Katie Halle Lambert

1. Define Your Needs – Write down all the reasons for selling your home. Ask yourself, “Why do I want to sell and what do I expect to accomplish with the sale?” For example, a growing family may prompt your need for a larger home, or a job opportunity in another city may necessitate a move. For your goals, write down if you’d like to sell your house within a certain time frame or make a particular profit margin. Work with your real estate agent to map out the best path to achieve your objectives and set a realistic time frame for the sale.

2. Name Your Price – Your next objective should be to determine the best possible selling price for your house. Setting a fair asking price from the outset will generate the most activity from other real estate agents and buyers. You will need to take into account the condition of your home, what comparable homes in your neighborhood are selling for, and state of the overall market in your area. It’s often difficult to remain unbiased when putting a price on your home, so your real estate agent’s expertise is invaluable at this step. Your agent will know what comparable homes are selling for in your neighborhood and the average time those homes are sitting on the market. If you want a truly objective opinion about the price of your home, you could have an appraisal done. This typically costs a few hundred dollars. Remember: You’re always better off setting a fair market value price than setting your price too high. Studies show that homes priced higher than 3 percent of their market value take longer to sell. If your home sits on the market for too long, potential buyers may think there is something wrong with the property. Often, when this happens, the seller has to drop the price below market value to compete with newer, reasonably priced listings.

3. Prepare Your Home – Most of us don’t keep our homes in “showroom” condition. We tend to overlook piles of boxes in the garage, broken porch lights, and doors or windows that stick. It’s time to break out of that owner’s mindset and get your house in tip-top shape. The condition of your home will affect how quickly it sells and the price the buyer is willing to offer. First impressions are the most important. Your real estate agent can help you take a fresh look at your home and suggest ways to stage it and make it more appealing to buyers. A home with too much “personality” is harder to sell. Removing family photos, mementos and personalized decor will help buyers visualize the home as theirs. Make minor repairs and replacements. Small defects, such as a leaky faucet, a torn screen or a worn doormat, can ruin the buyer’s first impression. Clutter is a big no-no when showing your home to potential buyers. Make sure you have removed all knick-knacks from your shelves and cleared all your bathroom and kitchen counters to make every area seem as spacious as possible.

4. Get The Word Out – Now that you’re ready to sell, your real estate agent will set up a marketing strategy specifically for your home. There are many ways to get the word out, including:

• The Internet
• Yard Signs
• Open Houses
• Media Advertising
• Agent-To-Agent Referrals

In addition to listing your home on the MLS, your agent will use a combination of these tactics to bring the most qualified buyers to your home. Your agent should structure the marketing plan so that the first three to six weeks are the busiest.

5. Receive An Offer – When you receive a written offer from a potential buyer, your real estate agent will first find out whether or not the individual is prequalified or preapproved to buy your home. If so, then you and your agent will review the proposed contract, taking care to understand what is required of both parties to execute the transaction. The contract, though not limited to this list, should include the following:

• Legal Description of the Property
• Offer Price
• Down Payment
• Financing Arrangements
• List of Fees and who will pay them
• Deposit Amount
• Inspection rights and possible repair allowances
• Method of conveying the title and who will handle the closing
• Appliances and furnishings that will stay with the home
• Settlement Date
• Contingencies

At this point, you have three options: accept the contract as is, accept it with changes (a counteroffer), or reject it. Remember: Once both parties have signed a written offer, the document becomes legally binding. If you have any questions or concerns, be certain to address them with your real estate agent right away.

6. Negotiate To Sell – Most offers to purchase your home will require some negotiating to come to a win-win agreement. Your real estate agent is well versed on the intricacies of the contracts used in your area and will protect your best interest throughout the bargaining. Your agent also knows what each contract clause means, what you will net from the sale and what areas are easiest to negotiate.

Some negotiable items:

• Price
• Financing
• Closing Costs
• Repairs
• Appliances and Fixtures
• Landscaping
• Painting
• Move-in Date

Once both parties have agreed on the terms of the sale, your agent will prepare a contract.

7. Prepare To Close – Once you accept an offer to sell your house, you will need to make a list of all the things you and your buyer must do before closing. The property may need to be formally appraised, surveyed, inspected or repaired. Your real estate agent can spearhead the effort and serve as your advocate when dealing with the buyer’s agent and service providers. Depending on the written contract, you may pay for all, some or none of these items. If each procedure returns acceptable results as defined by the contract, then the sale may continue. If there are problems with the home, the terms set forth in the contract will dictate your next step. You or the buyer may decide to walk away, open a new round of negotiations or proceed to closing. Important reminder: A few days before the closing, you will want to contact the entity that is closing the transaction and make sure the necessary documents will be ready to sign on the appropriate date. Also, begin to make arrangements for your upcoming move if you have not done so.

