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Things to think about when selling your house

You’ve finally taken the plunge and participated in the American Dream of home ownership. Forward ahead 2, 10, 20 years or even longer. The odds are that at some point down the road you will sell that house. There are a few things that you must consider when selling your slice of the American Dream.

The first and foremost item is why you are selling in the first place? Are you looking to move to be closer to your job or family or are you looking to move away from a bad personal situation or cranky neighbor. Maybe you are considering selling because you are looking to upgrade into a newer and nicer property. Only after weighing the pros and cons of your decision are you able to move on to the next step.

Unless you are downsizing, the newer home will most likely cost you more money than you are currently paying for your house. This supposed step up in to a more expensive property can be one of the trickier situations a homeowner will encounter. You may find yourself shortchanging your retirement nest egg or even being forced to work years longer just to afford to pay for this new home. The key would be to make sure you are having open and frank discussions with your trained mortgage professional so they can put you in the best possible situation regarding your loan.

Will you try and sell the property yourself or will you immediately contact a real estate agent. Along that same vein will you price the home on the higher range looking for that perfect buyer to come walking in and offer full listing price or will you price it below market value just to move it quickly. The solution here would be to make sure you are speaking with several different people and doing as much research on the internet as possible.

Consider a few things that could happen if you price your home too high. You may say to yourself that you are in no hurry to sell and you might as well try and get as much money out of the sale as possible. Every day that your house sits on the market with an over inflated price tag, just waiting for a foolish bidder to come along, is another day that a realistic potential buyer ignores your property. What you may find happening is continually having to slash the price to get it down to where it should have been in the first place and now prospective buyers may begin wondering if there are other things wrong with the house besides the price tag. In the end you may have a difficult time even getting what the house should have sold for in the first place.

Another item to keep in mind is making sure the house is in marketable shape. Do a mini tour with an honest, close friend and ask them to pick out the minor flaws and defects and then go and fix those items. Clean out the gutters. Do some minor painting. Clear out excess clutter. Clean the walls and windows. Get your carpets professionally vacuumed. Repair leaky faucets. Weed around your house. These are all items that should be done anyway. Just make sure you do them all now.

Figure out what attracted you to the house in the first place and make sure when you list the home in the newspaper or in any of your marketing materials that you identify these features. In most instances a full extra bath is a huge plus as are walk in closets or professional grade kitchens. In some instances, location is the only thing that matters. Just remember the items that you found attractive and make sure they are front and center when marketing your house.

It’s a lot to do. Selling a home is usually always easier than buying one, but if you are interested in maximizing your investment dollars and in gaining the peace of mind that comes with a smooth transaction, make sure you are considering all of the above items, and then some. Please contact my office to discuss other items of equally or greater importance such as capital gains taxes or how to choose the right listing agent.

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