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Selling Your Home :: Get Your Home Sold Fast for Top Dollar. Ten Tips from Grand Rapids Mich Homes .com
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10 Essential Tips That Get Your Home Sold fast...and for Top Dollar
TIP #1:
TIP #2:
TIP #3:
TIP #4:
TIP #5:
TIP #6:
Use a checklist to make sure you haven't overlooked any problem areas.
TIP #7:
Clean your home so it shines.
TIP #8:
Neutralize your home so it can accommodate any prospect's decorating style.
TIP #9:
Prepare your home for the best possible presentation.
TIP #10:
Don't settle for a passive marketing approach.
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TIP #1
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The right agent can make the process seem smooth and hassle-free -- even if it isn't
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Tom Van Haften, Century 21 Pearson Cook, Grand Rapids Mich. Homes.com
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Choose Your REALTOR With Extreme Care
No other single factor will have a greater impact on the successful sale of your home than your choice of a REALTOR.
The right agent can make the process seem smooth and hassle-free -- even if it isn't. The wrong choice, on the other hand, could result in frustration, delays and disappointment. So don't take this decision lightly!
Here's the shocking fact. In today's competitive real estate market, less than 85% of homes listed for sale actually sell. In other words, at any given time, there are typically far more homes available than there are qualified buyers.
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If you want to sell your home quickly, and at a respectable price, you need an agent who will "work the market," not just list the property and hope it sells itself
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An agent brings several important assets to the table. Here are a few of them:
1. Knowledge of the market which helps determine pricing and negotiation of the sale.
2. Contacts with qualified buyers rather than "tire-kickers." Often future buyers will shop the For Sale By Owner properties to familiarize themselves with the market several months before they're ready to buy. You could easily find yourself spending a lot of time showing your home to unqualified prospects. Before even showing your home, an agent will qualify the prospective buyer by finding out how much he or she can afford to spend, whether he or she has qualified or can qualify for financing, and how quickly he or she is able to move, among other things.
3. Marketing clout. Because the agent is "in the game" every day, he or she has the contacts, connections and exposure to attract prospective buyers for you.
Here are some things to look for in selecting a REALTOR:
1. Reputation. Ask around. Do your homework. An agency doesn't have to be large to be effective, but it does need to have a track record of success.
2. A proactive game plan to market your home. Too many REALTORS are stuck in the "boom market mentality" in the 1st 5 months this year, when an expanding inflationary market drove prices steadily upward and you had only to list your home and the rest took care of itself. Not any more. Today's housing market demands that the professional know how to reach your best prospects as soon as they start looking (if not before!), as well as the skills to turn lookers into buyers so your home gets SOLD!
3. In-depth knowledge of your market area. Real Estate is a dynamic marketplace. Pricing, appeal and availability can vary dramatically within a single neighborhood or just across town. To be effective, an agent needs to be intimately acquainted with ALL the variables, including financing, state and local laws and ordinances governing real estate transactions, and other details to help you anticipate, avoid, and solve problems before they occur.
4. A team that's in the game. Some people worry that if the brokerage is busy, they won't have time to give customers the attention they deserve. Well, who would you rather have operate on you?the surgeon who's in demand, or the one who's sitting on his hands? Don't hire the part-time medical technician when you need delicate brain surgery.
5. Someone you feel good about. That sounds pretty subjective, but it's important that you trust your agent and have utmost confidence in his/her ability to perform.
TIP #2
Consult with experts to analyze your needs
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Evaluate your goals in selling your home carefully. Consider the tax implications, estate planning and other financial consequences
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Your personal "sellling consultation team" could include
- an accountant or financial advisor,
- real estate agent,
- banker,
- attorney,
- investment strategist,
- insurance agent, etc.
Selling a home can have a significant impact on your financial picture and produce repercussions that continue long after the deal is closed.
Evaluate your goals in selling your home carefully. Consider the tax implications, estate planning and other financial consequences, and even the emotional impact on various members of the family.
How you structure the deal, what kinds of terms you can accept, and how you price the home may vary greatly depending on your specific needs and circumstances.
For example, if you need to sell quickly because you're starting a new job in another part of the country, you may price the home lower than you would if you had more time to sell.
