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Five Simple Elements to Sell Your Home in Any Market |
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There are five simple elements to selling any home in any market. Pay attention to all five, and you could have a sale for a good price.
1. Price It Right, and Buyers Will Come
The rule in real estate is that you can sell any property for any price if you wait long enough. It's largely a function of time and inflation. A seller is asking $200,000 for his property, even though agents tell him it's not worth more than $175,000. A year later, a buyer walks in and offers him his $200,000. Has he shown everyone he was right? Or is it simply that after a year of inflation and price appreciation, the value of his property has moved up to what he was asking?
2. Location, Location, Location!
Everyone knows that these are the three most important words in real estate. However, as a seller, you may think they only apply to buyers and not realize they apply to you as well. You may think your neighborhood is okay, only to realize others don't feel the same way.
3. Exposure -- Are You Getting the Word Out?
Lack of exposure simply means that not enough buyers have been made aware of the fact that your home is for sale. There are several ways of tracking exposure.
- Count the number of buyers who come through your house. If you haven't had a visit from a buyer in a week or more, it's a bad sign.
- Count the number of real estate people who come through. If you have your house listed, you should have caravans of agents coming through, particularly when the house first goes on the market.
- Count the number of calls that you get. If you're selling your house yourself, you undoubtedly have a sign out and an ad in the paper. If you do, you're bound to get calls. If those calls don't come in or there are very few of them, or if the potential buyers who call are confused about what you're selling or hang up when you explain what you've got, you may have a problem. Recheck your advertising for clarity and impact.
- Check to see that your home is publicized. Check with your agent to see that he or she is "talking up" your home to other agents. Watch for advertising of homes by your agent. Ask your agent what other venues he or she is pursuing in publicizing your home, including online exposure.
4. Appearance -- Is Your House Shipshape for Selling?
Don't rely on your own opinion of your home's condition. Call in an agent and ask how the condition of your house compares with that of similar homes on the market. Listen carefully to what is said and take these comments to heart. Others often see the true condition of your property far more clearly than you, the owner, do.
5. Time -- Have You Given It Enough?
Remember that the average amount of time it takes to sell a home differs with each market. Go to your agent and ask what the average time is to sell a home in the current market. Typically it's two to six months in most markets. But since the housing bubble burst in 2007, you should expect a longer timeframe. Be patient.
Excerpted from Tips & Traps When Selling a Home by Robert Irwin. Copyright © 2004 by The McGraw-Hill Companies.
©2010, Kelly Ruggles, Spokane, WA. Web site
Kelly C. Ruggles, Spokane, WA. is a fee-based financial planner located in Spokane.
Kelly C. Ruggles, Spokane, WA. President of American Reliance Group, Inc., a registered investment advisor.
Kelly Ruggles, Spokane, WA. is the author of "The Financial Playbook" for Retirement
Kelly C. Ruggles, Spokane, WA. Does not intend to provide personalized investment advice through this publication and does not represent the strategies or services discussed are suitable for any investor. Investors should consult with their financial advisors prior to making any investment decisions
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