How to Sell a House

If you are ready to sell your first home, you may be wondering how to sell a house without paying a significant commission. Regardless of the current housing market, with a bit of knowledge you can sell your own home and realize thousands of dollars in savings. Please read on for our most common questions on how to sell a house.

What Is Curb Appeal?

Curb appeal is how your house looks from the outside to potential buyers. If your have a rusty fence, dirty gutters, hanging shutters and broken window panes, it can make potential buyers leave before they even see the inside of your home. Grab a hammer and some nails to repair minor flaws, paint the fence, replace broken glass and mow your lawn to give your house better curb appeal. Little extras such as a flower bed, new mailbox and freshly washed windows go a long way when it comes to curb appeal.

Is It Worthwhile To Make Home Repairs Before You Sell?

You will never realize the full amount of money invested in repairs so you should only make those repairs that are completely necessary to sell the house. For every thousand dollars invested in your house, you will get back about seven hundred dollars.

What Home Repairs Should Be Made?

Top repairs to make include modernizing your bathroom, updating your kitchen and replacing your windows. These three upgrades can drastically increase the asking price of your house and help you to sell your home more quickly.

Are There Inexpensive Ways to Improve the Saleability of My Home?

There are a variety of cost-effective ways to improve the saleability of your home that just take a bit of elbow grease and a few dollars such as:

• paint everything white to give your home a clean, spacious appearance;
• organize your garage, basement, closets and attic to maximize the potential of these extra spaces for prospective buyers;
• make sure your house is well-lit so it looks bigger;
• clean your house completely including windows, oven, bathroom, stove, kitchen counters, carpets, floors and fixtures;
• get rid of clutter because no one wants to see your family photos but your family;
• repairs all squeaks and leaks around the house;
• get rid of dingy, discolored wallpaper;
• replace caulking around tubs and sinks for a fresh appearance; and
• tack down loose molding.

What Do Potential Buyers Dislike the Most?

When prospective buyers visit your house, they don't want to be confronted with certain elements and they can actually hurt the sale of your home. Before buyers come to check out your house make sure to:

• get rid of odors;
• put your pets away – just because you love being greeted by Fido doesn't mean buyers will;
• damp, musty basements that give an impression of a faulty foundation;
• dim rooms with minimal lighting, dirty windows and dark walls;
• clutter because buyers want to see the home as their own;
• bugs for obvious reasons; and
• sellers that hang around and talk constantly while prospective buyers are trying to examine the house.

Should I Hire A Real Estate Attorney?

If you decide to sell your own home rather than use a real estate agent, you may want to have your own attorney to represent your interests. A real estate attorney only costs a few hundred dollars and the sale of your home is a transaction worth thousands of dollars. An attorney can prepare necessary paperwork, hold money for the sale of your house in escrow and provide essential guidance along the way for far less than paying commission to a real estate agent.

Should I Hire A Home Inspector?

While it is not necessary to hire a home inspector, buyers may decide they want to do so before they agree to purchase your home. If you hire your own inspector first, you will already have a report to compare to theirs and have an advance opportunity to make repairs. Inspectors check out heating and cooling systems, the roof, the foundation and they also look for termite damage or infestation.

Should I Get a Home Warranty?

A temporary home warranty covers items such as plumbing, major appliances, heating and the electrical system while a house is for sale with average deductibles of about $50 to $100. A home warranty policy only costs a few hundred dollars and can be a great incentive for prospective buyers to consider an older house. Certain policies even convert to a one year buyer's warranty after the closing.

How To I Determine the Sales Price for My House?

After you figure out how to sell your house, you need to review comparable sales of homes in the area to determine an estimated value for your home. Consider the condition of your home, the location and amenities such as a deck, fireplace or pool that add to the value of your house. You can also hire an appraiser for a couple of hundred dollars to formally appraise your house or take advantage of free, no-obligation consultations from local real estate sales agents to get a value analysis of your home.

Should I Have An Open House?

If your house is presentable, an open house gives several prospective buyers an opportunity to check it out and you save time because you don't have to meet each buyer individually. During the open house you can also serve refreshments, hand out pamphlets about the house, answer prospective buyers' questions and provide copies of pertinent paperwork such as inspection reports, comparable home sales reports for the area, receipts for recent repairs and warranties.

How Do I Get The Word Out That My House Is For Sale?

There are many ways to get the word out that you are selling your house including:

• list your house on a variety of Internet resources including Craig's List and You Tube;
• advertise your home in a local newspapers because 80 percent of homes are purchased by folks who work or live in the area;
• put a large sign “For Sale By Owner” in front of your house;
• get a billboard in the area advertising your house for sale;
• distribute flyers about your house for sale at local businesses and include color photos;
• put fact sheets in a transparent, waterproof envelope outside your house in a visible location; and
• consider using a resource such as “For Sale By Owner” to help facilitate the sale of your home for a low fee rather than paying a broker's commission.

Remember, it usually takes eight visitors to get one bid on your house so you need to have patience and keep smiling for those buyers. With a bit of negotiation, flexibility and knowledge, you will successfully learn how to sell your house and get the bid you want sooner than you think.

Thank you to Stacey Doyle for this "How to Sell a House" article.

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