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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