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If you want to get the best price for your house, you need to have a strategy in place. There are things that you should know – such as not listing the price too high or too low. If you have a real estate agent, then he’ll already know the strategy to use for selling your home. If you try to sell your house for more than the market value, you can push buyers away. But if you try to sell at too a low price, then you can do the same because potential buyers wonder what’s wrong with the house. If you’re selling your home yourself, these buyers usually won’t reach out to you but they will contact an agent to ask what’s going on. So make sure that your house is priced right. To do that, you need to understand the real estate market. You can either rely on the expertise of an agent, or you can figure it out for yourself. What you want to sell it for and are hoping to get out of the house could be vastly different from what the home is actually worth. You can check out homes that are on the market that are similar to yours and see what they’re selling for. You can’t just pick a listing of homes for sale in various neighborhoods because the market value of a home does take into consideration the neighborhood. You’ll want to have an idea of what these other homes are selling for so that you’ll have that before you list. You can go to open housing events in your area to see what those homes are selling for and discover what any unique selling points might be. Look at homes like yours that have already sold and see what they ended up going for. This will help you see what kind of price range you should be looking to set for your home. An agent will already know all of this and if you try to aim too high or too low, he’ll let you know. Sometimes homeowners fail to leave their emotions out of selling a home because they take things personally rather than realizing that it’s just business. One thing that’s helpful to homeowners who want to sell their home on their own is to use online tools to do a market analysis of homes sold. An agent does this in the beginning of taking on a home to sell. You can get the best price for your home if you know what you need to take care of before you put it on the market. You can find this out by hiring an experienced, professional appraiser. He or she can help you understand what your home is worth on the market based on the many factors involved that you might not even be aware of.

When you want to sell your house, it might surprise you to learn that there are times when putting it on the market is going to result in a quick sale. But another time will lead to your home sitting on the market for months without an offer. Most homeowners don’t understand how they can tell if it’s a buyers’ or sellers’ market. This is something that an experienced real estate agent can tell you by showing you the most recent data on what’s going on in your area. You have to keep in mind that the data for one particular city or town may not mirror what’s going on in another. You can have a buyers’ market in one city in a state and a sellers’ market in another city in the exact same state. The difference will come into play when a property can or can’t be moved. This is something that your agent will have access to as well. But it is something that a homeowner can discover on his own. Selling a house works just like any business does. It’s based on supply and demand. When you have a lower inventory than you have customers, the demand is high. So that means that it’s a sellers’ market. This market can also change even within the same town or city. One neighborhood might be a sellers’ market while a neighborhood a mile down the road will be a buyers’ market. Other things can sway the type of market it is would be issues such as the amenities that the area offers. If it has what people are looking for, that can also alter the market. Some things that change a market are which school district the home is in, proximity to places of convenience, and desirability of the area. A market can also be influenced by the selling price of the house. Homes in a certain price range may be more in demand that other houses are. If a buyer has a lot of homes to choose from in the area that he wants to be in, then it’s a buyers’ market. If there are few homes in that area, then it’s a sellers’ market. You can figure it out by asking your agent or you can go online and look at the number of homes that are for sale in your area. Then check to see how many of them have a sale pending. When you divide the listed properties by the contracted ones, that will tell you the sales rate or the number of inventory that’s moving versus the amount on hand. If it takes homes less than six months to sell, that’s usually a sellers’ market.

