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Business // Thinking Smart
David S. Chang

Real Estate Part 3: Selling A Home

A good real estate agent can help you sell your home, but it is good to understand how you can maximize the sales price. Here are some tips if you are looking to sell:

* Price. The price of your home is one of the most important steps and can determine how fast you sell. Talk to your agent to find the right price based on your urgency to sell. Do your research on the price of previously sold homes, homes that are currently on the market, and new construction or foreclosures in your area. You need to know your competition and have your house or condo stand out. A good agent can help you set the fair market value of the house and set up a strategy to find the right buyer. The right price can be the difference between a sold home and a stale home.

* Preparation. You may have quite a few emotional attachments to the home, but you have to realize your home is now a product that needs to be prepped for sale. Clean, organize and declutter as much as possible. You want potential buyers to see themselves living in your home, not wondering what type of people live there. You want to maximize your space and make it feel spacious. Minor repairs such as fixing a leaky faucet, replacing old light bulbs and touch-up painting may seem tedious, but they are worth doing. First impressions are extremely important, and most people do not want to come in and fix up the place. Look into home improvements that will add value and increase the potential return on your investment. Mike Chow from CS Design Builders says: “The average return at resale for a simple bathroom remodel is 102 percent and for a kitchen remodel is about 91 percent. Especially if you are in an older home, these home improvements can add quite a bit of value.”

Talk to your real estate agent and determine if the costs are worth it for your situation.

* Presentation. If your house is clean and well-organized, it will show the buyer that you took good care of it. Present and stage each of the rooms to highlight its purpose and what it can be used for while showing there is plenty of space. Make your home look like a model home. Make sure the house is as clean as possible on the inside and outside. Consider hiring a professional cleaning service and landscape artist for “curb appeal” to draw people in. Prepare an information sheet that describes the features of your home, including room measurements, appliances and any extra amenities. Make the house smell nice with an air freshener or cleaner. When I was looking at houses, one homeowner baked cookies for potential buyers. I still remember the house to this day! Remember to place yourself in the buyer’s shoes: What would you want to see?

Whether you are moving, upgrading or even downsizing, you want to make sure the sale is smooth and quick. A good strategy can make the process easier!

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