 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 show-time. They want an environment where they can see themselves. Give
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.
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