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Here are some things to consider when selling your home.

  1. It is important that you know what is going on in the market at the time you are trying to sell your home, so you can gauge a realistic selling price. Your agent deals in this market on a daily basis, therefore he/she is one of the best resources to find out what is going on in the market and to help you plan a marketing campaign.
  2. What are your needs? Do you need to sell fast? If you are looking for a quick sale, you may want to set a lower listing price and/or do some quick improvements to make your home more appealing to the eye. On the other hand, if you aren't in a hurry to sell, you may consider setting a higher listing price and test the market to see how much you can get for your home.
  3. Consider the financial implications of a sale before placing your home on the market. Make sure to consider closing costs in your calculations when projecting the proceeds you will realize from the sale. You'll also want to confirm that the sale meets the criteria for a tax exemption on capital gains (up to $250,000 for single taxpayers and $500,000 for married).
  4. Sellers are obligated to disclose to potential buyers any material knowledge of problems or defects. Since even the allegation of undisclosed defects can cause major problems later, it is worth spending some time reviewing areas that may be considered deficient. It is not necessary to correct issues not affecting safety or code compliance, however it is essential to disclose these items in writing.
  5. It is important to be ready for the marketing process and all it entails. You will need to maintain your home for viewing on short notice. Selling can be hard on your sense of privacy and buyers can sometimes be very direct and critical. Try to remain focused on the marketing process. Ideally, you should arrange to be out during showings. When circumstances dictate otherwise, try to be as inconspicuous as possible, leaving the buyers alone with their agent.
  6. Buyers can sometimes be insulting with remarks about your home, and they sometimes make very low offers, hoping to get a bargain. Try not to react emotionally to these factors - your goal is to realize the highest price in the shortest time. Comments from obnoxious home shoppers or lowball offers from bargain hunters are to be expected, but don't let them get under your skin.
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Most of us sell only a small number of homes in our lifetimes. With limited experience in real estate how are we to be capable of maximizing the profits from our home sale?
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