There are hundreds of good house selling tips that can help you
when the time comes to put that sign in the yard. Some are more
important than others though. Here are three of the most
important points.
1. Understand Value. Your home is not worth more because you
like it, and it may not even be worth more after you spend
$10,000 making it the way you like it. It is worth what others
will pay. One of the worst parts of a real estate agent's job is
trying to explain to a nice couple that their $45,000 in kitchen
improvements only added $10,000 to the value of the house.
It is easy to see the problem with pricing too low, but making
less money is a problem of pricing too high as well. You have
costs that you pay while waiting to sell. Also, people are
suspicious of homes that have sat unsold for a year, and less
likely to make an offer even if you have finally lowered the
price. The perfect buyer who would have paid the most, might
have looked at the home when it was over-priced and walked away.
To get the most money, price it right to begin with.
2. Understand The Market. Who are your potential buyers? A sign
in the yard wont help much if you're selling a summer home in
the woods and all the buyers are in the city. Once you identify
who the likely buyers are, you or your agent can decide which
ways to market the property.
Are you in a quiet neighborhood that is attracting retirees? If
so, you would want to advertise the fact that your house has one
level. "No stairs!" can be an important selling point to older
buyers. If the neighborhood is one that is likely to attract
young couples, however, it would be a waste of words. Consider
your market before you try to sell.
3. Cost-Effective Preparations. Of course you should clean the
house and mow the lawn. The other things you do to get ready for
the sale should be cost effective though. As a rule, you should
first do those things that will give you a three-to-one return
on your money.
It isn't important (or possible) to be precise. The point is to
do things that raise the value more than they cost. $1,000 to
repave the driveway may increase the value of the house by
$3,000, but a $50,000 pool might add only $25,000 in value.
Start by replacing that dented mailbox, and work on those things
that get "the most bang for the buck."
If you have the time and motivation, you can find endless little
house selling tips. That may not be a bad idea, but why not
start with the important things first?
About the author:
Steve Gillman has invested in real estate for years. See a photo
of a beautiful house he and his wife bought for $17,500 on his
home page, or go straight to the section on Investing In Real Estate:
http://www.HousesUnderFiftyThousand.com
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