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Weigh the pros and cons of selling your house. Figure out if you can afford to sell, move and buy a new home. Calculate your home equity. Research the local housing market. Consider remodeling the home to fit your needs. Weigh the pros and cons of renting out your home.
Calculate your selling expenses. List the repairs and projects you'll have to do to get your home in selling condition and estimate the costs of hiring supplies and contractors.
See what projects you can afford and adjust how much you expect to get for selling your home. To get top dollar, consider remodeling projects and green upgrades that increase your home value. Expect to pay about 7 percent to 10 percent of the home's sale price in closing costs, including real estate agent commissions, transfer taxes and prorated property taxes.
And factor in these costs: Professional home inspection Capital gains tax Mortgage payoff penalties Staging and marketing expenses Moving expenses Cost of living in new city or neighborhood Costs related to getting a mortgage for new home. Plan your selling strategy. Determine how fast you need to sell your house and how much money you want to get from the sale. Interview at least three reputable real estate brokers and list your home on the multiple listing service MLS. Weigh the pros and cons of selling the home yourself.
Learn how to go about selling your home yourself. Consider a physical or online auction for a quick sale in a slow market. Look into home-swapping opportunities online. Plan your sale during the spring or fall peak homebuying seasons. If you hire a listing agent, negotiate terms of your listing contract, such as commissions and termination date. Determine your home's strengths and unique features and promote them in all advertising.
Determine your home's fair market value FMV and set a price. Research public records and collect information on comps -- comparable homes in your area with similar square footage, construction, age and condition that sold within the past six months and are currently on the market. Browse listings for homes for sale in your area to get a sense of what is on the market and current home prices. Find out about new construction and foreclosures in your area. Figure out the average cost per square foot for your area, and make sure your home is in line with it.
Evaluate market trends, including whether it's a buyer's or seller's market. Use your FMV to determine your asking price.
Consider pricing strategies such as pricing low to urge a bidding war or Value Range Marketing. Advertise and market the home.
Create your own Web site to promote your home. Email notices or flyers about your home to real estate agents, friends, family, coworkers, everyone. Use photos to showcase your home. Hire a professional real estate photographer or learn how to take great pictures yourself. Use a handheld video camera to give online buyers a virtual tour of your home, by walking through each room and talking about its features. Prepare and stage the home.
Have a yard sale. Sell, donate or trash everything you don't need. Make improvements to increase your curb appeal, i.
Hire a professional home stager or research staging tips. Declutter, depersonalize and decorate every room and outdoor areas so buyers can imagine themselves living in the home. Paint interior rooms neutral colors. Replace outdated lighting fixtures and window treatments. Set up showings and open houses.
Keep the home in show-ready condition at all times. Take appointments or set up a lockbox so agents can show the home when you're not available. Hold an exclusive open house for local real estate agents to introduce them to the home and get feedback. Include food and refreshments. Hold an open house for potential buyers. Advertise in local publications and put up signage in the area.
Best home Inspection tips help sellers survive the home buyer's home Keep in mind that only ASHI members are required to follow these strict guidelines. Editorial Reviews. From Publishers Weekly. Davis (Adding Value to Your Home), a real estate There's also a checklist of the 15 costliest mistakes homebuyers make -- and how to . We left the closing this morning feeling like we had done everything right, from shopping mortgages to negotiating after the home inspection.
For each offer, note the proposed offer price, preapproval letter, contingencies, earnest money amount, proposed closing date and offer expiry date. Have a process in place if you expect to get multiple offers. Keep emotions in check when receiving lowball offers. Make counteroffers and negotiate.
Approach each offer as an opportunity to negotiate. Many sellers decide to leave the presale inspection to the buyers, Bloxom says. But if the seller has the home inspected before putting it on the market, he has more time to do repairs and to shop around and control his costs for the work, Bloxom says. Both buyers and sellers often wait too long to engage an inspector, Gibson says. You should find an inspector long before you have or make an offer on a home. Got a lock on a utility closet, basement or shed?
The inspector needs access. So open it or provide keys. For a seller, the best tack is to be at home to meet the inspector, introduce yourself, provide your mobile number — and then you can take off, Mitenbuler says. To reduce the need for repeat inspections, hire professionals to do repairs, Bloxom says.
Too many sellers will try DIY or get them done on the cheap. But poor workmanship will show up during the follow-up inspection, and could result in more repairs — and another inspection. The opinions expressed in reader comments are those of the author only, and do not reflect the opinions of The Seattle Times.