So.youd like to sell your house? Great! Everyones doing it. But this is your first time and youll be doing the sale yourself. Nervous? Of course!
The fact is, its only unnerving because you havent got a clue about the dynamics of selling a house your house. Its the one asset you have where youve plunked down your lifetime savings. Now you want it all back!
That equity you were slowly building over these years will come back to you a hundredfold because youve thought about it long enough to realize that there is a handsome profit waiting to be made.
Dont worry! This episode in your life doesnt need to be a drama of horrors. In this book, weve collected important tips for you the first timer - all 101 of them, in fact.
And when that check finally lands on your hands and the last box has been shipped out of your house to make way for the new owners, it will be exhilarating more exhilarating than youve ever imagined it to be.< br />
Study the tips. Some you already know, no doubt. But even with 101 or 1001 tips, youd still need professional advice you managed to eliminate the real estate agent, but youll still need your lawyer (or notary) and your accountant.
You need to consult with other professionals as well like the professional house inspector who can dish out valuable advice about repairs and maintenance.
These tips can help you map out a selling strategy for your house, and when you turn the lock for the last time, youll come out of the experience wiser. And yes, wealthier, too.
The confidence you gain by getting your feet wet the first time could who knows? make you want to do it the second time, and then a third timeand more!
Knowledge is Power
Before anything else, grab a powerhouse of knowledge.
If youve decided to dispense with a real estate agent to avoid paying those ridiculous commis sions, then start thinking like one.
How? Three to six months before your target sale, bone up on home selling strategies. If you have friends or colleagues whove worked in real estate, talk to them, but dont tell them youre thinking of your selling your house so they wont try to convince you to do otherwise.
Ask them about mistakes theyve made or mistakes that their relatives and friends have made. Survey the entire landscape. Personal experiences are always an excellent source of knowledge and strategies.
Be a listener, and be a GOOD one
Hold casual conversations with at least 3 real estate agents who work in the area where your house is located. Be attentive to what they say about location. Its helpful to know how much your civic address is worth.
While location is the predominant argument in real estate, this rule may not always apply. Perhaps location is the least of your potential buyers worries. Dont overlook the fact that buyers have typical and unusual reasons for buying a house. Many have jumped into the arena of investment property.
While most people buy houses so they can live in it, there are those who like to play the market and want to make a killing. Sell your house with an open mind. Dont let the factor of location d iscourage you, or encourage you too much.
Basic rule: dont get locked out of the market because youve overpriced your house!
Continue building up on that knowledge base: make it a daily habit of reading real estate ads everyday. Get the average selling price of a house identical to yours.
If you have the luxury of time, you may even want to drive around these houses for sale and judge for yourself whether or not the price theyre asking is justified.
Some homeowners have illusions as to what their houses cost. Is the price they ask reasonable, or way out of proportion to the looks and location of the property?
What are the ads saying?
Get a feel of how real estate ads are worded.What are the key words and phrases? What ads caught your attention? Why? Does the ad sound credible? Does the ad provide adequate information to provoke interest, or does it leave the reader indifferent?
Use the se ads as a model for your own.
Do a bit of detective work: try to keep track of real estate ads that appear only a couple of days (house could have been sold in just a matter of days) and ads that seem to be in the paper forever (why cant the advertiser sell? Whats preventing him from selling?) This is where wording might clue you into the reasons.
Read and devour all that you can!
Build up some more on your knowledge power by visiting your local library, and browsing through books and magazines about real estate in general (and selling homes in particular).
Be on the alert for people whove written about their personal experiences in selling their homes. Being well-informed is still your best weapon.
Realistically speaking, my house is really worth
Set realistic goals: if houses like yours in your area are asking for $250,000.00, dont think you could make a lot more just because you have a rose garden and your neighbor doesnt.
Deviating too much from the mainstream can work against you. Dont stop buyers from calling you because your price is way too much the average prices for your area.
Play the real estate game seriously.
Bear in mind that the no risk, no gain philosophy may not always work in real estate. Real estate is a smart, serious business. Its better to have brains than guts! Feed your brain with information you will need when you finally do sell your house. Real estate information is not a scarcity. There are thousands of web sites dedicated to real estate. And the library holds a wealth of information on the subject.
Get only enough to get you started
Too much analysis leads to paralysis. Arm yourself with adequate knowledge and then get moving! Dont let fear or over-confidence immobilize you. If you want to sell your house successfully, fear has no p lace in the grand scheme of things, nor does arrogance.
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