Your
home should be listed, whenever possible, in the
local Multiple Listing Service and on REALTOR.COM,
which has the largest online database of homes and virtually
100% of potential buyers who look for property on the
Internet. In addition, your broker's marketing efforts
and considerations will include:
Advertising
The
REALTORSŪ' largest expense has traditionally been classified
advertising in the local newspaper. However, today properties
are also exposed through popular Internet home search/listing
services, radio and television promotions, and real
estate guides.
Even
with all these additional advertising avenues, "For
Sale" signs on the front lawn are still remarkably
effective. Many REALTORSŪ use brochure boxes along with
these signs to market the property.
When
appropriate, and with your permission, your agent may
send a mailing about your property to neighbors. Sometimes
one of them has "a friend or relative who always
wanted to live near me." You never know.
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Showings
and Open Houses
To
prepare your home for viewing, make it as light,
cheerful and serene as possible.
- Open heavy drapes;
- Put on lights in closets,
basement, and attic; and
- Light your dining room chandelier
and living-room lamps.
TIP:
When preparing your home, think about the techniques
that are used to show builders' model homes.
Your
REALTORŪ will probably find a tactful way to suggest
that you not be present while the house is being
shown to prospective buyers. This is done because your
presence will inhibit their actions and conversations.
They won’t feel free to open closets and cabinets,
test out the plumbing, and discuss their observations
objectively as they walk through.
It
goes without saying that your children and pets should
not be on the premises either.
If
your REALTORŪ has scheduled an open house, you
may want to notify the neighbors, and assure them that
they'll be welcome. They'll jump at the chance to poke
around in your house, and sometimes they can turn up
a buyer among their friends.
In
preparing for an open house, you should:
- Pull the drapes back;
- Light lamps;
- Simmer a few drops of vanilla
on the stove;
- Light your fireplace;
- Set the dining room or kitchen
table if you have particularly nice linen or china;
- Put fresh towels in the bathroom;
and then
- Leave the house so your REALTORŪ
is free to deal with prospective buyers in a professional
manner.
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How Long
Has Your House Been on the Market?
Professional
appraisers sum up their entire body of knowledge in
three words - "Buyers Make Value."
Your home is worth as much as some member of the buying
public will come forth and pay for it.
After
it's been on the market for months, you've been given
a clear message that the property may not be worth what
you're asking for it. This is particularly true if there
haven't been many prospects coming to see it.
What
you do at that point depends on whether you really need
to sell, and whether you're working with a time limit.
If you're not really motivated to move soon, you can
always wait - years if necessary - and hope inflation
will catch up with the price you want.
The
problem is that in that time, your home begins to feel
shopworn. Buyers become suspicious of a house that's
been for sale for a long time.
If,
however, you really do need to sell, discuss with your
REALTORŪ a schedule for dropping your price gradually
until you find a level that attracts buyers. There's
no point in saying, "We simply can't sell our house."
Anything will sell if the price is right.
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If You’re
Buying Another Home
Don’t
spend a great deal of time worrying about what will
happen when you're selling one home and buying another.
You're not alone. REALTORSŪ, lawyers, and title and
escrow companies have had plenty of experience in arranging
contracts and loans so that the two transactions dovetail
smoothly.
It's
best to list your present home for sale first. Selling
and buying a home is a very emotional event and if you
create a "race" by locating your replacement
property before you sell your current home, you may
lose it to another buyer, who does not need to sell
in order to buy.
If
you do find just the house you want, you can always
put in a purchase offer contingent (dependent)
on selling your present one. (However, in a hot
market you will have difficulty getting the house you
want this way.) Sometimes the seller will sign a contract
agreeing to wait a certain period of time while you
find a buyer for your house - sometimes not. What would
you do if you were presented with such a proposal, from
a buyer who also has a house to sell?
If you do find that you need to buy the next house
before you've received the proceeds from the present
one, lending institutions can sometimes make you a short-term
"bridge" loan to tide you over between
the two transactions. Make sure you fully understand
the exposure and emotional investment before proceeding
with this type of loan.
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