When a home is ready to go on the market, homeowners always want to know how long it’s going to take to sell it. If you have a real estate agent, he’ll give you an estimated time because he knows all that’s involved in it. He knows the average amount of days it takes to sell a place. However, you can sell your home yourself and be able to sell it within the time frame that you hope to do it in. While you might think that selling a home quickly means you have to take a low ball offer, that’s not true. Moving a house on the market isn’t that difficult if you’ve prepared yourself with the knowledge that you need. You need to know the market first of all. You need to understand if it’s a buyers’ or a sellers’ market. Because if it leans the buyers’ way, then they have the upper hand. But if it’s a sellers’ market, then you do. You have to be able to adjust if it’s a buyers’ market. But keep in mind that if your home is what they’re looking for, a determined buyer will make the right offer. In a sellers’ market you can usually get the full asking price for your house because you’ll often have multiple potential buyers. The amount of time that it takes to sell your house is going to be determined by the location. Houses that are considered to be in prime locations are always going to sell faster than other homes. In areas where housing is limited and the demand is high, homes that are sell-ready often end up with a contract on them in a matter of days. Certain factors make a home more desirable - such as how close it is to a good school district or if it’s in an established neighborhood. The price that you have your home listed at can either move it quickly or make it end up sitting on the market for months. It can be tempting to know that your house is worth $300,000 and to price it at a bit above that. But you’ll get more offers by pricing your home right at or just below what it’s valued at. If you price your home at $295,000, you’ll end up getting more bids on it. Homes that are more affordable tend to move faster than ones that are more expensive. The shape that your home is in will also be a determining factor in how quickly it will move. A house that’s in great shape and looks good inside and out will sell faster than a home that needs some work.

Your home will have certain features that will interest buyers. Whether you’re selling your home yourself or using the service of a real estate agent, you need to make sure those features are showcased. You’ll want to start by ensuring that whatever home listing is used draws attention to those features. While an agent automatically knows what to put in the listing, you might not. But some things that are considered special features are what you should highlight. You’ll need to mention where the home is located and what it’s located near. For example, some young couples with school aged children are looking for homes that are close to good schools, so you’ll want to highlight that. Others are looking for homes that are close to other perks like shopping, the downtown area and so on. You’ll want to highlight the amount of square footage that you have. Not only should you or your agent do this in the listing, but you need to highlight it in your home. That means removing as much furniture as you can feasibly live without while your home sells. Take out anything that takes up space on the floor because then it makes your house look bigger and draws attention to the space. One feature that buyers look for is the type of flooring that a house has. An agent can give suggestions on what to do, but most people prefer a hard flooring - like hardwood or tile - over carpeting. If you have real hardwood flooring, you’ll want to highlight that. Anything that’s a nice upgrade or special about your home can be a best feature. If you have a double oven in the kitchen, highlight that. This is something that appeals to buyers. They also like things such as a large pantry. Outdoor living spaces are a must among some buyers. If you have a pool, you’ll want to mention that. Feature things like decks and patios as well. If you have an outdoor kitchen, that should be a feature that’s highlighted. Features that buyers look at are type and age of the roof, the air and heating unit and the windows. Unique and spacious laundry rooms are features that appeal to home buyers and so are garages. Other features include things like good outdoor lighting and walkways. Any feature that you or your real estate agent highlights should be in top shape. If you have a feature in your home that needs to be spruced up or replaced, do it before you list your home. You want to put the home’s best foot forward so that the first impression is a good one.

If you have a real estate agent to sell your home, he’ll do a comparative market analysis for your home. While this might seem pretty involved and something that only agents can do, that’s not true. You can do an analysis yourself. A comparative market analysis is simply a collection of information about your house. It takes into consideration all the selling points - such as the square footage of your house, the number of bedrooms, bathrooms, and where the home is located. Then it looks at other homes that are like yours. This analysis looks at which homes sold and how long they were on the market. The purpose of having an analysis done is so that you can get an idea of the marketability of your home. You’ll see how well other homes like yours have fared. In this analysis, you’ll see what the owner asked as the selling price of the home and what it actually sold for. This lets you see what you can price your own home at and what you’ll most likely end up getting. You can get your own analysis from an online site that offers the information. While there are plenty of sites that will charge you for this information, it is available without cost. If you want a more in depth one that will do some of the work for you, then you can use a site that will compare your home to others that sold in the area where you’re located. Be careful using an analysis on a site that lists homes for sale because these are not always accurate. You can look at what the appraisal was on your home when you originally bought it to get a starting ballpark figure. You can also have your home appraised as it currently is. Getting an analysis on your home can improve your ability to sell it because you’ll know what the market is like. You’ll know how to price your home to get the most bids. You’ll be able to price more competitively with an analysis than without one. You can search other places related to homes to help you get a good analysis as well. You can check with the FHA’s data on homes as well as check the tax records for your area. You can do this online and it’s a free resource. Just go to your county’s website. You want to do an analysis because it gives you more knowledge when it comes to selling your home. A seller who knows the true value of his home can end up making more money when he puts it on the market.

