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SELLING A HOME

Below you will find helpful tips for selling your home. It covers choosing a price, net profit and repairs that improve value most.

Setting a Fair Price

Naturally, you want to get top dollar for your home. But, at the same time, you don't want to scare off potential buyers with a price tag that's too high. Setting an artificially high price may cause your property to languish on the market for months. Reducing your asking price later on may lead buyers to wonder if there is something wrong with your home. Here are some of the factors to consider in pricing your home.

Your Location

• Average home prices in the neighborhood
• Interest Rates, Economic conditions
• Supply and demand in the local housing market
• Seasonal influences
• Local schools
• Your home's extras: pool, fireplace, central air, etc.
  

To determine the value of your home, you probably will want the advice of a real estate agent or appraiser. Ask an agent to prepare a market analysis for you, showing the recent selling prices of three neighborhood properties comparable to your own. The agent can help you adjust for the unique features of your own property.

Qualifying a Buyer

You or your agent want to check the potential buyers. Can they really afford to purchase your home. A number of factors will help determine whether or not they can:

• The buyer's debt and credit history
• The buyer's current income and employment
• The buyer's cash position and availability of a down payment
• The length of time the buyer needs before closing on your home
• How interested the buyer appears to be in your home versus others
• Seek Legal Representation

When selling your home -- particularly if you are selling on your own -- it's a good idea to be represented by an attorney. Look for an attorney with expertise in real estate transactions. When a potential buyer puts an offer in writing and you accept it, the signed acceptance becomes the sales contract. Your attorney will be present at the actual closing to protect your interests and can assist you with the following elements of a sales contract:

Repairs

Consider today's time-sensitive masses. Many prospective homeowners hope to buy a home in "move-in" condition. To meet this ideal, and make the sale, homeowners need to be proactive.

Even if you already know of repairs that should be made, some experts recommend hiring a certified home inspector to thoroughly and impartially evaluate the property. If the pre-inspection results in a checklist, the information will help homeowners feel empowered.

Do you have an incentive to make repairs? Buyers will discount the offer price by much more than the cost of the repair or replacement. The buyer might even walk away.

To help you prioritize items, have a real estate professional look over the pre-inspection report or your own list of repairs. Also, check out Home Sale Maximizer at homegain.com to measure how various repairs and improvements can affect the sale price of a home.

In addition to fixing the problems uncovered by the inspector, you may want to:

• Paint inside and outside
• Repair cracks in sidewalks and driveways
• Replace missing or warped roofing
• Clean or re-grout kitchen and bathrooms
• Repair dripping faucets
• Fix sticking doors
• Repair broken fencing
• Replace badly worn carpeting
• Polish hardwood floors

If you have your home pre-inspected, share the report with your agent. If you repair anything, walk him/her through the documentation, pointing out the item and the cost to you. Depending on your goals and your budget, you may want to repair only items that could cause significant deterioration to the home such as a leak. Let your budget and your real estate professional guide you. Making certain needed repairs just might make the sale.

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