10 Tips For First-Time
Sellers
By Peter G. Miller
At first the task seems daunting: You haven't
sold a home before, the market looks complex,
and what worked for owners 10 or 20 years ago
seems inappropriate today.
What steps should you take? Here's a baseline
list to get you started.
- You Can Do It. Some 5.25 million existing
homes were sold in 2001, more than 14,000 a
day. Other owners have done it and so can you.
- Define Your Goal. Do you want the highest
sales price -- or the biggest check at closing?
They're not necessarily the same. Imagine that
two homes sell for $300,000, but one owner pays
2 points and agrees to replace the roof. The
owner who sold without such costs got a bigger
check at settlement. The bottom line: To have
a successful sale you need to look at both price
and terms -- you must have a strong negotiator
in your corner.
- Times Have Changed. Today's real estate marketplace
is radically different when compared with 10
years ago. Purchasers now use the Internet,
receive seller disclosure forms, get home inspections,
and are routinely represented by buyer brokers.
The result is that buyers can be better prepared
than in the past.
- Sparkle And Shine. Imagine going to a supermarket
and seeing dusty fruit or aisles filled with
old shelving and cans. It doesn't happen because
the grocery store knows how to present its goods.
Sellers must do the same. Get rid of things
you don't want to move, organize closets and
storage areas, and clean everywhere.
- Mechanics Count. Buyers expect everything
to work. Home inspections are now entirely common
and what buyers miss home inspectors will catch.
Fix and paint things now and they won't be an
issue in the future.
- Think Broadway. When buyers see your home,
it's showtime. They want an environment where
they can see themselves. Given them a show where
everything is painted, arranged, and attractive,
a home where the only issue is when to move
in.
- How's The Market? Real estate is local. Your
broker can explain current market trends in
your community, including what's selling, what
isn't selling, and why. This information is
central to getting the best possible price and
terms.
- Know Your Rivals. Your property will be competing
with other homes for buyer attention. Ask your
broker how to be competitive -- and how to have
an edge.
- What Time Is It? Markets differ by location
and time. When interest rates are low and the
local job base is growing, it's great to be
a seller. But when times are slack and mortgage
rates are rising, homes also sell. In 1981,
when the prime rate topped 20 percent and the
population was smaller, 2.4 million existing
homes were sold. The trick is to be realistic,
to get as much as market conditions will allow.
- Understand The Plan. Real estate marketing
involves far more than a sign in the yard and
an ad in the paper. Successful brokers use a
variety of methods to attract and qualify prospects,
including the latest Internet and communication
advances.
The Realty Times
Published: October 28, 2002
www.RealtyTimes.com
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