8. Close The Deal – “Closing” refers to the meeting where ownership of the property is legally transferred to the buyer. In some states, an attorney is required and you may wish to have one present. After the closing, you should make a “to do” list for turning the property over to the new owners.

Selling Secret #1: Always be ready to show your home!

You never know when your next buyer is going to walk through the door. Be sure your home is “show-ready” at all times – You will need to accommodate potential buyers schedules and be available whenever they want to come see the place. Don’t leave dishes in the sink, keep the floors clean, bathrooms sparkling and make sure there are no dishes in the dishwasher. It’s a little inconvenient, but it will get your house sold.

Selling Secret #2: The buyers first impression says it all!

Buyers will judge your home before they walk through the front door. You never have a second chance to make a first impression. It’s important to make people feel welcome and safe as they approach the house. Clean and spruce up your home’s exterior with new brightly colored flowers and plants. Entryways are important so you will want to add a welcome touch by adding a sitting bench or fresh flowers.

Selling Secret #3: The kitchen comes first.

Your kitchen can make or break a potential sale – That’s how important it is! If your kitchen does not have a wow factor, consider remodeling your kitchen to appeal to buyers. The best part of it is that you’ll probably get 85% of your money back. Consider a few thousand dollars to replace countertops to prevent a buyer from knocking $10,000 off the asking price if your kitchen looks dated. If your budget does not include a complete remodel try the most cost effective way to upgrade – new paint and cabinet hardware. If you have a small budget available, buy one fancy stainless steel appliance. Why one? Because when people see one high-end appliance they think all the rest are expensive too and it updates the kitchen.

Selling Secret #4: Take the home out of your house.

Its very important to de-personalize your home before selling. The more personal items in your house, the less potential buyers can imagine themselves living there. Remove a large percentage of items like family photos, memorabilia collections and personal keepsakes. Staging your home can be very effective and helps showcase the floor plan and maximize the use of space.

Selling Secret #5: Don’t over-upgrade right before selling.

Quick fixes before selling is a great strategy that will pay off. Large makeovers, may not help you in selling your home faster. Getting your money back if you do a large improvement before you put your house on the market may not happen. As an alternative, do upgrades that will pay off and get you top dollar. Consider putting a new fresh coat of paint on the walls. Replace door hardware, cabinet hardware, make sure closet doors are on track, fix any plumbing issues and clean the tile grout.

Selling Secret #6: Conceal the critters.

You might think a cuddly dog would warm the hearts of potential buyers, but you’d be wrong. Not everybody is a dog- or cat-lover. Buyers don’t want to walk in your home and see a bowl full of dog food, smell the kitty litter box or have tufts of pet hair stuck to their clothes. It will give buyers the impression that your house is not clean. If you’re planning an open house, send the critters to a pet hotel for the day.

Selling Secret #7: Play the agent field.

A secret sale killer is hiring the wrong broker. Make sure you have a broker who is totally informed. They must constantly monitor the multiple listing service (MLS), know what properties are going on the market and know the comps in your neighborhood. Find a broker who embraces technology – a tech-savvy one has many tools to get your house sold.

Selling Secret #8: Let the light in.

Brightening up a house can work wonders for its size and charm. According to a survey conducted by HomeGain.com, lighting up a room typically costs less than $400 and adds a $1,500 boost to the final sale price of a house. Maximize the light in your home. After location, good light is the one thing that every buyer cites that they want in a home. Clean dirty windows, update lampshades, increase the wattage of your light bulbs and cut the bushes outside to let in sunshine. Do what you have to do make your house bright and cheery – it will make it more sellable.

Selling Secret #9: De-clutter and empty your closets.

This is the time when you go through your belongings and discover that there isn’t anything worth keeping. Ideally, your rooms should look open and kind of empty (marketers call that spacious) Storage is something every potential buyer is looking for and can never have enough of. Remove half the stuff out of your closets then neatly organize the remainder. It’s commonly known that buyers will snoop, so be sure to keep all your closets and cabinets clean and tidy.

Selling Secret #10: Find the value of your home and price it right.

Find the value of your home by consulting with a realtor, then consider taking 15 to 20 percent off the price. You may be swapped by buyers with multiple bids — even in down markets — and they may bid up the price over what it’s worth. It takes real courage and most sellers just don’t want to risk it, but it’s the single best strategy to sell a home in today’s market.