Because your home may well be your largest asset, selling it is probably one of the most important decisions you will make in your life. And once you have made that decision, you'll want to sell your home for the highest price in the shortest time possible without compromising your sanity. Before you place your home on the market, here are a few ways to help you to be as prepared as possible.

1. Understand why you're selling your home.

Your motivation to sell is the determining factor as to how you will approach the process. It affects everything from what you set your asking price at to how much time, money and effort you're willing to invest in order to prepare your home for sale. For example, if your goal is for a quick sale, this would deter- mine one approach. If you want to maximize your profit, the sales process might take longer thus determining a different approach.

2. Keep the reason(s) for your sale to yourself.

The reason(s) you are selling your home will affect the way you negotiate its sale. By keeping this to yourself you don't provide ammunition to your prospective buyers. For example, should they learn that you must move quickly, you could be placed at a disadvantage in the negotiation process. When asked, simply say that your housing needs have changed. Remember, the rea- son(s) you are selling is only for you to know.

3. Before setting a price, do your homework.

When you set your price, you make buyers aware of the absolute maximum they have to pay for your home. As a seller, you will want to get a selling price as close to the list price as possible. If you start out by pricing too high, you run the risk of not being taken seriously by buyers and their agents and pricing too low can result in selling for much less than you were hoping for. For more helpful hints on setting your selling price, click here.

4. Do some "home shopping" yourself.

The best way to learn about your competition and discover what turns buyers off is to check out other open houses. Note floor plans, condition, appearance, size of lot, location and other features. Particularly note not only the asking prices but what they are actually selling for. Remember, if you're serious about getting your home sold fast, don't price it higher than your neighbor's.

5. Consider getting an appraisal.

Sometimes a good appraisal can be a benefit in marketing your home. Getting an appraisal is a good way to let prospec- tive buyers know that your home can be financed. However, an appraisal does cost money, has a limited life, and there’s no guarantee you’ll like the figure you hear.

6. Learn what tax assessments really mean.

Some people think that tax assessments are a way of evaluat- ing a home. The difficulty here is that assessments are based on a number of criteria that may not be related to property values, so they may not necessarily reflect your home's true value.

7. Decide on a Realtor.

According to the National Association of Realtors, nearly two- thirds of the people surveyed who sell their own homes say they wouldn't do it again themselves. Primary reasons includ- ed setting a price, marketing handicaps, liability concerns, and time constraints. When deciding upon a Realtor, consider two or three. Be as wary of quotes that are too low as those that are too high.

All Realtors are not the same! A professional Realtor knows the market and has information on past sales, current listings, a marketing plan, and will provide their background and references. Evaluate each candidate carefully on the basis of their experience, qualifications, enthusiasm and personality. Be sure you choose someone that you trust. Make sure you feel confident that they will do a good job on your behalf.

If you choose to sell on your own, keep in mind that you can still talk to a Realtor. Many are more than willing to help do-it-your- selfers with paperwork, contracts, etc.... and should problems arise, you now have someone you can readily call upon.

 

Looking for more tips? Click here to discover the other twenty tips for sellers.