Determine your selling expenses
- List the repairs and projects you will have to do to get your home ready to sell.
- Expect to pay about 7 to 9% of the home’s sale price in closing costs
Factor in other costs
- Mortgage payoff penalties
- Staging expenses – i.e. new paint, new carpet, light fixtures, etc.
- Moving expenses
- Costs related to getting a loan for your new home (these will be part of your closing costs)
Determine your home’s fair market value and with the help of your Realtor, set a price
- Your agent will research comparables – homes in your area with similar square footage, constructions, and that have sold within the last few months, and those that are currently on the market
- Find out about new construction and foreclosures/short sales in your area
- Your Realtor will help you determine the average cost per square foot for your area – make sure that your home is priced in line with this.
- Evaluate current market trends
- Is it a buyers or sellers market?Level of competition among buyers in your area
- Current interest rates and the lending climate
- Average number of days homes are sitting on the market
Stage your home and prepare it to go on the market
- Have a yard sale. Sell, donate or get rid of everything you don’t need
- Make needed repairs
- Make improvements to increase your home’s appeal
- New paint (interior rooms should be painted in neutral colors)
- Clear away clutter. Pack up many things – you are moving anyway – so you might as well pack away now.
- Clean entryway, porch, sidewalks, etc.
- Professional-looking landscaping
- Replace outdated lighting fixtures and window treatments
Keep your home show ready at all times. This is hard to do, especially with children, but it is worth it - knowing your house is looking its best for potential buyers.