are having a hard time finding buyers. So they are not going to help you get one without them. Just to let you know–Realtors sale 90%+ of the market. Most owners who try to sell themselves–eventually have to call a Realtor.
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