With any type of home sale, potential buyers will always have questions they want to ask. If you’re represented by a real estate agent, he or she usually knows ahead of time the kinds of questions that’ll be asked because they’ve heard most of them in the course of their career. But there are many common questions asked and it will be helpful for you to know the answer to them. Potential buyers usually ask how much you pay for property taxes. While any home might have a great sale price, the amount of property taxes can add significantly to a mortgage payment. You’ll often get questions on whether or not you have a homeowner’s association fee. Many HOA fees are relatively inexpensive, but in some neighborhoods, these fees can be a few hundred dollars a month. Another question that’s usually asked is what the cost is to provide electricity to the home and the price of other utilities. If an electric bill is outrageously high, that can sway a potential buyer’s decision. What one family uses won’t necessarily be what another family uses. If the utility bill isn’t a fixed one, tell the potential buyer an average of what he or she might have to pay. One of the main questions that buyers want to know the answer to is what the state and age of the roof is. While this information is usually in the listing description, buyers will still ask about it. That’s because replacing a roof can be an expensive endeavor - not to mention it can cause damage if it leaks. You might be asked if your home has a problem with insects like ants, spiders, roaches or if it has a problem with mice. Even if you don’t, but you did have in the past before you had the home treated, you may need to tell the buyer that. You may also get asked about home warranties. Having a home warranty in place to cover the appliances and the heating and air that can transfer to the buyer is often a helpful selling feature because buyers will often want the appliances included in the sale. Sometimes buyers will ask why you’re selling the home. It’s more of a question geared toward protecting themselves than it is a truly nosy one. You might get asked about the neighbors. If you have a terrible neighbor, you may have to disclose that information. Potential buyers may ask you about the area - such as what the schools are like and what types of amenities are nearby. Sometimes buyers will ask if you’re open for a price negotiation because they look at properties they can’t afford at the asking price, but could if it came down some. If you’re someone who wants full asking price and you know you’re not going to budge from that, tell buyers there’s very little wiggle room in the asking price. That way, they don’t waste their time and you don’t waste yours.

The purpose of showing your home is to hook a buyer. You want the buyers to come through your house and be impressed - so impressed in fact, that they’re ready to make an offer. You’ll have one chance to make a first impression on the potential buyers and you want to make it count. Focusing on the outside is the first tip. Make sure that you don’t neglect the outside of your home. Curb appeal can make or break the odds of someone even bothering to get out of the car to come in. If they pull up and see a home with a lawn that obviously needs edging and has an unkempt flower bed, they’re going to wonder what else hasn’t been cared for properly. You want the outside of your home to be spotless. Clean the siding, the windows, and the doors. Make sure there are no dirt smudges, no cobwebs and that anything that needs painting has been spiffed up. The second tip is to take yourself out of the house. That means that you want to take out all the personal stuff. Remove the family photos from the wall or tables. You want the home to look neutral so that the potential buyers can look at your house and picture it as themselves living there. Everything should be as neutral as possible in terms of personal items. The third tip is to pare down all the extra clutter you see at first glance. If you look around, it’ll amaze you at how much stuff you’ve accumulated over the years. Some of it might very well be important, but that doesn’t mean that your potential buyers should see it. When you have a lot of clutter, it shrinks the living space of the house. It makes it look and feel cramped and smaller. Many homeowners get something called house blindness. They’ve lived in the home for so long with the same clutter that they don’t even really see it anymore. But a stranger will always notice. So clean out your house and make the space as big as possible. The fourth tip is that if you have a pet, no one who walks through your house should be able to notice it exists. That means no cat litter box, no dog to jump on anyone, no food sitting around in a dish. Your home should not have any pet odors. Having a clean house that’s odor free is a big selling point. You don’t want to lose a possible deal just because they can smell your pet’s presence or your pet makes a bad impression. The fifth tip is to stage your home. You can hire a professional or you can do it yourself. Stage your living areas in a way that shows off your home. You can rent furniture to make your home furnishings look good if you don’t use a stager. Someone who knows how to stage a house knows how to play up the best features of your home and knows what to bring in or get rid of to make the entire house appeal to a buyer.