TIP #3
Price your home carefully
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Getting the price right is critical to a successful sale
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Price your home too low, and it may sell quickly, but you could end up without enough money to facilitate a move or new home purchase easily. You might end up feeling dissatisfied or even ripped-off. Price it too high, and you could sit on the property for months. Here are some common misconceptions about pricing.
Three Common Beliefs about What Your Home is Worth
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Current price is determined primarily by the original purchase price The fact is, markets change. Your home could be worth a lot more, or a lot less, than when it was new.
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All improvements add to the overall value of the home Wrong! Many homes are over improved for their size or neighborhood. Some improvements add value, such as the addition of a garage or extra rooms in the basement. But others are a matter of taste and style. Don't expect your favorite improvements to mean anything at all to your prospective buyer.
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What would it cost to replace Replacement value is not a valid measure of existing property value. Period. Just like a used car isn't worth the same as a new one, no matter how well-maintained.
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Overpricing could cost you far more than you ever hoped to gain. Here's why:
You may end up selling at less than market value. This may surprise you, but if your home is overpriced, buyers in that price range will probably select larger homes in favor of yours. At the same time, your best prospects may never see it because it's out of their range. The house will remain on the market longer, adding to your carrying costs, and ultimately, you may have to cut the price below market value to move the property.
You may lose your opportunity to make a good first impression. A new listing creates excitement in the market. REALTORS working with buyers who are waiting for something new to become available bring their prospects. Your home will get the most activity and you're likely to see the highest and best offers during the first 30 days.
You could lose negotiating leverage. If your home is on the market too long, you may find yourself having to justify the price to a wary buyer. You'll lose your financial and mental edge and may find yourself accepting too low an offer in the end.
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You may encounter appraisal problems. The lender has to be able to justify the price the buyer will pay. If the appraisal doesn't support your price, you could lose the contract even after accepting the offer. The good news is, overpricing your home makes a valuable contribution to the sale of other, more competitively priced homes in your market. Buyers will see similar homes at a lower price and suppose they're getting a great deal. So perhaps there will be a reward waiting for you in heaven for your selfless act of service.
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TIP #4
Get a Comparative Market Analysis (CMA), but don't stop there.
Okay. If you're not going to overprice or under price, how Do you come up with the right price?
The answer starts with the Comparative Market Analysis or CMA. The CMA is a comparison of other properties in your area that have recently sold.
You will be able to compare size, age, condition, amenities and other variables with your own home. You will also see the listing price and sale price. This information can be extremely valuable in pricing your own home. But it may not be enough.
Getting a broader market overview will give you additional helpful information when pricing. It's like stepping into a room versus peeking through a window. By finding out the total inventory of homes similar to yours and the average length of time these homes remain on the market, you'll be better able to price your home competitively.
Once you've done your homework, you should have a good idea of the best price range for your home.
By the way: Don't let a real estate agent price the home for you. Consider that you are ultimately responsible for the successful sale of your home. Welcome the insights outsiders can give you, but be informed.
TIP #5
Pay careful attention to the condition of your home and repair it for quick sale and top dollar.
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If it needs repair, Fix It! Put yourself in your buyer's shoes. You wouldn't want to purchase a home that has a lot of little things wrong with it, would you?
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The physical condition and appearance of your home are the factors over which you have the greatest control. These elements can also make a difference in thousands of dollars in your pocket at the time of the sale.
If it needs repair, Fix It! Put yourself in your buyer's shoes. You wouldn't want to purchase a home that has a lot of little things wrong with it, would you? A poorly maintained home will rattle your buyers' confidence. After all, if the little things aren't taken care of, what might the buyer assume about the big things like the furnace or the roof? You'll be giving prospects ammunition to ask for a lower price.
If there are major problems, you must disclose them to the buyer. So either fix them before listing the property or leave an allowance for the repair if you can't afford to do it before the sale.
Keep in mind that the allowance you leave will probably have to be greater than the actual cost of doing the repair yourself. What ever you do, Don't try to sneak a problem by.
The devil is in the details. Check walls for loose wallpaper, peeling paint, or stains and touch them up. Make sure all systems (heating/cooling, central vacuum, etc.), electrical switches, appliances, and plumbing fixtures are in good working condition, too.
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