27 Tips to Help You Sell Your Home Fast and For Top Dollar

Learn how you can protect and capitalize on your most important investment through a greater understanding of basic principles

Your home may be your largest asset, and selling it can be one of the most important decisions you ever make. To help you understand the home selling process, this guide has been prepared from current industry reports. These twenty-seven tips will help you learn how to protect and capitalize on your most important investment, reduce your stress, control the process, and increase your profits from the sale.

1.         Be sure you understand why you are selling your home.

Your approach to the process of selling your home depends on why you have made the decision to sell. Your motivation will affect everything from the asking price you set to how much time, money, and effort you invest in preparing your home for sale.

If your goal is a quick sale, for example, one approach might be appropriate. If you're more interested in maximizing your profit than in selling quickly, the sales process will probably take longer and require a different approach.

2.         Make sure to keep the reason you're selling your home your own little secret!

The reason why you decided to sell your home will affect how you negotiate the sale. You won't provide ammunition for prospective buyers if you keep your reasons to yourself.

For example, if buyers know you must move very soon, you could be at a disadvantage in the negotiation process. Simply tell anyone that asks your reason for selling that your housing needs have changed. Remember that you are the only one that needs to know why you're selling.

3.         Do your homework before you set a price.

When you set a sale price for your home, you are telling potential buyers the absolute maximum amount they'll have to pay for it. As the seller, you want the house to sell for as close to the list price as possible.

If you begin by pricing the home too high, there is a risk of not being taken seriously by buyers and their agents. But if your price is too low, the home could sell for much less than you hoped for.

Setting a Sale Price for Your Home

If You Live in a Subdivision: If your home is one of many similar or identical floor plans built in the same period, look at recent sales in your neighbourhood subdivision for an idea of what your home may sell for.

If You Live in An Older Neighbourhood: Neighbourhoods change over time. And homes in older areas are less likely to have similar floor plans and other common features than homes in subdivisions. Some of the differences between homes in older areas can be

substantial, and you may find that there aren't many truly comparable to yours. If this is the case, consider using a real estate agent to help with pricing.

If You Decide to Sell On Your Own: To determine a price for your home, look at homes that sold in your neighbourhood within the last 6 months, as well as those currently on the market. This is how potential buyers will assess the value of your home. And a trip to City Hall can provide home sale information in public records. Check with the City Hall in your community to see if the public records are available to you.

4.         Take some time to do your own "home shopping."

It will be well worth your time to set aside a day or two to see what the competition is doing by going shopping for a home yourself. As a "shopper," you'll learn first-hand what turns buyers on-and what turns them off. Make plenty of notes about floor plans, the condition and appearance-inside and out; the size of the lot; location; and other features.

And note not only the asking prices, but what homes are actually selling for. This is important because if you're serious about selling your home quickly, you don't want to price it higher than similar homes in the same area.

5.         Sometimes getting an appraisal can be a benefit.

A good appraisal can sometimes be a real benefit in marketing your home. It's a good way to let prospective buyers know that your home can be financed. Keep in mind that appraisals cost money and have a limited life. And you may not like the figure the appraiser gives you!

6.         Learn what tax assessments really mean.

Many people believe that tax assessments are a way of evaluating homes. But assessments are based on some criteria that may be related to property values, and may not necessarily reflect the true market value of a home.

7.         Select a realtor you can trust.

According to the National Association of Realtors, nearly two-thirds of people surveyed who sold their own homes said they wouldn't do it again. Their reasons included setting a price, marketing handicaps, liability concerns, and time constraints. When choosing a realtor, consider more than one, and be as wary of quotes that are too low as those that are too high.

Not all realtors are not the same! A professional should know the market and have information on past sales and current listings. He or she should have a marketing plan, and provide background information and references.

Evaluate the candidates carefully on their experience, qualifications, enthusiasm and personality. Then choose the one you trust and feel confident will do a good job on your behalf.

If you choose to sell your home yourself, you may still choose to talk to a realtor. Many are happy to help "do-it-yourselfers" with paperwork, contracts, etc. And if you encounter problems, you'll have someone you can call on for help.

8.         Leave yourself some room to negotiate.

Before you finalize your asking price, make sure you leave yourself enough room to negotiate. For example, first set the lowest and highest selling prices, then decide on your priorities: price the home high to maximize your profit, or set it closer to market value in order to sell quickly.

9.         Appearance matters more than you might think.

It is extremely unwise to ignore appearances when you're selling your home. The look and feel of the home generates a greater emotional response than anything else. Prospective buyers react first to their senses-what they see, hear, feel, and smell even if you have priced your home low to sell quickly.

10.      Ask for the honest opinions of other people.

Relying solely on your own judgment can be the biggest mistake you make at this point. Seek the honest opinions of other people. And be objective about your home's good points as well as its problems. Your realtor, if you've chosen to use one, will be very candid about what needs to be done to make your home more marketable.