If you’re working with a professional real estate agent, she’s going to know what contingencies to put in the contract to make sure you get protected as the seller. There are fairly common contingencies that you can make sure are included in a contract if you’re selling your home on your own without an agent. You need to make sure that you protect your ability to stay in the home with a remain in clause often called the seller’s right to stay. This gives you a week to thirty days to stay in your house in the event that something’s going wrong with the house you’re buying or where you’re going to stay. If you do this, then you’ll have to pay the new buyer rent for the days that you stay in the home. This should be covered in the contract. You’ll have to pay all the costs associated with staying in your home after it’s sold. Because making home repairs are often contingencies set in real estate contracts, you can expect that you’ll be making some of those. However, you can put in the contract that you’re lowering the purchase price instead of repairing the items and that’s one of your contingencies. You need to be very clear on the bottom line that you’re going to pay out if it’s in the contingencies that you’re going to pay for all the repairs. Because you might be thinking the cost of putting on a new roof is around $5,000 while the potential owner is expecting you to pay for a higher grade root and the cost is closer to $8,000. If you don’t have it specifically spelled out with the amount you’re willing to pay (and no more) for these repairs, then the buyer could legally force you to spend more. You want to make sure that the contingency states all that you’re willing to pay and that anything that’s over that amount is the buyer’s responsibility. Never put in there that you’ll make repairs “to the buyer’s satisfaction” because you’re giving them the right to continually force you to make a repeated repair until they deem it’s done. Don’t give a buyer that kind of control. One of your contingencies should be the right to void the contract. If the potential buyer has agreed to certain terms and then isn’t following through, you want to be able to walk away from the deal without repercussions. You may want to have a multiple offer clause in your contingencies as well. This allows you to accept more than one counter offer and gives you the freedom to pick which buyer gets the house. What this does for you is gives you the right to up the asking price of your home if you end up in a bidding war. Make sure that you have a contingency in the contract for the potential buyer’s financing. If it falls through, you don’t want to be stuck in a contract while he scrambles trying to find new financing. This could tie your home up for months. You need a way to protect yourself from that.

It’s a tough job trying to sell a house. Professionals have access to certain tools and it used to be that homeowners who wanted to sell their home without an agent couldn’t have access to these tools. But those times have changed. Now, anyone can list their home on the multiple listing service (MLS) so that their home can be seen by others. Putting your home in the online database increases your exposure because it gets in front of people who are looking to buy. It’s sometimes more effective than an ad, and it’s cheaper than paying the fees to a real estate agent. An MLS is basically a method of swapping information among other real estate agents so that more homes can get in front of possible buyers. You can tap into that huge marketplace on your own. If you choose to do it by yourself, it means that you are responsible for all the work. When an agent does it, he or she creates the listing and all the important information that goes along with it. As a FSBO property, you’ll need to do that. And you have to know what to put into a listing or it’s not going to stand out. Your listing has to have all the features of the home. You’ll need to have the type of residence - such as whether it’s a townhouse, or a single family home. You’ll also need to list when the house was built. The type of heating and air conditioning system the home has should be included. If it’s an apartment that you’re selling, you’ll need to put in how many parking spaces are available. You’ll also need to list how much acreage comes with the home. You have to list the number of bedrooms the home has. Some people explain whether these are upstairs or downstairs if the listing is for a two story home. If the place has a unique master bath, then you’ll want to put that. List the number of bathrooms the home has and any special features with those - such as a garden tub. If the house has tray ceilings or extra tall ceilings, mention that. Talk about the appliances and then list the total floor space the house has. Mention what kind of flooring it is - like whether it’s carpet, tile or hardwood. If there’s a fireplace, put that in the listing. Point out special rooms like a sun room. List ceiling fans, or any security features such as an alarm system, too. Cover all the amenities such as if it has a pool with the house or if it’s in a subdivision. List any HOA fees. Point out the location of nearby schools, the tax history of the house and the listing price. Once you have all that ready, you can list your home on an MLS site by paying a flat listing fee.

