Thinking of selling?

There is nothing wrong with being a dreamer.  But when it comes to being a home seller in todays market you need to be able to face reality.  The good news is that any home seller can sell their home for today's market value.  The bad part may be the defintion.  Market value is what a buyer will agree to pay for the home and what a seller will agree to sell that home for. If you think that your home is worth X and a potential buyer will only pay X - $10,000, both parties have created a value on the home. One or both of those parties will need to move to find the true market value.

When a seller has tried for months and months to sell a home with no offer the market is speaking. The market is telling them is that there is no current buyer in their market place that agrees with the value that the seller has set their price at. There are basically 3 choices for a seller. One, make improvements to the home and create more value. Two, lower the price. Or 3, take the home off the market for a period of time until prices appreciate in value to match your opinion of your home.

Where do you start?

If possible work backwards. When do you want to be moved by? If you just took a job in another state and have to be there in ten days then your actions will be much different then if you plan to build a new home that won't be ready for a 12 months. Have a true timeline upfront can create better experience when selling your home.

Determine what must be done to your home. No home is perfect but it needs to show better than all of your  competitor's homes. You may love your home just the way it is. You may not see any problems.  However, if you truely want to sell your home then you need to accept the fact that if there are issues with your home then you do have problems.

A home with a kitchen from the 1980's may function fine, but if a buyer finds another home that they can afford to buy, that is upgraded to today's style, in a location they like just as much, you do have a problem.

And this goes for a family room with wood paneling with 30 year carpet, to a home with wallpaper throughout the home, to a home with a one car garage for you.  They may have served you fine for many years but the buyer wants what they want, not what you have.

Find out if you are qualified to buy another home.  Obviously this only applies to people that are planning to sell and then buy another home.  Many people overlook this step.

If you plan to buy another home, make sure that you will be approved for a home loan on the next home you want to buy.  Get preapproved.

Imagine getting your home all ready to sell, getting an offer on it, getting it under contract and finding out you don't qualify for a new home loan.

There are very few guarantees in life, but preparing in advance will greatly increase your chances of sucess.