Do you know the value of your real estate? When it comes time to sell your house, you need to first have your house's value determined. Your real estate agent can help you determine the value of your property based upon a number of factors, not just the square footage and number of bedrooms and bathrooms. A house's value is somewhat in the eye of the beholder— its value in the end is not only based upon its listing price, but also its value according to potential buyers.
Consider these tips once you've decided you're ready to sell your home:
- Know your market. Find out from your real estate agent what houses similar to yours have sold for, and be prepared to present this information to potential buyers.
- Figure out the bare minimum offer you would be willing to accept. You don't need to share this information with your real estate agent. If an offer is above the minimum, work with them.
- Spruce up your property. Often adding some improvements such as cleaning up your yard, adding some new exterior features, such as a new mailbox or new landscaping can help draw in potential buyers.
- Work with your neighbors. Because your property's value is also dependent upon your neighborhood, it pays to have your neighbors clean up. Offer flowers for your neighbors to put outside, give your neighbor's kids $15 to clean up, and improve the first impression potential buyers will have of your area.
- Determine why your house isn't selling and fix the problem. Is the listing not posted in enough places? Is the price too high? If price is the problem, it is best to drop down quickly.
- Keep in mind prospective buyers' comments. If you listen to what objective third parties have to say about your home, you can make changes to attract others. For example, if you hear several times that your paint is drab in the living room, paint it! Even if you love the color, you need to transform your home to meet the desires of potential buyers.
- Ask your real estate agent how long houses typically stay on the market in your area. This will help you gauge if you are on track, and if your house isn't selling, it's usually because of the price.
- Before signing a listing agreement with your real estate agent, make sure you have documentation of what he or she is going to do for you.
- Get estimates for any repairs that will be needed to make the sale. If you know that you will need to allot money for a repair to sell your home, having this estimate will justify the amount.
- Make repairs that will have a sizable return on investment. If replacing the roof for $5,000 adds $10,000 to the home's value, then it will be worth the cost. Choosing repairs like this that are visible on the exterior are especially helpful at attracting buyers.
The process of buying a home is one that requires patience, knowledge and time. You may not have the time to do all of the tips listed here, so pick the ones that focus on quick fixes first.