If you have a real estate agent, one of the first things he’ll check is to see how appealing your home looks as he’s driving up to it. An attractive home is one that can hook a potential buyer’s interest and make him want to know more. You want to make sure that the outside of your home’s exterior is clean. It can be easy for a home that gets shade to have areas where algae can grow. Get your home power washed or do it yourself to remove anything that makes your home look dirty. A clean exterior can boost the asking price, while a dirty one can detract from it. So clean the siding, the brick, shutters if you have them, the front door and all the windows. Don’t forget to wash the gutters and drain pipes. Paint whatever needs painting. For some people, this means painting the wood around the windows or the door. Some people paint their garage door. You’ll want to be careful if you do that. Not all paints that say they can be used on a garage door are high quality. The paint will peel or fade in the sun and your garage door will look splotchy. An agent will always tell sellers to make sure the yard is in good shape. This includes any side yards as well. The lawn should be neatly mowed and remain that way during the entire selling process. You need to be sure the lawn is edged and no grass is growing in the cracks of any sidewalks that may border your home. If you have landscaping that’s not appealing, you need to take it out and replace it. Potential buyers like to see color when the pull up to a house. That means you should have flowers in the yard or in containers on the porch. Hang ferns from the porch if it would look appropriate. Or add other splashes of color such as upscale rocking chairs with colorful cushions. You can also build or have someone build flowerboxes and fill those with colorful blooms. Put a beautiful wreath on the front door. Make sure that any shrubs or trees have fresh mulch. If you have bare spots in your lawn, fix those. You want the lawn to look beautiful and inviting. Look at the shape of your mailbox. Many people forget to check this, but a rusted mailbox isn’t appealing. Replace an old one with an updated version and do the same with any outdoor lighting and house numbers. Pay attention to how your fence looks. You may need to replace some panels or replace the entire fence. If your driveway has seen better days, you can get it repaired - and that’s fairly inexpensive - plus it adds good curb appeal A real estate agent can give you a comprehensive checklist of what to make sure you take care of or you can get one yourself. You want to have someone else give their take on your curb appeal because they’ll be seeing it with an unbiased point of view.

