Housing...Inside and Out

August 28, 1998
Preparing A House For Selling

If your family has outgrown your house or if enough equity has been accumulated in the house to make a down payment on another residence, you may want to consider trading up to a home more suited to your needs.

Trade-up buyers make up the largest and fastest growing segment of today's housing market. For most families, the move up almost always depends on first selling the current home. If you are thinking of moving, here are a few tips for packaging your home for a quick and profitable resale.

Be sure the sales price reflects current values. An over priced house will linger on the market and will be more difficult to sell later, even at a more realistic price. On the other hand, if the price is too low, you could lose thousands of dollars needlessly.

Have a real estate appraiser estimate the value based on similar houses, nearby that have sold recently. The appraiser or real estate broker can help you set your asking price that might be above or below the appraisal, depending on market activity and how quickly you need to sell.

Put your home in tip-top shape. Make needed repairs especially for minor low-cost items. Buyers are easily turned off by dripping faucets, torn screens, worn and damaged paint and other signs of neglect.

Consider the home objectively from the homebuyer's perspective. Daylight and light colors make otherwise small, dark spaces seem larger and more cheerful.

Repaint with a fresh coat of white, off-white or neutral color paint. Open the draperies, shades or blinds. If the rooms are cluttered, pack up and store personal items, artwork and non-essential furnishings.

Freshen the air. Unpleasant odors are a big turn off. Fresh paint and a good cleaning can make the house smell new, but cooking, pet, cigarette and medicinal odors will undo your efforts.

Make sure the house is clean each time your real estate agent calls to say a perspective buyer is on the way. If you have the time, put a pie in the oven to bake just before a "hot prospect" shows up. Easier yet, boil up a potpourri of pie spices.

If your home needs major repairs, measure what their cost will add to the sales price. It may be wise to offer the house as a lower priced "handyman's special" eliminating the expense of repairs. Your appraiser or broker can advise you on the cost effectiveness of repairs and how good the local market is for fix up properties.

Consider all the offers to buy. Remember, low offers are better than no offers. Even unacceptable bids provide information about the market and the salability of your home. A low bid may be made in the hopes of a counter offer. Your real estate broker should assess the situation and help you negotiate the highest possible price. However, it is up to you to make the final decision and determine the bottom line price.

  • Homeownership is the biggest financial investment most consumers make. Whether you decide to sell, trade up or fix up and stay put, it makes financial sense to maintain your home with resale value in mind.


Written by Dr. Francis Graham (Retired)

A black line that separates the body text from footer information