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Practicality In Real Estate Planning

May 30, 2008
One of the biggest mistakes a seller can make is putting the wrong price tag on his or her home. Sellers tend to put a very high value on their property out of fear of losing profit, but buyers won't even look at homes that are priced too high. There's no fixed formula to pricing a home. Usually the market value of a house is based on comparable sales, but there are other factors that should be considered like location, market movement, demand, and the house's condition. Don't listen to your agent when he or she overstates your house's value and makes you sign an overpriced listing. As a seller you will lose your competitive edge if you change your mind and reduce the price later on.

Ever seller wants to make sure that his or her home gets top dollar. Careful planning and making your home presentable is the key to make buyers rush to your front porch with their checkbooks at hand. To prepare your home for the big sale, remove all personal belongings like photographs and heirlooms - you want your buyer to imagine THEIR stuff on your walls. De-clutter and throw out any junk you won't need; this will make moving out easier too. Make minor repairs on things like leaky faucets, doors that don't close properly, and holes in the wall. Finally, make your house sparkle by cleaning off cobwebs, vacuuming daily, and waxing the floors.

When there's a slow down in the market and a decline in home sales, anxious property sellers slash their prices just to make a sale. You probably don't want to sell your property at a lower value, but if yo keep your price high your property won't budge. Offering incentives is something that you can do to stay ahead of the competition and get the asking price you want.

Some incentives you can include are high-end appliances, free security systems, granite kitchen counters, an in-ground swimming pool and free pool maintenance, or a prepaid loan on a vehicle. If you don't want to do this, you can also give financing incentives by buying down the interest rate for the potential buyer or offering your own financing program, which will give a lot of benefits to both you and your potential buyer.

To make sure you get the maximum value out of your house before you sell it, you need to treat your home as if it were any other consumer product. Here are some things you can do to put yourself in control of the selling process.

Walk through your home, look at it objectively, and see what needs improvement. Look for defects buyers might not like, such as stains, peeling paint, or cracks on the wall.

Fix any cracks in your tiles or walls and put on a new coat of paint - you'll be amazed at what a dramatic change new paint can do. Pay special attention to the kitchen and bathrooms as buyers are very particular about them.

Depersonalize your home. Removing all personal effects will make it easier for buyers to imagine themselves living in your home.

Rearrange your furniture to make your house look bigger. The less clutter there is, the better everything will look.
About the Author
Jon Caldwell is a professional content manager. Much of his articles can be found at http://practicalrealestates.com
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