If you don’t have a real estate agent handling all the sale documents for you, then you’ll need to keep track of what you need. You’ll have to start with a residential sales contract. This is what will spell out the deal between you and whoever’s buying your house. It has to contain certain key pieces of information like the sale price along with all the contingencies. All the terms of the finances need to be in there along with the information regarding the closing costs. The details of the home inspection need to be in that contract as well as any information about what appliances you’re leaving in the home. You’ll need to choose your closing date and have that in the contract, too. An average is about 30 days. In that contract, cover all the occupancy agreements between the parties. This should clearly state when you'll be leaving. If you’re going to stay past the closing, then what you’re going to pay for should be in the contract. You need to have a property condition as well as a lead paint disclosure. A property disclosure is what you use to mention anything in the home that’s in need of repair or any issues. You want to be honest and disclose what you know because it’s against the law not to. The year that your home was built determines the type of form you’ll have to use to disclose whether or not there is lead paint in the home. You can get this information from the EPA. If your house was built before 1978, then you’ll have to follow the federal law guidelines for that including making sure the sale contract specifically states that the home has lead and you’ve given the buyer all the required information such as the buyer’s rights. There are certain addendums you want with a contract when you’re selling by owner. One of these is the third party financing. This is what gives you the ability to break the contract if the potential buyer's financing falls through. If a buyer is assuming the mortgage, then you need a loan assumption addendum. In this, you’ll need to make sure that you cover who’s going to pay the loan assumption fee. There can also be processing and closing fees. If you’re providing the financing, then you need a seller financing addendum. This document covers things like the credit terms, taxes, payments, late payments, title insurance and what’s due. You may need a promissory note if helping a buyer with the financing. This is basically the same thing as an IOU. The buyer is agreeing to repay the loan in a certain number of payments known as the terms. The note should have on it what will happen if the buyer doesn’t stick to these repayment terms. A promissory note can be refinanced by the buyer at a later date by using a bank or mortgage lender. You may need to use a notice of termination. This is a form that’s used when you need to terminate the sale. This can happen for any number of reasons but it has to be a legitimate one. If the sale was contingent upon the buyer’s financing and it fell through, it can be used that way. Or it can be used in the event the settlement date can’t be kept or if contingencies weren’t met. You don’t have to send a notice of termination if the situation is covered by one of the automatic terminations spelled out in the contract. A quitclaim deed is generally used with people that you know where you’re simply passing the property over to someone else. When you use a quitclaim deed, you’re not usually making or taking any money in exchange. However, a quitclaim deed can also be used if there’s a problem with the title of the home. For instance, if your name is listed on the house as John A. Doe and you’re actually John B. Doe, then you’d use a quitclaim to correct that. A problem with the deed usually happens when the deed is filed. Another reason for issuing a quitclaim is if someone else has a stake in the property because something wasn’t correct in the filing of the title - such as a couple divorcing and the spouse failing to give a quitclaim relinquishing his or her interest in the home.

Selling a home doesn’t have to be a difficult situation. If you have a real estate agent, she’ll handle all the negotiating tactics and act as a buffer between seller and buyer. However, you can successfully negotiate the sale of your own home by knowing a few tips ahead of time. Make sure that you have a strategy. This lets you plan in advance for the scenarios that might crop up. You’ll be ready to handle anything or discuss anything that might arise during the negotiation process. You have to start by knowing what it is that you want out of your home when it comes to the price. By knowing your bottom line for profits, this allows you to keep your mind on your goal rather than getting sidetracked by all the different tactics buyers will sometimes use. Be prepared to defend your position. They may want an explanation for why you’ve set your price at the amount that it it’s at - or to know why you’re not offering certain concessions. You can defend your position by doing your research ahead of time. Know what the market is doing. Understand if it’s a buyers’ or a sellers’ market. Have your home price set so that it fits the market and the neighborhood that you’re living in. If you’re selling a home for $200,000 in a neighborhood where the highest home value is $150,000, that’s a poor strategy. You need to do your homework so that you’ll know how to correctly value your home. You can do a market analysis, but you can also get the home appraised before the negotiations start. That way, you have proof on hand with what your home is worth and anything that needs to be taken care of first. You might have a fixed price in mind when it comes to selling your home - but don’t be afraid to listen to the other side. By being willing to pay attention, you might end up with an even better deal. Know ahead of time that it’s rare for both parties in a home sale to get exactly what it is they planned to get. The negotiation process works as a give and take and both sides need to be willing to make concessions. Don’t try to hide the flaws in your home. A buyer knows that every home has flaws. Point yours out and either offer to fix those as part of the deal or take money off the asking price in exchange for him assuming the needed repairs once he’s the homeowner. The first offer that you get might be a lot less than you’re expecting. This is simply the art of negotiation. Just make a counteroffer. Keep calm and keep your eyes on what it is that you want out of the negotiation and you should be able to get through it easily.