Selling your house may require embarking on an adventure most sellers have not experienced many times in the past. As the time approaches, the seller should do some careful planning and give some consideration to the following things:
· Remember pricing your home is king. Pricing the home to high tends to cause the home to sit on the market too long. In turn, may cause other potential buyers not to look at the house because they feel there is something wrong with the property. Pricing too low may hurt your bank account, unless you get into a multi-offer environment which may be a benefit to your bank account.
· Develop a market analysis of similar homes in your neighborhood. When comparing houses should not mix 2-story with 1-story homes. This will cause pricing to be skewed when comparing both types of houses together. Also, make an effort to compare similar square footage houses. In addition, try to avoid mixing different locations that are more favorable and desirable. If you do, you will need to make some adjustments to your pricing.
· Check the market history of homes in the neighborhood to determine how fast they have been selling and the rate of appreciation. This will provide you an indicator of how to price your property base on seller’s motives.
· Consider making some improvements, but beware the expense incurred on some improvements may not be recouped with the sale of the home. Recommend being selective on what improvements are made to the property.
· Understand whether it is a seller’s or buyer’s market. Seller’s market means there is low inventory of homes per the number of buyers needing to buy a home. Buyer’s market is just the reverse. Seller’s market may allow seller too maximize his profit, while a buyer’s market may force seller to take a little less for your home.
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