If you’re interested in using the flurry of first time home buyers in the market to get you out of your current home, there is still time, but you must act fast. You could be eligible for up to a $6500 tax credit for selling an existing home if you have lived in that home for at least 3 of the last 5 years. Your buyer could be eligible for a tax credit of up to $8,000. The catch?? The contracts must be signed by April 30th.
So with that in mind, how do you sell a home in 30 days or less? The answer is just three simple steps…
First, make it look beautiful. For most, this does not have to be an expensive proposition, but it does require a bit of sweat to accomplish. A thorough, very deep cleaning is in order before your home foes on the market – inside and out. Wash those windows that you have neglected for a year, weed the shrub beds, trim the shrubs and lay down a fresh layer of mulch. Cut the grass and edge the curbs (yes even in the winter months or when the grass is just beginning to come back to life). Scrub the grout in tile floors in halls, kitchens and baths. Scrub the grout in showers. If you have glass shower doors, get them squeaky clean. Dust all of the places that have been ignored. Clean out the closets. The list goes on and on – it’s all the stuff that we all avoid. Now is the time to get it done. For a final touch, look through each room and identify furniture that is seldom used, and then remove it. Your house will sparkle and will look extra large at the end of this step.
Step two, determine the right price for your home. Don’t be greedy – greed and speed do not mix. What you are seeking is a fair price for the current condition of your home. If the interior of your home looks like it was comletely remodelled in 2010, then the top price of the market may be quickly achievable. To elaborate, these homes should have wood floors, marble counters, stainless steel appliances, trendy colors, no wall paper, decorative lighting, etc etc. Most homes do not look like this. If your home has some of these things but not all, it is going to fall in line with the average home. If your home is in need of major repairs, you may still be able to sell it quickly, you just need to discount the price by an amount roughly equal to the cost of performing these repairs. Your best bet at determining this price is to consult with a REALTOR who can present recent sales figures and help you determine the right price for a quick sale.
The third step is intense marketing. Just as you are finding this information on the internet, about 80% of home buyers now start their search on the internet. Your home needs to be advertised on all of the major real estate portals – REALTOR.com, Zillow.com, Trulia.com, Homes.com, Yahoo.com, Google.com, major real estate brokerage sites, your local newspaper’s web site, TV station web sites. Even some retailers have home search web sites. You need to be everywhere at once. For the best presentation, your listing with these sites should be chock full of photos. Interenet consumers want to see what your home looks like. A minimum of 25 pictures is recommended. Think carefully about a virtual tour as well.
Combining all three of these WILL yield a fast sale of your existing home, particularly if it is priced in the range of the first time home buyer. Over the past six months, my average time on market for 3 bedroom, 2 bath homes is 10-14 days. These homes have been located in both Dallas and the suburbs of Plano, Richardson, and Little Elm.
NOW is a great time to be in the real estate market. The next month will see an extraordinary number of sales. Hopefully you will be one of them!!