Has your home suddenly become too small for you and your family? Perhaps your two or three- family home has become too much of a hassle to maintain. Whether you’re relocating for any other reason or just cashing in while the market is hot, you want to make sure that you’re emotionally motivated to sell your home.

First, make sure that you and your spouse have similar objectives in mind.

Second, decide where you want to move and how much time you’ll need to relocate. The time frame here is important because some homeowners are looking for a quick sale, while others have the time and patience to wait and get the highest possible price.

Third, figure out your own finances. How much are you planning to spend on a new home compared to the price you think you can get for your current home?

How Much Is My Home Worth?

There a number of ways to determine the fair market value of your home.

1. You can get an appraisal from a certified appraiser which would generally cost about $500. This method may yield a fair estimate of value but not necessarily what a buyer would actually pay for your home.
2.  Another option would be to access public records containing information on recent home sales in your neighborhood. This data is available to the public but again not necessarily the most accurate since no two homes are exactly alike.
3. Your Real Estate Broker or Agent can provide you with a comparative market analysis, usually at no charge. This option is probably the most widely used and quite possibly the most accurate. Although a home is not worth any more or less than what someone is willing to pay for it, a Real Estate Professional’s analysis would be based not only on comparables, but on knowledge and past experience as well.

Do I Need A Real Estate Agent?

Some homeowners feel they have the patience and the know-how to list, market, advertise, show, negotiate and sell their home on their own. Needless to say, many of these attempts have failed after precious time and money have been wasted.

Ultimately, a serious seller will turn to a real estate professional for guidance. The fact is that over 95% of homes are sold through real estate agents. At Dreamscape Realty, we provide you with special attention throughout the entire process in order to sell your home with professional care and efficiency. We charge comparably low commissions without compromising quality of service.

What Preparations Must I Make?

Before showing your home to a prospective buyer, always remember that you have only one chance to make a good first impression. Here are a few ideas on how to improve your home’s good looks.

1. Your front lawn should look well groomed and free of debris, and the sidewalk and driveways should be swept clean.
2. Clean the windows, touch up chipped or peeling paint and make those minor repairs that you’ve been pushing off.
3. Tidy up around the house, especially in the kitchen and bathrooms. Vacuum the carpets, polish your furniture and fixtures and organize inside your closets.
4. Get rid of old newspapers, piled-up boxes and other clutter around the house.
5. Keep your pets out of sight (and sound). If possible, ask a friend or neighbor to watch your pet while the house is being shown.
6. Be sure to have all your rooms available for showing so that the buyer should not have to make any unnecessary return trips.
7. Having some fresh flowers strategically placed makes your home more inviting and leaves a pleasant aroma in your home.
8. Finally, decide what is staying in the house (appliances, fixtures, etc…), and what you’ll be taking with you. This will help avoid future misunderstandings on what’s included in the sale.

Accepting An offer

When dealing with a professional real estate agent, he or she would have performed a preliminary credit check on a prospective buyer before showing your home. This would indicate if the individual is ready, willing and financially able to purchase your home.

Once a bona-fide offer is made, your agent will negotiate the purchase price on your behalf until you and the purchaser have agreed on a final price. In some cases, the buyer would put down a good faith deposit, or binder, to show the seriousness of the offer.

Do I Need An Attorney?

Although not always required by law, it is recommended that you retain the professional services of an attorney to represent and advise you from Contract to Closing.

An attorney will be able to draft and review a contract of sale and address or negotiate any legal issues that may arise with the buyer’s attorney ensuring that your rights and interests are protected. Ask your friend or real estate agent to recommend two or three experienced attorneys so that you may inquire about their services and fees.

Who Pays Closing Costs?

The closing costs are fees associated with the transfer of title and may include escrow, taxes, points and title insurance. Generally, these fees would range between 5% and 6% of the loan amount and would be paid by the purchaser at closing.

However, there are some fees that are the responsibility of the seller. These may include but are not limited to the following:

A transfer tax is imposed on single and multi-family homes as well as some commercial properties. Rates will vary depending on the number of families and final sales price of the property.

If there are any violations, parking tickets or taxes outstanding, you can bet your checkbook that they will come up at the closing.

You may be entitled to various credits or tax exemptions. Consult with your legal and tax professionals to determine all that may or may not apply in your particular situation.

Finally, your attorney will most likely bill you for his services at closing.

Moving

You may not want to start looking for a new home until you’re ready to go to contract, or at the very least, until you’ve gotten some serious offers. The reason is simple. You don’t want to overburden yourself by having to carry two mortgages simultaneously. Once you find a place that’s right for you, start planning the move.

1. The first step is to hire a mover, preferably by recommendation. Have them come to your home at least 45 days prior to the move to see what it is they’re going to be hauling. They should be able to give an estimate right away. Ask about their insurance coverage, references and phone numbers of satisfied customers to make sure you don’t get taken for a ride.
2. Start getting organized. The clothes, toys and other items that won’t be needed regularly can be packed first. Use strong card-board boxes that can be moved easily and will hold up during the trip. Be sure to clearly label the outside of the boxes (ex. Dishes / Kitchen) so that not only will you know what’s inside, the movers will know where they go once they get to your new home.
3. Your valuable possessions, such as jewelry and silverware, should be packed last. You might even feel more comfortable taking them with you personally. It is also recommended to take a travel bag along with you packed with a days’ clothing and personal items so that you’ll be prepared just in case the moving truck is delayed along the way, or if you’re just too tired to start unpacking immediately.
4. The post office recommends that at least 30 days prior notice be given for a change in mailing address so that all your mail is properly forwarded. Your local phone company should be notified about a week before the move.