1. Want to sell quickly? Price it just under the market.
Sellers are optimistic on the value and price of their homes
in today's market, but buyers are not. Your challenge as a seller is to price
the house so that it is compelling. For
example- if homes are selling for around $350,000 in your neighborhood, price
yours at $339,000.
If you think you are leaving money on the table, keep in
mind that the longer a house is on the market, the less likely you are to get
fair value. If you're turning around and
buying a home, and you already have cash in hand thanks to a fast sale, that
puts you in a very powerful position.
2. The preapproval letter is just the beginning
The preapproval letter is just one of the first refreshment
stations of the homebuying marathon, not the finish line. It is not the time to
start running up the cards and opening new lines of credit to buy things for
their home-to-be. Just before closing, a lender will re-examine a prospective
buyer's financial situation -- complete with a recent copy of the credit
history and other updated information.
If those numbers change for the worse you are looking at a higher
interest rate or even a denial of the loan.
3. Selling a house usually takes longer than you think
Here's the breakdown:
• Getting
your home in shape: two weeks
• Average
time on the market (varies widely with location and price): 2 1/2 to three
months
• Negotiating
after an offer: one week
• Preparing
to close (assuming a traditional transaction): 30 to 45 days
4. Smell does matter
A buyer needs to walk in and have it look good, feel good
and smell good. Here's a checklist for getting your home "show"
ready:
• Home: Clean. (And
smelling good.)
• Temperature:
Heated (or cooled) for comfort.
• Lights:
Left on to welcome guests.
• Snacks or
soft drinks: A nice touch.
5. We don't make as much as you think
Chances are the agent you hire to sell your house -- or find
a new one -- isn't getting as big a cut of the deal as you might think. Usually
the two sides (seller's agent and buyer's agent) will split the total
commission, but then those agents, in turn, each split their share with their
broker. The idea that agents are getting all or even half the commission is a
big misconception.
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