11.      Clean and fix everything, even the things that may seem insignificant.

Here's your to-do list: scrub, scour, tidy up, get rid of the clutter, banish every fleck of dust, oil squeaky hinges, replace the broken light switch, and replace the bathroom mirror with the tiny crack in it. These really can be deal-killers, and you can never be certain about what might be a turn-off for potential buyers. Think of it this way: you're not only competing with other resale homes; you're competing with brand-spanking-new ones too!

12.      Help potential buyers feel at home in your house.

If you've ever gone to an open house, you know that some homes feel comfortable and make it easy to imagine living in them. Others make you feel like an intruder in someone else's space, and that's the last thing you want prospective buyers to feel. Pack away most knick-knacks to avoid clutter. Decorate in neutral colours like eggshell or beige, and place a just a few carefully chosen items to add warmth and character. Try enhancing a boring corner with a large, well-placed floral arrangement, or put a pretty container of potpourri in the bathroom. Pick up a home decorating magazines or two for lots of good ideas.

13.      Get out the scented candles: odours can be deal killers!

Even though you may not notice the 'normal' odours in your home, smells like traces of food, pets, and smoking can be deal killers! If prospective buyers know you have a dog, or that you smoke, they may become aware of odours and think they see stains that don't even exist. Your best bet: eliminate the clues.

14.      Be a smart seller: be honest with buyers and disclose everything.

Disclose all known defects to buyers, in writing. It can reduce liability and prevent future lawsuits.

15.      The more prospective buyers, the better!

You'll probably attract more buyers when you maximize your home's marketability. And it is much better to have several prospective buyers because they'll compete with each other. A single buyer simply ends up competing with you.

16.      Keep emotions to yourself when you're negotiating.

You probably have a lot of emotions invested in your home, but during negotiations, it's important that you remain detached and business-like. This will give you a significant advantage over sellers who let their emotions show when they negotiate.

17.      Learn what is motivating your buyer.

Understanding a buyer's motivation works in your favour in negotiations by allowing you to control the pace and duration of the process.

In general, buyers want the best property they can afford for the lowest possible price. Knowing the buyer's motivation lets you negotiate more effectively. For example, if you know that the buyer needs to move quickly, you will be in a better position to bargain.

18.      How much can the buyer really pay?

Try to find out, as soon as you can, the amount of the mortgage amount buyers have qualified for and the down payment they are prepared to make. Ask their realtor about their ability to pay what the home is worth, if the offer is too low.

19.      Find out when the buyer hopes to close.

Frequently, the date that buyers tell you they would like to close turns out to be when they need to close. Knowing their deadlines for completing negotiations is another advantage for you.

20.      Never sign a deal on a new home until you have sold your current home.

Nobody wants to have two mortgage payments every month, or to be desperate enough to take the first offer on the home they are selling. But that's the situation you could find yourself in if don't sell your existing home before you close on a new one!

21.      Moving out before you sell could cost you thousands!

It has been proven that it's more difficult to sell a home that is vacant, because a vacant home looks forlorn, forgotten, and much less appealing. Buyers start getting the message that you have another home and are probably highly motivated to sell. This could cost you thousands of dollars.

22.      Don't put yourself at a serious disadvantage by creating a deadline.

Don't create an arbitrary "sell by" date. It will only add unnecessary pressure and will put you at a serious disadvantage in negotiations.

23.      Low offer? Don't take it personally.

Initial offers are almost always below what buyers know they will pay for the home. Stay calm and evaluate offers objectively. The offer should spell out the offering price, an adequate deposit, the down payment amount, the mortgage amount, a closing date, and the buyer's special requests, if any. Think of a low offer simply as a starting point for the negotiating process.

24.      Turn a low offer around.

Counter a low offer or even one that's just below your asking price to let the buyer know that you don't regard his first offer as a serious one. This can help ensure that you only negotiate with buyers with serious offers.

25.      What if the buyer isn't qualified?

If you get offers you don't feel are adequate, make sure the buyers are qualified to carry a mortgage of the size the deal requires. Ask them how they determined their offers, and suggest that they research prices for comparable homes in the same area and compare them against your asking price.

26.      Make sure that the contract is complete.

Avoid problems by ensuring that all the terms, costs, and responsibilities are spelled out clearly in the sale contract. The contract should include the date the contract was made; the names of all parties involved; the address of the property being sold; the purchase price; where the deposit will be held; loan approval date; closing date and location; the type of deed, including any contingencies that haven't yet been settled; and personal property that is included in (or excluded from) the sale.

27.      Don't deviate from the contract.

For example, if the buyer wants to move in before closing, just say no and explain that you have been advised against pre-closing move-ins. This is not the time to risk having the deal fall through.

This report is packed with tips and techniques for selling your home quickly and for top dollar. We have many similar reports that are available at no cost to you.

If we can help you or anyone you care about understand the complexities of selling a home, please call us to schedule a free consultation. We'll sit down with you for fifteen-to-thirty minutes and show you the latest technologies and strategies for selling your home. No high pressure; just plain, honest talk. Your consultation is completely free and does not obligate you in any way.

We look forward to hearing from you soon!

Warmest regards,

Neville & Damali Adomi